Vietnam

Vietnam has been developing its cryptocurrency regulatory framework progressively, with two significant milestones: Resolution 5 (September 2025), which established a VASP licensing framework, and the Law on Digital Technology Industry, effective January 2026, which formally recognised cryptocurrency as a legal asset class in Vietnam for the first time. Tax treatment follows the securities analogy adopted by Vietnamese authorities — a gross proceeds withholding tax rather than a gains-based system — but the full implementation of the new law's tax provisions is still unfolding. The framework is functional in outline but several important details remain to be resolved through implementing regulations.

This is a jurisdiction where the situation is genuinely in flux. The direction is toward formalisation and increased oversight, not liberalisation — investors operating in Vietnam should expect the compliance burden to increase as the framework matures.

Core Tax Treatment

Vietnam applies a 0.1% tax on gross proceeds from cryptocurrency disposals, following the same treatment applied to securities transactions. This is not a tax on gains — it applies to the total sale value regardless of whether a profit was made, mirroring Indonesia's approach though at a lower rate. Selling cryptocurrency at a loss still triggers the 0.1% on proceeds received. Crypto-to-crypto swaps are treated as taxable disposal events, with the 0.1% applied to the value of the disposed asset.

The effective tax cost is very low for profitable trades. On a disposal of VND 100 million (approximately USD 4,000), the tax is VND 100,000 (approximately USD 4). For most investors, this is not a planning concern — the low rate is the dominant feature of the Vietnamese framework.

The 2026 Regulatory Framework

The Law on Digital Technology Industry, effective January 2026, brought cryptocurrency within a formal legal framework for the first time. Prior to this, crypto occupied a legal grey area — not explicitly permitted, not explicitly banned, but without a defined regulatory structure. The law establishes legal recognition of digital assets, creates the basis for VASP licensing under Resolution 5, and provides the foundation for exchange reporting requirements. Implementing regulations are expected to follow and will clarify several outstanding questions including the precise income tax treatment of mining, staking, and DeFi activity, which the 0.1% gross proceeds framework does not fully address.

Enforcement

Enforcement capacity is currently limited. The General Department of Taxation (GDT) does not yet have systematic access to exchange transaction data, and the VASP licensing framework is new. As licensed exchanges come into operation and reporting obligations are established, GDT's visibility into crypto activity will increase substantially. The direction of travel is clearly toward greater enforcement — the 2026 law creates the infrastructure for it. Investors operating in Vietnam should not rely on the current low enforcement environment as a permanent feature.

Reporting

The annual tax return (personal income tax return) is required for individuals with taxable income above the personal exemption threshold. The 0.1% securities transaction tax on crypto disposals is reportable within this framework. As exchange reporting obligations develop under the new legal regime, the GDT is expected to begin receiving transaction data that will feed pre-assessment of crypto income. Vietnam has committed to implementing CARF by 2027.