Vietnamese authorities are putting together a rulebook for a pilot crypto asset market. Regulators plan to let only foreign investors issue and trade these instruments in the initial phase. The legal backbone for this move is government Resolution No. 05/2025/NQ-CP, dated September 9, 2025.

Legal Framework for the Pilot

Resolution No. 05/2025/NQ-CP lays out the regulatory boundaries: securities and fiat currencies are specifically excluded from the crypto asset category. Under the pilot, all instruments must be backed by real-world assets.

Access and Early Limitations

At launch, only foreign investors will be able to participate in issuing and offering crypto assets. This limited-access pilot is designed to test the waters with a small, controlled group of players.

What Asset-Backed Means Here

The requirement for real-world backing points to a focus on tokenized assets during the pilot phase. By explicitly excluding traditional securities and fiat, the rules clarify the boundaries and reduce regulatory uncertainty for those involved.