Detailed overview
Vietnam at a glance
Vietnam is not a one-regulator jurisdiction. Crypto sits with the Ministry of Finance (MoF) under a five-year pilot opened by Resolution 05/2025/NQ-CP on 9 September 2025. Payments sit with the State Bank of Vietnam (SBV) under Decree 52/2024/ND-CP. Gambling is split across multiple regimes: integrated resort casinos under Decree 03/2017, prize-winning electronic games for foreigners under Decree 121/2021, and pilot sports betting under Decree 06/2017 as updated by Decree 23/2024. Online casino-style and card-based games are prohibited under Decree 147/2024/ND-CP.
Last verified: May 2026.
Use Vietnam for crypto under the new MoF pilot regime, for SBV-licensed payments, and for integrated-resort casino or pilot betting projects with significant capital backing. Pick the category before filing.
Is there a crypto licence in Vietnam?
Yes, as of 1 January 2026. Vietnam runs a five-year pilot crypto asset regime under Resolution 05/2025/NQ-CP.
The Law on Digital Technology Industry No. 71/2025/QH15, passed by the National Assembly on 14 June 2025 and effective from 1 January 2026, is the first Vietnamese statute to formally recognise digital assets and crypto assets as a category of property under the Civil Code. The law defines crypto assets as digital assets that use cryptographic technology or equivalent digital technologies for authentication during creation, issuance, storage and transfer, and expressly excludes securities, digital fiat currency and other regulated financial instruments.
The operational framework sits in Resolution 05/2025/NQ-CP, issued by the Government on 9 September 2025, which establishes a five-year pilot programme (2025 to 2030) for the issuance, trading and supervision of crypto assets. The Ministry of Finance is the lead authority, coordinating with the State Securities Commission, the State Bank of Vietnam and the Ministry of Public Security.
Crypto assets are not recognised as legal tender and cannot be used as a means of payment.
Crypto Asset Service Provider Licence (MoF, pilot)
Best for well-capitalised exchanges committing to a Vietnamese institutional structure.
What it is: Licence under Resolution 05/2025/NQ-CP authorising the operation of a cryptocurrency exchange in Vietnam during the five-year pilot.
Who it suits: International and domestic exchange operators able to meet a USD 378 million charter capital threshold and accept majority-Vietnamese institutional ownership.
Covers: Operation of a regulated trading platform for permitted crypto assets in Vietnamese Dong only.
Operational requirement: Multi-step application running through the State Securities Commission and the Ministry of Finance. Initial dossier review 20 working days. Supplementary dossier (capital, shareholder structure, security appraisal by the Ministry of Public Security, headquarters, audited financials) within 12 months. Final appraisal and licence issuance within 30 days. Operations must commence within 30 days of licensing or the licence may be revoked.
Headline figures
- Minimum charter capital: VND 10,000 billion (about USD 378 million)
- Foreign ownership cap: 49%
- Institutional shareholder floor: at least 65% of equity (banks, insurers, securities firms, technology enterprises)
- System security: Level 4 information system security certification
- Trading currency: Vietnamese Dong only
- Personnel: dual finance and IT qualifications for key managers
- Licence pilot window: 2025 to 2030
Crypto Asset Issuer Authorisation (MoF, pilot)
Best for tokenisation projects backed by real-world tangible assets.
What it is: Authorisation under Resolution 05/2025/NQ-CP to offer or issue crypto assets in Vietnam during the pilot.
Who it suits: Vietnamese-incorporated tokenisation projects with underlying physical asset backing.
Covers: Issuance and offering of crypto assets through a licensed CASP, with offerings restricted to foreign investors during the pilot phase.
Operational requirement: The issuer must be a Vietnamese LLC or JSC under the Law on Enterprises. Crypto assets must be backed by real-world tangible assets (excluding securities and fiat currencies). Prospectus must be published at least 15 days before issuance. All transactions must be routed through a MoF-licensed CASP. Stablecoins backed by fiat currency and tokenised securities are not permitted under the pilot.
Is there a payments licence in Vietnam?
Yes. The State Bank of Vietnam licenses banks and non-bank intermediary payment service providers under Decree 52/2024/ND-CP.
Vietnam's non-cash payment framework is set out in Decree 52/2024/ND-CP, which replaced Decree 101/2012/ND-CP, supplemented by Circular 39/2014/TT-NHNN (as amended by Circular 23/2019/TT-NHNN). Banks may provide payment services under their banking licence. Non-bank organisations must obtain a Provision of Payment Intermediary Services Licence (IPS Licence) from the SBV. Offshore intermediary payment service providers cannot serve Vietnamese customers directly: the licence is only available to Vietnam-incorporated entities.
