Southeast Asian nation emerges as global leader in digital asset adoption while easing monetary policy
The State Bank of Vietnam expects credit growth of nearly 20% in 2025, signaling stronger liquidity in the domestic economy that could flow into the digital asset market. The projection comes as Vietnam cements its position as one of the world’s most active centers of cryptocurrency adoption, ranking fourth globally in the Chainalysis Global Crypto Adoption Index.
Deputy Governor Pham Thanh Ha said on Friday that lowering interest rates is essential to stimulate growth and cushion the economy against external shocks, including U.S.-imposed tariffs. “Policy flexibility is needed to ensure stability while fostering innovation,” he stated.
Regulatory framework encourages innovation
Vietnam’s government legalized cryptocurrencies in June, introducing a framework that distinguishes between virtual assets tied to tokenized products and crypto assets like Bitcoin and Ether. While supportive of innovation, the government has prohibited the issuance of fiat-backed stablecoins and securities onchain under its ongoing five-year sandbox program launched in September.
This measured approach is designed to balance financial stability with the country’s ambitions to become a regional hub for blockchain and crypto innovation.
The Asia-Pacific region is the fastest-growing market for digital assets, with nine of the top 20 countries for adoption, according to Chainalysis. Transaction volumes in the region surged 69% year-over-year, from $1.4 trillion to $2.3 trillion in 2025. Vietnam, alongside India and Pakistan, has been a major contributor to that growth.
National blockchain initiative
In July, the government launched NDAChain, a national blockchain database used for identification and public records. The system employs a hybrid model of decentralized and permissioned infrastructure to better safeguard sensitive data.
“By distributing data across multiple nodes, NDAChain reduces the risk of cyberattacks compared to traditional centralized databases,” explained Nguyen Huy, head of technology at the National Data Association.
With a young population, rapid digitalization, and supportive policies, Vietnam is positioning itself at the intersection of credit expansion and crypto innovation — a combination that could accelerate its influence on the global digital economy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.