Is Stablecoin Legal in Vietnam? What the SBV and the 2026 Digital Industry Law Actually Say

Is stablecoin legal in Vietnam right now? The honest answer sits in a genuinely awkward middle ground. This guide explains the older SBV rule that still technically applies and what Vietnam’s landmark 2026 Digital Technology Industry Law actually legalized. It also covers exactly why stablecoins were deliberately left out of that legalization.

Vietnam made global headlines in 2025 for officially legalizing crypto assets under a brand new civil framework. Is stablecoin legal in Vietnam as a result? Not quite. The distinction between what actually changed and what did not matters far more than the headlines ever suggest.

This guide walks through the actual legal text, not the widely repeated summary version, so you understand exactly where stablecoins genuinely stand today.

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The Old Rule That Still Technically Applies

Back in July 2017, the State Bank of Vietnam issued Official Letter 5747/NHNN-PC. It stated quite plainly that cryptocurrencies like Bitcoin were not legal tender or a means of payment anywhere in Vietnam. The letter explicitly prohibited their issuance, supply, and use as payment, with violators potentially facing administrative or even criminal sanctions.

That original 2017 letter has never been formally repealed by any later regulation. It remains the current baseline rule for anything functioning as a payment instrument outside Vietnam’s official currency system, including stablecoins. Everything that follows in the newer legal framework sits on top of this older prohibition, not in place of it entirely.

What the 2026 Law Actually Legalized

On June 14, 2025, Vietnam’s National Assembly passed Law No. 71/2025/QH15 on Digital Technology Industry, which took full effect January 1, 2026. For the first time, Vietnamese law formally defines digital assets. It splits them into crypto assets, virtual assets, and other digital assets like NFTs and utility tokens.

The genuine breakthrough here is the new civil law protection that assets now actually carry. Bitcoin, Ethereum, and similar assets now count as legal property under Vietnamese civil law. Owners can trade or inherit them, with real legal recourse if someone steals them. Before this law took effect, Vietnamese courts had no clear framework for handling crypto theft or ownership disputes at all.

Here is the detail that gets lost in most coverage. This law legalizes crypto as property, not as a payment method. The 2017 prohibition on using cryptocurrency to pay for things remains fully intact. Vietnam formally legalized the act of owning and trading digital assets as property. It stopped well short of legalizing the use of them as actual money for payments.

Why Stablecoins Were Left Out on Purpose

Stablecoins do not fall under this new framework at all. That exclusion appears deliberate rather than an oversight. The law explicitly excludes digital forms of fiat currency from its digital asset categories. Fiat-backed stablecoins fall squarely into that excluded category.

Central bank digital currencies get excluded from this new category for exactly the same underlying reason. Both stablecoins and CBDCs remain governed by existing financial and payment laws instead. That is the same older framework that includes the 2017 SBV prohibition. In plain, direct terms, stablecoins did not get the new property protections that Bitcoin and similar assets just recently received. They simply stayed exactly where they already were before this entire reform effort ever happened.

The Pilot Program Makes This Even Clearer

Alongside the new law, Vietnam launched Resolution 05/2025/NQ-CP on September 9, 2025. This five-year pilot program covers a licensed crypto asset trading market. This particular pilot explicitly prohibits the issuance of any assets backed by fiat money within its own licensed ecosystem.

That one single restriction alone removes any remaining ambiguity about the actual regulatory intent here. Regulators clearly did not want fiat-backed stablecoin models operating anywhere inside the newly legalized crypto space at all. The pilot also requires all domestic crypto transactions to run in Vietnamese dong specifically, not US dollars or other foreign currency. Transactions must eventually flow only through licensed service providers once the transition period ends.

A Narrow Exception Worth Watching

One remaining detail complicates an otherwise fairly clean overall picture here. Some industry reports describe a localized pilot in Da Nang. It reportedly allows foreign visitors to use stablecoins for payment in a limited, sandboxed setting. Details on the scope and current status of this specific pilot remain sparse in public reporting.

Treat this as a narrow, geographically limited exception rather than evidence that the general rule has shifted. A sandbox in one city, aimed specifically at foreign tourists, changes nothing elsewhere. What applies to stablecoin use in the rest of the country stays the same.

So What Is the Actual Answer

Stablecoins currently sit in a distinct, meaningfully more restrictive category than crypto assets now occupy in Vietnam. Bitcoin and similar assets gained real, meaningful legal protection as property beginning in 2026. Stablecoins did not receive that same treatment. They remain governed by the older 2017 prohibition on using digital currency as a payment method.

