Can Crypto Help Build Vietnam's First International Financial Center?
Economists propose legalizing crypto trading to help build HCMC's financial center. Vietnam plans its first crypto law by mid-2025.
[Can Crypto Help Build Vietnam's First International Financial Center?]
▍ The Case for Legalizing Crypto Trading
If Vietnam wants to establish an international financial center in Ho Chi Minh City, how does it attract capital from home and abroad? Vietnamese and British economists recently offered a bold answer: legalize cryptocurrency trading.
This is not a novel idea. Singapore, Hong Kong, and Dubai have already built regulated crypto exchanges. Vietnam, by contrast, allows holding crypto but bans it as a payment method.
The timing of this proposal — floated prominently in Vietnamese media — raises a question: is the government testing public opinion?
▍ Vietnam's First Crypto Law
Vietnam plans to introduce its first dedicated cryptocurrency legislation by mid-2025. The gray zone would end. Trading could be legalized first within the financial center, then gradually extended nationwide.
Governments around the world are taking similar incremental steps. Taiwan began drafting crypto regulations in 2021 but has yet to fully open the market, emphasizing anti-money laundering and investor protection. Vietnam is following the same cautious path.
▍ The 2030 Target
Prime Minister Pham Minh Chinh has stated clearly that Vietnam will pilot an international financial center in Ho Chi Minh City and roll out globally aligned financial policies by 2030. Crypto regulation will be a critical piece of that puzzle — and a potential draw for international capital.
