Vietnam has officially legalized digital assets after the National Assembly in Vietnam, the country’s legislature, approved overwhelming Law on digital technology industry On June 14, with 441 out of 445 legislators who voted in favor of the bill.
The legislation defines digital assets created by “digital technology products, issued, transmitted and authenticated by means of Blockchain technologywith prices and ownership in accordance with civil and relevant laws. “
This definition includes the assets of security/encrypted securities, payment tokens, tool token and mixed tokens – which are now regulated and provided with clear property rightsaccording to the law.
When that comes into effect On January 1, 2026, the legislation will also provide incentives for the development of digital technology, especially semiconductor production, Artificial intelligence (AI) and digital technology starts.
Outside the incentives, legislation The implementation of measures to ensure network security and security to “prevent and combat money laundering, financing terrorism and financing of the dissemination of weapons of mass destruction.”
This is probably an attempt to get Vietnam from Financial Action Task Force (FATF) “Gray List” for “jurisdiction under increased surveillance”, which it has been on since June 2023.
Vietnam has seen adoption of digital access Skyrocket in recent years despite the legal uncertainties before the passage of the law, with the blockchain analysis company chain analysis ranks the country fifth globally for adoption of digital access 2024.
In March, local media reported Prime Minister Pham Minh Chinh had targeted the Ministry of Finance and the State Bank of Vietnam to complete proposals for digital assets at the end of the month in an attempt to reach a national growth target of 8% at the end of the year.
The regulation took a few more months than hoped, but now the country has a dedicated digital asset law, it is a case of better late than never. The next step will involve the government that describes specific business conditions, classifications and monitoring mechanisms for the type of asset defined in the regulation.
Categorize digital assets
One of the most important features of the new legislation is the creation of three main categories of digital assets, based on the technology used and the purpose of use, namely: virtual assets that can be used for exchange purposes; Crypto assets that use encryption technology to authenticate assets during creation, issuance, storage and transmission; and other digital assets.
According to the law, virtual and crypto assets do not include “securities, digital forms of legal currency and other financial assets prescribed in civil and financial laws” – which means that these products would either fall under the “other digital assets” category or fall outside the digital technology law.
AI regulations
While encourages innovation and development in AISome activities are strictly prohibited by the new law.
Specifically, an AI system that distributes techniques to “influence an individual’s behavior without the individual being aware of it” or using said techniques to “attract or deceive to significantly distort the individual’s behavior by impairing the ability to make decisions that result in significant harm.”
It is also illegal to distribute or develop an AI system used to evaluate or classify individuals based on social behavior or systems that exploit people who are vulnerable due to age, disability, economic or social circumstances.
Vietnam’s technical hub ambitions
The new legislation is a signal from Vietnam’s ambition to become a digital technical hub, and it sets an ambitious target of 150,000 digital technology companies in 2035, in accordance with to local media.
To achieve this, the law lays the foundation for providing benefit treatment for digital technology companies in terms of country, credit and tax, as well as incentives for research, testing, development, production and application of digital technology products and services.
For example, companies that develop semiconductors, AI systems and digital infrastructure can receive companies’ income tax rates as low as 10% for 15 years, together with the exception of import duties and land rental fees.
Within a number of other incentives, wages and wages, researchers and people with special talents working on projects for a period of five years, are investing over $ 80 million in data centers or $ 160 million in semiconductor facilities are eligible for additional “special” incentives.
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