With an internet penetration rate of 65.7%—surpassing China’s 58.4%—Vietnam has quietly emerged as a rising hub for blockchain innovation in Southeast Asia. Despite misconceptions about low connectivity or limited tech talent, the reality paints a different picture: a young, digitally engaged population, growing interest in cryptocurrency, and strong government support for blockchain technology.
This article explores the current state of Vietnam’s blockchain ecosystem, the appeal for international projects, investor behavior, and key considerations for companies looking to enter this dynamic market.
Vietnam’s Digital Landscape: A Fertile Ground for Blockchain
Contrary to outdated perceptions, Vietnam is far from a digital backwater. As of mid-2019, the country had 64 million internet users out of a population of 97.4 million—a penetration rate of 65.7%—and the numbers have only grown since.
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More importantly, Vietnam produces around 100,000 engineering graduates annually, creating a robust talent pool for tech-driven industries like blockchain. Nguyen Bui, Partnerships Lead at TomoChain—one of Vietnam’s leading public blockchains—emphasized that “Vietnam has one of the largest IT talent bases in Southeast Asia,” making it attractive for tech startups and decentralized projects.
Yet, while digital access is high, only 31% of Vietnamese adults have bank accounts. This financial inclusion gap presents a powerful opportunity: cryptocurrency can serve as an alternative financial system for the unbanked and underbanked.
By 2021, it was projected that 40% of the population would own smart devices, enabling broader access to crypto wallets, exchanges, and decentralized applications (dApps). This combination of high internet use, low banking penetration, and tech-savvy youth creates fertile ground for blockchain adoption.
Regulatory Climate: Blockchain Encouraged, Crypto in a Gray Zone
The Vietnamese government maintains a nuanced stance: openly supportive of blockchain technology, but cautious—and deliberately ambiguous—about cryptocurrencies.
Nicole Nguyen, Head of Asia Blockchain Review, explains: “Cryptocurrency exists in a gray area. The government hasn’t banned it, but it hasn’t legalized it either.” While using crypto as legal tender is prohibited, trading and holding digital assets with fiat currency remains possible through local exchanges.
This regulatory ambiguity doesn’t deter activity—it fuels it. Investors can still buy Bitcoin (BTC), Ethereum (ETH), and other major coins using Vietnamese dong on domestic platforms. International exchanges with localized operations also facilitate access.
Meanwhile, major Vietnamese corporations like Viettel (telecom), FPT (IT), and Vietjet Air (aviation) have launched blockchain labs or pilot programs. Government officials are actively engaging with blockchain communities and working on drafting legislation around digital assets—though clearly drawing the line at allowing crypto as payment.
Nguyen Bui confirms: “You can buy crypto online easily in Vietnam. There’s no legal ban, but no formal endorsement either. The government supports blockchain innovation and is in dialogue with industry players.”
The Twin Hubs: Ho Chi Minh City and Hanoi
When it comes to blockchain activity, two cities dominate: Ho Chi Minh City and Hanoi—Vietnam’s economic and political centers, respectively.
These urban hubs host over 40 blockchain startups, with clusters also forming in Da Nang. The communities are active, well-connected, and hungry for innovation.
Jesse Liu, Marketing Director at Ontology, shared his experience hosting an event in Ho Chi Minh City: “The engagement was incredible. Investors came from all over Vietnam. They’re genuinely curious about technology and optimistic about investment opportunities.” He added that several local corporate giants expressed interest in collaboration.
Events like the OKEx Cooperation Summit in Ho Chi Minh City further highlight the region’s vibrancy. According to Zac Zou, OKEx’s overseas marketing manager, “Vietnam is one of the most active crypto markets in Southeast Asia,” with thriving communities, media outlets, and retail traders.
Who Are Vietnam’s Crypto Investors?
Vietnamese retail investors—often referred to as “coin citizens”—show behaviors familiar to global observers: enthusiasm for blue-chip assets and trending projects.
