The State Bank of Vietnam, the nation’s central banking authority, predicts a credit growth of approximately 20% by 2025, potentially directing liquidity into global cryptocurrency markets amidst increasing regional adoption.
Pham Thanh Ha, the central bank’s deputy governor, stated on Friday that a further reduction in interest rates is essential to boost economic development and alleviate the uncertainties arising from tariffs imposed by the US, as reported by Reuters.
In June, Vietnam’s government legalized cryptocurrencies as part of a comprehensive technology regulation that classified them as either virtual assets tied to real-world tokenized products or crypto assets such as Bitcoin (BTC) and Ether (ETH).
Nevertheless, the government has prohibited the issuance of on-chain fiat-backed assets, including stablecoins and securities, under the new regulatory framework and its ongoing five-year sandbox pilot scheme that commenced in September.
Vietnam is set to emerge as a regional center for cryptocurrency in Southeast Asia due to the government’s commitment to innovation, a youthful demographic, and significant crypto adoption, placing fourth in Chainalysis’ 2025 Global Crypto Adoption Index.
Related: Why we Bitcoin — Vietnam shuts down 86M bank accounts that do not meet biometric standards
Asia-Pacific region leads in crypto adoption
The Asia-Pacific (APAC) region stands as the fastest-growing area for cryptocurrency adoption, per Chainalysis, with nine of the top 20 countries in its Global Crypto Adoption Index coming from this area.
APAC saw a 69% increase year-over-year in crypto value received, with transaction volumes escalating from $1.4 trillion to over $2.3 trillion in 2025, driven by advancements in India, Pakistan, and Vietnam, according to Chainalysis’ findings.
In July, the Vietnamese government introduced a national blockchain database for identification and public records, laying the groundwork for regulated engagement with the digital economy, blockchain networks, and online applications.
The national blockchain, referred to as NDAChain, operates as a layer-1 network with 49 nodes governed through public-private partnerships.
NDAChain aims to enhance the security of sensitive personal data, typically stored on centralized servers, by distributing information across a partially decentralized framework.
The system employs a combination of decentralized and permissioned networks, according to Nguyen Huy, the head of technology at Vietnam’s National Data Association (NDA), which oversees NDAChain.
Magazine: Finally blast into space with Justin Sun, Vietnam’s new national blockchain: Asia Express
