Vietnam’s much-hyped Crypto Pilot Project has jumped to a halt before it even started, with zero companies stepping up to join the five-year experiment.
Despite global excitement for regulated crypto markets, and Vietnam generally being perceived as a crypto friendly country, the government’s new set of rules governing crypto and sky-high costs have left the project lagging.
At a Sunday press conference, Deputy Minister of Finance Nguyen Duc Chi revealed not a single business has applied to take part in the pilot.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
The pilot was designed to test digital asset trading and up to five companies can be accommodated.
“We’re still waiting for proposals,” Chi told local reporters.
He added that the Finance Ministry is working on getting the project moving and that he’s hoping to license the first participant before 2026.
“But,” he cautioned, “it all depends on whether companies can meet our tough standards.”
Why do Vietnamese companies have cold feet towards the Crypto Pilot Project?
Launched last month under Resolution 05/2025, the Crypto Pilot Project was meant to put Vietnam on the crypto map. Instead, it ran into a wall of red tape.
Companies interested in joining the program are met with a daunting list of requirements. A minimum capital of 10 trillion dong (roughly $379 million), strict staffing limits, and a narrow menu of crypto products they can offer are among the top priorities.
If you think about it, it’s a huge ask from fintech startups.
Meanwhile, in other crypto-friendly hubs like Singapore, Hong Kong, or Japan, non-bank pathways require just $1 million to $5 million in capital.
Apart from the financial ask, Vietnam’s rules ban crypto assets tied to fiat currencies or securities. That means some of the hottest crypto trends including stablecoins like USDT or USDC, and tokenized securities or money-market funds are off the table for Vietnamese.
Linh Nguyen, a Ho Chi Minh City-based blockchain analyst likened the situation to “inviting people to a party but telling them they can only drink water.”
Is Vietnam Missing the Global Crypto Wave?
It’s unfortunate that the timing couldn’t be worse for Vietnam. Stablecoins are booming, with a global supply now topping $300 billion and $15.6 trillion in transfers in Q3 2025 alone, driven by Tether’s USDT, Circle’s USDC, and Ethena’s USDe.
Meanwhile tokenized treasuries have also become a thing and climbed to $8 billion.
In this context, Vietnam’s strict rules are keeping it on the sidelines of this crypto gold rush.
While other Southeast Asian nations race to embrace digital assets, Vietnam’s Crypto Pilot Project may just become a missed opportunity owing to government bureaucracy.
As for now, the Vietnamese government is holding firm, citing concerns over financial stability and misuse.
But maybe if they loosen up, the Vietnamese crypto pilot could be making more positive headlines.