Popular cryptocurrencies include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- XRP
- USDT (a favored stablecoin)
- And local favorites like TomoChain (TOMO), CyberMiles (CMT), and Kyber Network (KNC)
Raily, Bibox’s Vietnam lead, notes that “BTC, ETH, NEO, VET, LINK, ADA, TRX, BNB” are commonly held. Nguyen Bui ranks the top five as BTC, ETH, USDT, BNB, and XRP.
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Interestingly, stablecoins play a crucial role. Jesse Liu observed that many investors allocate a large portion of their income to stablecoins like USDT for savings and inflation hedging—then reinvest up to 50% into major cryptos. A smaller share goes into new models like IEOs (Initial Exchange Offerings).
While early-stage investors often followed KOLs blindly in chat groups, market downturns have led to more independent research and critical thinking.
“Vietnamese users ask very professional questions during AMAs,” Liu said. “They assess project legitimacy, real-world use cases, and long-term potential independently.”
Yet once convinced, they act fast. “We saw people investing on the spot at our summit—immediately after hearing the pitch. Their drive to build wealth and improve their lives is real and intense.”
Trust is built through word-of-mouth. As Nicole Nguyen points out: “Vietnamese consumers value personal recommendations.” Jesse Liu warns projects against premature launches: “If your reputation collapses here, recovery is nearly impossible.”
Challenges for Foreign Projects Entering Vietnam
Despite the opportunities, entering Vietnam isn’t without hurdles.
Language and Cultural Barriers
Many international projects struggle with community building—not due to lack of funding or tech strength, but because of limited local understanding. Direct translation isn’t enough; cultural context matters.
Community Engagement Difficulties
Raily highlights several obstacles:
- Large investors often avoid public events.
- Bear markets reduce participation.
- Traditional media and influencers stay away due to regulatory uncertainty.
- Marketing must rely solely on crypto-native channels, limiting reach.
Talent Shortages
While Vietnam produces many engineers, experienced blockchain developers are scarce. Over half of current developers are junior-level. Competition with AI, big data, and fintech sectors makes talent retention difficult.
Keys to Success in Vietnam’s Blockchain Market
For projects aiming to establish a presence:
- Build a Local Team: A native-speaking team fosters trust and ensures smoother operations.
- Partner Wisely: Choose experienced local partners who understand community dynamics.
- Engage Continuously: Host regular online and offline events to maintain visibility.
- Collaborate with Media & KOLs: Build relationships with trusted outlets and influencers.
- Prioritize Transparency: Provide clear, detailed information—Vietnamese users value authenticity.
Jesse Liu’s advice is clear: “Enter only when your product and tech are mature. A damaged reputation spreads fast.”
Frequently Asked Questions (FAQ)
Q: Is cryptocurrency legal in Vietnam?
A: Cryptocurrency is not recognized as legal tender, but holding and trading digital assets is not explicitly banned. It operates in a regulatory gray zone.
Q: Can I use Vietnamese dong to buy crypto?
A: Yes. Local exchanges allow fiat-to-crypto transactions using VND, though banking restrictions may apply indirectly.
Q: What are the most popular cryptocurrencies in Vietnam?
A: BTC, ETH, USDT, BNB, and XRP are top choices. Local projects like TomoChain also enjoy strong support.
Q: Are there blockchain jobs in Vietnam?
A: Yes—demand for skilled blockchain developers and project managers exceeds supply, especially in Ho Chi Minh City and Hanoi.
Q: How active is the crypto community in Vietnam?
A: Very active. There are numerous Telegram groups, meetups, conferences, and local media dedicated to blockchain and crypto investing.
Q: Should foreign projects enter the Vietnamese market?
A: Yes—but only with proper preparation: local partnerships, cultural understanding, and mature products.
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Vietnam may not yet be on every project’s radar—but it should be. With high internet adoption, a young tech-literate population, strong grassroots crypto interest, and growing institutional blockchain experimentation, the country is poised to become a key player in Southeast Asia’s digital economy.
For forward-thinking blockchain ventures, Vietnam isn’t just promising—it’s essential.