Using a stablecoin as an actual payment instrument anywhere in Vietnam sits outside current law, based on everything reviewed carefully here. Holding one as an asset occupies murkier territory. The new property protections were written for a category that explicitly does not include fiat-backed stablecoins. This is not a settled question with a simple yes or no answer. Anyone making business or personal decisions based on it should treat that uncertainty as real, rather than assume it will resolve in their favor.

Why This Distinction Actually Matters

Conflating crypto legalization with stablecoin legalization is an easy mistake, and it is one that could genuinely cost someone. A business might assume stablecoins now enjoy the same legal footing as Bitcoin in Vietnam. That assumption builds on a foundation that does not currently exist in the actual text of the law.

The practical stakes run higher for anyone using a stablecoin for actual payments. Simply holding one as a speculative asset carries less immediate risk. Payment use sits squarely inside the older 2017 prohibition that the new law never touched. Holding one as a personal asset sits in genuinely uncertain territory, neither clearly protected nor clearly banned. The entire category got written out of the new framework rather than addressed by it directly.

What Might Change Next

Vietnam’s broader motivation here connects to international standing as much as domestic policy. Part of the push toward formal digital asset regulation aims to help the country exit the Financial Action Task Force grey list. That listing requires demonstrating a credible anti-money laundering and counter-terrorist financing framework.

A separate, dedicated stablecoin framework remains a real possibility down the line. Many countries have moved to regulate fiat-backed stablecoins specifically, rather than lumping them in with crypto generally. Nothing currently on the books suggests that framework is imminent, though. Treating the current exclusion as permanent, rather than provisional, would be a mistake in either direction. Watch for updates through the State Bank of Vietnam and the Ministry of Finance instead. Do not assume the current gap gets resolved on any particular timeline.

Where ZoltMoney Fits

Understanding exactly how a Vietnam-bound transfer actually settles matters. A surprising amount of regulatory nuance sits underneath the surface of any cross-border payment into Vietnam. Check ZoltMoney’s current rate before your next transfer. Rely on providers that work through properly licensed banking channels for this specific corridor.

Frequently Asked Questions

Could Vietnam create a dedicated stablecoin law in the future?

It is possible. Many countries have moved toward regulating fiat-backed stablecoins as their own distinct category, separate from broader crypto assets. Nothing currently signals this is imminent for Vietnam, so treat the present exclusion as the current rule rather than a temporary gap about to close.

Is stablecoin legal in Vietnam as of 2026?

Not as a payment method. The 2017 SBV rule prohibiting cryptocurrency as a means of payment remains in force. The new 2026 Digital Technology Industry Law explicitly excludes fiat-backed stablecoins from the legal protections it grants to other digital assets.

Did Vietnam legalize cryptocurrency in 2026?

Yes, but specifically as property, not as payment. Law No. 71/2025/QH15 gives Bitcoin, Ethereum, and similar assets civil law protection as legally owned property. It does not legalize using cryptocurrency to pay for goods or services.

Why did Vietnam exclude stablecoins from its new crypto law?

The law explicitly excludes digital forms of fiat currency from its digital asset definitions. Fiat-backed stablecoins fall into that excluded category, alongside central bank digital currencies. Both remain governed by older financial and payment laws instead.

Does Vietnam’s crypto pilot program allow stablecoins?

No. Resolution 05/2025/NQ-CP is the five-year pilot program launched in September 2025. It explicitly prohibits the issuance of assets backed by fiat money within its licensed trading ecosystem.

Is there any place in Vietnam where stablecoin payments are allowed?

Some reports describe a narrow, localized pilot in Da Nang. It reportedly permits foreign visitors to use stablecoins for payment in a limited setting. Public details remain sparse. Treat this as a geographically specific exception rather than a general rule.

Can I legally own a stablecoin in Vietnam even if I cannot spend it?

This remains genuinely unclear. The new property protections created for crypto assets in 2026 were written for a category that explicitly excludes fiat-backed stablecoins. That leaves ownership in a less defined legal position than assets like Bitcoin now occupy.

Disclaimer

This blog is for educational and informational purposes only and does not constitute legal advice. ZoltMoney facilitates transfers exclusively through authorised and fully licensed banking and financial partners. It does not itself issue, trade, or promote stablecoins or other cryptocurrency. Legal frameworks, resolutions, and pilot programs mentioned here are illustrative and can change as Vietnamese law continues to develop. Consult a qualified Vietnamese lawyer before making decisions involving digital assets.