Vietnam’s central bank, the National Bank of Vietnam, expects credit growth to be around 20% in 2025, potentially leading to an influx of liquidity into the global crypto market as adoption increases in the region.
Central bank deputy governor Pham Thanh Ha said on Friday that interest rates needed to be lowered further to boost economic growth and reduce uncertainty from U.S.-imposed tariffs, according to Reuters.
Vietnam’s government legalized cryptocurrencies in June as part of broader technology regulations, classifying them as virtual assets that represent real-world tokenized goods, or cryptoassets such as Bitcoin (BTC) and Ether (ETH).
However, the government has banned the issuance of on-chain fiat-backed assets, including stablecoins and securities, under new cryptocurrency regulations and an ongoing five-year sandbox pilot program that began in September.
World ranking of countries in the Chainaosis Crypto Adoption Index. sauce: chain analysis
Vietnam is positioned to become a regional hub for cryptocurrencies in Southeast Asia due to the government’s focus on emerging technologies, relatively young population, and robust cryptocurrency adoption, ranking fourth on Chaineries’ 2025 Global Cryptocurrency Adoption Index.
Related: Why we use Bitcoin — Vietnam closes 86 million bank accounts that failed biometric verification
Asia-Pacific leads crypto adoption
According to Chainalysis, the Asia-Pacific (APAC) region is the fastest growing region for crypto adoption, with nine of the top 20 countries in the Global Crypto Adoption Index coming from the region.
In the Asia-Pacific region, transaction volume surged from $1.4 trillion to more than $2.3 trillion in 2025, with the value of cryptocurrencies received increasing 69% year-on-year, led by adoption in India, Pakistan, and Vietnam, according to Chainalysis data.
APAC leads every other region in cryptocurrency adoption. sauce: chain analysis
In July, the Vietnamese government introduced a national blockchain database for identity verification and public records that will serve as a regulated basis for interacting with the digital economy, on-chain platforms, and internet applications.
The national blockchain, called NDAChain, is a layer 1 network with 49 nodes managed by a public-private partnership.
NDAChain aims to make sensitive personal data, typically stored on centralized servers, more secure against cyber-attacks by distributing data across a partially decentralized system.
Nguyen Huy, technical director of the Vietnam National Data Association (NDA), which oversees NDAchain, said the system relies on a combination of decentralized and permissioned systems.
magazine: Vietnam’s new national blockchain finally launches into space with Justin Sun: Asia Express
