In Vietnam, cryptocurrencies are currently classified as "virtual digital assets" under a draft circular from the Ministry of Finance. While they are not recognized as legal tender by the State Bank of Vietnam, holding and trading them is not prohibited. The regulatory status is evolving, with a regulated framework now in development, including dedicated tax rules and a pilot program for digital assets. Transactions are required to be conducted using Vietnamese Dong (VND). The Ministry of Finance (MOF) is the governmental body responsible for proposing and issuing tax regulations concerning digital assets. The current tax landscape is largely shaped by a draft circular, which is still under public consultation. For individuals, a flat 0.1% transaction tax applies to the value transferred via licensed platforms. Capital gains from cryptocurrency are taxed as personal income at progressive rates, potentially reaching up to 25%. This includes profits made from selling crypto for fiat currency or swapping one crypto for another. Income derived from crypto trading is also subject to personal income tax at progressive rates up to 25%. Corporations trading digital assets face a standard corporate income tax rate of 20% on their profits. Notably, cryptocurrency transfers and trading are exempt from Value Added Tax (VAT), meaning a 0% VAT rate applies. There are no special tax benefits or reduced rates for holding cryptocurrencies for longer periods. Regarding specific crypto activities, staking rewards are not explicitly addressed but are likely to be taxed as ordinary income under general tax rules. Similarly, cryptocurrency mining is not covered by dedicated regulations but is generally considered business income. Activities within Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) are not currently addressed in the existing framework. Both crypto-to-fiat and crypto-to-crypto transactions are considered taxable events, incurring the 0.1% transaction tax and potential profit taxation. Licensed exchanges are mandated to report transactions and are responsible for withholding the 0.1% transaction tax at the source. Significant changes are anticipated, as the draft circular is undergoing public consultation. A pilot program for digital assets is expected to be implemented until September 2030. This program will include measures such as licensing requirements for exchanges, which will need substantial capital, and the strict enforcement of VND-only transactions.
Tax Rates
| Effective individual rate | 0.1 |
| Capital gains tax | 0.1% transaction tax, gains taxed as personal income up to 25% |
| Income tax on crypto | Progressive up to 25% on crypto trading income and transfers |
| Corporate tax | 20% on digital asset trading profits |
| VAT | 0% (exempt from VAT) |
Activity Taxes
| Staking | Likely taxed as ordinary income, no specific guidance issued |
| Mining | Likely taxed as business income, no dedicated rules established |
| DeFi | Not addressed in current framework |
| NFTs | Not addressed in current framework |
Taxable Events
| Crypto → Fiat | Taxable event subject to 0.1% transaction tax and profit taxation |
| Crypto → Crypto | Taxable event subject to 0.1% transaction tax and profit taxation |
Holding Period
| Holding period benefit | None, no preferential treatment for long-term holding |
Sources