Decree 52/2024 defines six categories of intermediary payment service: financial switching services, international financial switching services, electronic clearing services, e-wallet services, payment orders or collection orders, and electronic payment gateway services. The decree also formally defines electronic money (e-money) as Vietnamese Dong value stored 1:1 on electronic means against prepaid funds, and does not recognise cryptocurrency as a payment medium.
Intermediary Payment Services Licence — E-wallet, gateway, orders (SBV)
Best for digital wallets, payment gateways and remittance fintech.
What it is: SBV licence under Decree 52/2024/ND-CP authorising the provision of e-wallet services, electronic payment gateway services, payment orders and collection orders, or any combination of these.
Who it suits: Digital wallet operators, online payment gateway providers, bill payment and remittance platforms.
Covers: E-wallets (with mandatory 1:1 segregated guarantee account), electronic payment gateway services, payment orders and collection orders.
Operational requirement: Vietnam-incorporated entity required. Licensee must roll out the registered intermediary payment services within six months of licence issuance.
Headline figures
- Minimum charter capital: VND 50 billion (about USD 1.96 million)
- Licence term: 10 years from date of issuance, renewable
- Processing time: up to 60 working days from receipt of a complete and valid application
- Customer fund safeguarding: separate guarantee account at not less than total customer balances (for e-wallets)
- Foreign ownership: case-by-case review; no WTO commitment to open the sector
Intermediary Payment Services Licence — Switching and clearing (SBV)
Best for payment infrastructure operators.
What it is: SBV licence under Decree 52/2024/ND-CP for financial switching, international financial switching, and electronic clearing services.
Who it suits: Payment infrastructure operators, switching networks and clearing house businesses.
Covers: Financial switching (domestic and international) and electronic clearing services.
Operational requirement: Higher capital threshold reflects systemic-importance nature of these services. Vietnam incorporation, 6-month operational launch window from licensing, all general IPS conditions apply.
Headline figures
- Minimum charter capital: VND 300 billion (about USD 11.8 million)
- Licence term: 10 years from date of issuance, renewable
- Processing time: up to 60 working days from receipt of a complete and valid application
Is there a gambling licence in Vietnam?
Yes, but only for specific verticals. Online casino-style and card-based games are prohibited; sector-specific regimes apply to integrated-resort casinos, prize-winning e-gaming for foreigners, and pilot sports betting.
Vietnam treats gambling as a tightly controlled, conditional business. The Ministry of Finance is the lead authority across casino, e-gaming and sports betting verticals. Decree 147/2024/ND-CP explicitly prohibits online casino-style and card-based games and tightens player verification and minor protection requirements for the broader online gaming sector. Lotteries remain a state monopoly.
Casino Business Licence (MoF)
Best for major integrated-resort developers.
What it is: Certificate of satisfaction of casino business conditions under Decree 03/2017/ND-CP, governing prize-winning games on electronic gaming machines and gaming tables inside an integrated resort.
Who it suits: Large foreign or domestic developers building tourism and entertainment complexes that meet the USD 2 billion threshold.
Covers: Land-based casino gaming. Online casino activity is not licensed in Vietnam.
Operational requirement: Two-licence track. First, an Investment Registration Certificate for the resort complex (Prime Minister approval required). Second, the casino Satisfaction Certificate from the Ministry of Finance. Minimum 50% of registered investment capital must be disbursed before the Satisfaction Certificate. Number of slots and tables scales with paid-in capital; any uplift requires at least an additional USD 100 million disbursed since the last certificate. Resolution 8/2025/NQ-CP extends the pilot allowing qualifying Vietnamese citizens (21+, monthly income at least VND 10 million (about USD 393), family consent, no criminal record) to access designated casinos at Corona Resort and Casino (Phu Quoc), The Grand Ho Tram, and Van Don.
Headline figures
- Minimum integrated-resort investment capital: USD 2 billion
- Foreign tourist access: unrestricted (passport plus valid visa)
- Local pilot entry ticket: VND 1 million per 24 hours (about USD 39) or VND 25 million per month (about USD 985)
- Local-income threshold: VND 10 million per month (about USD 393)
- Equipment scaling threshold: USD 100 million in additional disbursed capital per uplift
Prize-Winning Electronic Games Licence (MoF)
Best for slot machine operators inside five-star hotels.
