According to experts, to minimise exchange rate risks, the SBV should manage the rate flexibly, but not fix or anchor it because Việt Nam''s economy is deeply integrating towards becoming a market economy, which requires flexibility.
Chainalysis reports that Việt Nam ranked fifth globally in its 2024 Global Crypto Adoption Index, with inflows of around US$120 billion between July 2022 and June 2023. During the same period, Vietnamese investors made approximately US$1.18 billion in crypto profits.
Remittances to HCM City reached over US$2.4 billion, accounted for 25.3 per cent of the total for the entire year 2024 and marking an increase of 19.6 per cent compared to the previous quarter.
At the workshop, experts and officials discussed the potential benefits of piloting a centralised cryptocurrency exchange while addressing concerns related to tax, user protection, exchange licensing and legal compliance.
The Vietnamese đồng (VNĐ) has remained in line with broader trends in emerging market Asian currencies (EM-Asia FX) over the past three years, influenced by a strong US dollar (USD) environment.
The Ministry of Finance has proposed a pilot programme for issuing and trading cryptocurrencies and digital assets, with oversight from three key agencies: the Ministry of Finance, the Ministry of Public Security, and the State Bank of Việt Nam.
The Vietnamese Ministry of Finance is preparing a proposal to pilot a digital currency exchange, Deputy Finance Minister Nguyễn Đức Chi announced at the government’s regular press conference on March 5.
The Ministry of Planning and Investment also sought comments on a draft resolution of the National Assembly on the building of a regional and international financial centre in Việt Nam
According to data from the financial data provider Wichart, the SBV issued VNĐ19.6 trillion of bills in the past week. The interest rate on the bills decreased by 0.1 percentage point, from 4 per cent to 3.9 per cent on...
Economists and business insiders say to manage currency fluctuations and protect their profit margins, some businesses have been adopting risk-hedging strategies.
In the latest session on February 4, through the open market operations (OMO) channel, the SBV provided loans to seven financial institutions totalling over VNĐ10 trillion at an interest rate of four per cent per annum for a seven-day term.
Việt Nam boasts one of the most active investment communities in the cryptocurrency sector. However, protecting investors and promoting sustainable growth requires a robust legal framework.
