After China, Will Vietnam Also Introduce a Digital Currency? Virtual Assets Move Faster Into the Mainstream

HANOI, Vietnam — The Vietnamese government is pushing ahead with the introduction of a Central Bank Digital Currency (CBDC). It is also working to bring virtual assets into the formal financial system by enacting laws on digital assets and building infrastructure for cryptocurrency trading.
According to the Government of the Socialist Republic of Vietnam and local media on the 30th, a comprehensive financial market reform plan for Vietnam through 2045, signed recently by Deputy Prime Minister Nguyen Van Thang and designated as Decision No. 1413/QD-TTg, reportedly includes a CBDC pilot program led by the Central Bank (SBV).
The Central Bank plans to work with the Ministry of Finance and other relevant ministries to roll out the CBDC in stages between 2029 and 2030.
The government also plans to enact a Digital Asset Act that distinguishes between payment cryptocurrencies, utility tokens, real-world asset tokens (RWA), and security tokens. It will also push ahead with building infrastructure for cryptocurrency exchanges and establishing an Artificial Intelligence (AI)- and Blockchain-based on-chain data analytics center. In the securities and insurance sectors, it aims to foster tokenized security, digital bonds, and custody and settlement services based on Distributed Ledger Technology (DLT) through a Regulatory Sandbox.
Unlike private virtual assets such as Bitcoin and Ethereum, a CBDC is a digital form of legal tender issued directly by a central bank. Backed by the state at the same value as paper currency, it functions as “digital cash” and differs from private cryptocurrencies, which are highly volatile. It also differs from existing online banking or simple payment services, where commercial bank deposits are transferred, because users directly hold digital currency issued by the central bank.
Major countries around the world are also moving to introduce CBDCs to improve payment efficiency and financial access. China is currently piloting the digital renminbi, while the European Central Bank (ECB) is pursuing a project aimed at issuing the digital euro in 2029. By contrast, the United States maintains a negative stance toward introducing a federal CBDC, showing that national approaches vary.
The financial industry has also raised concerns that if a CBDC is introduced, commercial bank deposits could shift to the central bank, weakening financial intermediation.
The Vietnamese government said it will introduce the system gradually, taking into account privacy protection, cybersecurity, and financial market stability.
[email protected] Kim Jun-seok Reporter