What it is: Certificate of eligibility under Decree 121/2021/ND-CP for the business of prize-winning electronic games for foreigners (slots).
Who it suits: Operators of slot machine business locations inside five-star tourist accommodation establishments.
Covers: Slot machines (men versus machine) operated for foreign and overseas-Vietnamese players who have legally entered Vietnam on a valid visa. Vietnamese residents are not eligible.
Operational requirement: Two sub-licences required: a certificate of eligibility from the Ministry of Finance plus a licence from the State Bank for collection and payment in foreign currency. Profit in the fiscal year preceding application is a qualifying criterion. Manager must hold a university degree or higher with at least three years of management experience in prize-winning gaming, and must work full time at the location. Brand-new machines only, manufacturer-certified by an independent inspection body. 24/7 surveillance with at least 180 days of footage retention.
Headline figures
- Minimum charter capital: VND 500 billion (about USD 19.7 million)
- Player base: foreigners and overseas Vietnamese with valid visa, only
- Location: five-star tourist accommodation establishment
- Surveillance retention: minimum 180 days
Sports Betting Licence (MoF) — Horse, Greyhound, International Football
Best for tender-process pilot betting operators.
What it is: Pilot betting licence under Decree 06/2017/ND-CP, as updated by Decree 23/2024/ND-CP, covering horse racing, greyhound racing and international football betting.
Who it suits: Operators able to commit at least VND 1 trillion (about USD 39 million) of charter capital and willing to engage in a competitive tender process governed by Vietnam's Bidding Law.
Covers: Betting on horse racing, greyhound racing, and international football. International football betting was historically limited to FIFA-sanctioned tournaments; amendments to Decree 06 expand the eligible competition list. Online and mobile betting remains restricted under current rules.
Operational requirement: Operators must be Vietnam-incorporated as LLC or JSC. Investor selection follows the Bidding Law. Licensed operators must allocate 5% of gaming revenue to the state. Caps on individual bet size and daily betting volume apply. No pilot operator has yet been licensed to take international football bets despite the regime being in force since 2017.
Headline figures
- Horse racing minimum charter capital: VND 1,000 billion (about USD 39 million)
- Greyhound racing minimum charter capital: VND 300 billion (about USD 11.8 million)
- International football minimum charter capital: VND 1,000 billion (about USD 39 million)
- Revenue contribution to state: 5% of gaming revenue (international football)
- Minimum player age: 21
- Selection mechanism: competitive tender under the Bidding Law
Costs and timelines at a glance
- CASP licence charter capital: VND 10,000 billion (about USD 378 million)
- CASP licence timeline: 20 working days initial review plus up to 12 months for supplementary dossier plus 30 days appraisal and issuance
- CASP foreign ownership cap: 49%
- IPS e-wallet or gateway charter capital: VND 50 billion (about USD 1.96 million)
- IPS switching or clearing charter capital: VND 300 billion (about USD 11.8 million)
- IPS licence term: 10 years, renewable
- IPS processing time: up to 60 working days
- Casino integrated resort minimum investment: USD 2 billion
- Prize-winning electronic games charter capital: VND 500 billion (about USD 19.7 million)
- Sports betting horse or football charter capital: VND 1,000 billion (about USD 39 million)
- Crypto pilot window: 2025 to 2030
- Online casino-style and card games: prohibited under Decree 147/2024/ND-CP
Who Vietnam suits and who it does not
Suitable for
- Well-capitalised institutional crypto exchange groups able to back a Vietnamese-majority structure with USD 378 million in charter capital
- Tokenisation projects backed by real-world tangible assets selling exclusively to foreign investors
- Fintech businesses ready to incorporate in Vietnam and pursue a 10-year SBV IPS licence
- Major integrated-resort developers with USD 2 billion-plus projects
- Slot operators inside five-star hotels serving only foreign tourists
Not suitable for
- Operators wanting a low-capital, light-touch crypto licence (the threshold is one of the highest globally)
- Stablecoin issuers and tokenised securities projects (excluded from the pilot)
- Online casino, online poker or online card game operators (categorically prohibited)
- Offshore payment intermediaries seeking to serve Vietnamese users without local incorporation
- Sports betting operators wanting bets in Vietnamese Dong outside the narrow pilot list of events
- Any operator with crypto-as-payment use cases (not legal tender, expressly excluded)