Vietnam National Assembly Calls For
Vietnam’s National Assembly (NA) has issued a significant directive, demanding the swift establishment of a legal framework for piloting the digital asset market. This requirement, outlined in the Resolution of the 9th session’s interpellation (questioning) debate, passed on June 27, reflects a growing recognition of the economic potential and the urgent need for regulatory clarity in this burgeoning sector.
Urgent Need for Digital Asset Legal Framework
- Definition: Under the Law on Digital Industry and Technology, “digital assets” include encrypted assets or other digital technologies used for authentication in their creation, issuance, storage, and transfer. This broadly covers cryptocurrencies, NFTs, and other tokenized assets.
- Current Gap: Despite the existence of digital assets, Vietnam currently lacks a comprehensive legal framework governing their management, transaction, ownership transfer, and crucially, taxation. The Ministry of Finance (MoF) and the State Bank of Vietnam (SBV) are actively researching and developing these regulations.
- NA’s Directive: The National Assembly’s resolution explicitly calls for the rapid introduction of a complete legal framework to enable the piloting of the digital asset market. This signals a strong push from the highest legislative body to move beyond research and into controlled implementation.
Why the Urgency? (Market Potential):
- Significant Capital Inflow: The Vietnam Blockchain Association (VBA), citing Chainalysis data, reported over USD 105 billion in capital flow into Vietnam’s blockchain market between 2023-2024, generating nearly USD 1.2 billion in profit in 2023 alone.
- High Crypto Ownership: Data from Triple-A shows over 17 million people in Vietnam own crypto assets, ranking Vietnam 7th globally. The average crypto ownership rate in Vietnam is approximately 17%, significantly higher than the global average of 6.5%. This indicates a robust and active local market eager for regulatory clarity.
Other Key Directives from the National Assembly
Beyond digital assets, the Resolution also addresses other critical economic policy areas:
- Support for Small and Medium Enterprises (SMEs):
- The Government is tasked with researching proposals to amend the Law on Support for Small and Medium-sized Enterprises. This aims to institutionalize Politburo and NA resolutions on private economic development.
- Goal: Increase the private sector’s contribution to GDP from around 50% to 51-52% this year, and boost its contribution to the state budget.
- Taxation of Household Businesses:
- As per Politburo Resolution 68, the current lump-sum tax regime (thuế khoán) for household businesses will end from early 2026. They will then be required to declare and pay taxes based on actual revenue.
- NA’s Demand: The NA calls for solutions to provide communication and support to household and individual businesses during this transition, encouraging them to transform into formal enterprises.
- E-invoicing: The widespread application of e-invoices across all sectors is also mandated for acceleration this year.
- Foreign Direct Investment (FDI) Policy:
- Selective Attraction: The Government and MoF must develop policies to selectively attract FDI, prioritizing high-tech enterprises with high added value that commit to technology transfer.
- Handling Problematic Projects: The NA demands decisive action against FDI projects causing environmental pollution, incurring prolonged losses, or failing to meet investment commitments.
Development of Industrial and Economic Zones:
Policies to attract and develop new industrial parks and economic zones (e.g., ecological industrial parks, high-tech industrial parks, specialized economic zones, free trade zones) must be finalized this year.
- Efficiency: The NA stresses that FDI attraction and the development of these zones must be practical, leverage local/regional competitive advantages, and avoid wasting land and infrastructure resources
Implications for Businesses and Investors
The National Assembly’s Resolution signifies a strong political will to modernize Vietnam’s economy and business environment.
- Digital Asset Market: This is a clear step towards legitimizing and regulating Vietnam’s significant digital asset market. Businesses in the blockchain, fintech, and digital asset space should prepare for upcoming pilot programs and regulatory frameworks.
- SME & Household Business Transformation: Household businesses must prepare for a mandatory shift to actual-revenue-based taxation and are strongly encouraged to formalize. Service providers to SMEs should note the push for legal and digital transformation support.
- FDI & Industrial Zones: The emphasis on selective, high-tech FDI and efficient industrial zone development signals a higher bar for new foreign investments, while problematic existing projects face stricter scrutiny.
How Henrison Law Can Assist
These directives from the National Assembly are set to reshape key aspects of Vietnam’s economic and legal landscape. Staying ahead of these changes is crucial for strategic planning and risk management.
Henrison Law provides comprehensive legal advisory services to help you navigate these developments:
- Digital Asset & Blockchain Law: Advising on emerging regulations for digital assets, blockchain projects, and navigating pilot programs.
- Tax & E-invoicing Compliance: Guidance for household businesses transitioning tax regimes, and ensuring compliance with new e-invoicing mandates.
- FDI & Investment Advisory: Assisting foreign investors with structuring high-tech investments, due diligence, and ensuring compliance with new attraction policies and environmental standards.
- Corporate & Commercial Law: Supporting SMEs and household businesses in their transformation into formal enterprises.
- Policy & Regulatory Analysis: Providing insights into new laws, decrees, and resolutions impacting your business.
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