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Crypto flows in Vietnam are shifting

Crypto flows in Vietnam are shifting

Cryptocurrencies in Vietnam are no longer just a matter of price speculation, with demand expanding towards value transfer and storage, posing new challenges for the domestic market.

The global crypto market has undergone a sharp correction, but on-chain activity has not declined by a comparable amount. According to the 2026 Global Crypto Adoption Index published by Chainalysis on September 23, market capitalization at one point fell by 50%, equivalent to $2.1 trillion, while the value of on-chain activity declined by just 1.6%, from $9.5 trillion to $9.4 trillion, over the two 12-month periods ending in June 2025 and June 2026.

The divergence suggests that crypto assets are being used for purposes beyond price speculation.

$122 billion market, stablecoins gain traction

In a regional report published on September 30, Chainalysis estimated that crypto asset activity in Vietnam reached $122.2 billion between July 1, 2025 and June 30, 2026, ranking fourth in Central and Southern Asia, Southeast Asia and Oceania, behind Singapore at $284.1 billion, Australia at $173.1 billion and India at $135 billion.

The significance lies not only in the market's size. Vietnam's Utility Index, which measures activity associated with practical use, rose 127% from the previous period, while its Financial Index, which tracks financial activity through platforms, fell 5%.

According to Chainalysis, the former reflects direct and cross-border asset transfers, while the latter captures financial activity conducted through platforms.

Notably, cross-border stablecoin activity in Vietnam reached about $10.5 billion, 1.5 times the domestic total of $6.9 billion. Stablecoins are crypto assets designed to maintain a stable value against a reference asset, typically the U.S. dollar.

Vietnam, Thailand and the Philippines recorded 5.4 million direct asset transfers worth less than $10,000, accounting for 14.4% of the global total. More than 80% of domestic transfers in this category were below $1,000, with an average value of $618.

Chainalysis quoted Nicole Nguyen, co-founder of APAC DAO, as saying that some Vietnamese users hold stablecoins as a store of value linked to the U.S. dollar. Freelancers and people working across borders are also driving direct transactions.

Nevertheless, Chainalysis estimated that $69.8 billion in assets flowed from Vietnam into centralized exchanges, indicating that emerging use cases have yet to fully displace investment and speculative activity.

Exchange race: from capital raising to platform testing

In Vietnam, businesses are preparing infrastructure for a pilot phase. The government's Resolution 05/2025/NQ-CP requires operators of crypto asset trading markets to have minimum paid-in charter capital of VND10 trillion ($386.58 million), along with requirements covering shareholders, technology and risk controls.

Among the prospective operators, Vietnam Prosperity Crypto Asset Exchange JSC (CAEX), part of the VPBank ecosystem, has taken concrete steps.

In April 2026, CAEX announced that OKX Ventures and HashKey Capital had signed investment and cooperation agreements with the company and its founding shareholders, VPBankS and LynkiD. The agreements aim to support technology development, security and liquidity.

At VPBank's 2026 annual general meeting, CEO Nguyen Duc Vinh said CAEX had fully contributed the required VND10 trillion ($386.58 million) in capital and completed an audit of its capital contributions, but had not yet received a licence to trade.

CAEX began testing its platform on September 6 and extended the program through September 25, restricting access to employees and selected partners. Its website continues to state that it is seeking a licence and has not officially opened trading.

Techcom Crypto Asset Exchange JSC (TCEX), which has capital contributions from Techcom Securities (TCBS), announced on May 5 that the Ministry of Finance had confirmed that certain groups of documents in its application were complete and valid, while requesting additional documents for the remaining sections. This did not constitute a licensing decision.

Among listed securities firms, VIX Securities has joined in establishing VIX Crypto Asset Exchange JSC (VIXEX), with initial charter capital of VND1 trillion ($38.66 million). VIX holds a 15% stake, FTG Vietnam owns 64.5% and 3C Company holds 20.5%.

VIX plans to use VND1 trillion from a share offering to make an additional capital contribution to VIXEX.

Sacom Crypto Asset Exchange JSC (SCEX), formerly known as LPEX, increased its charter capital from VND360 billion to VND5 trillion ($193.29 million) in August 2026, nearly 14-fold.

The company is also developing the SCEX Simulator platform as part of a digital asset education program, allowing users to trade with simulated funds rather than real money.

Outside the financial sector, Sun Group holds a 64% stake in Vietnam Digital Assets JSC, established in January 2026 with initial charter capital of VND1 trillion ($38.66 million).

Under Resolution 05, domestic investors who already own crypto assets may open accounts with organizations licensed by the Ministry of Finance to hold and trade those assets within the permitted scope. Six months after the first organization receives a licence, transactions conducted outside licensed systems may be subject to sanctions depending on the nature and severity of the violations.

However, the race to establish exchanges is only the first step. Another question is which assets can be issued and traded on these platforms.

In a recent article, Nguyen Huong Diu Ngan, an associate at the Tony Blair Institute for Global Change in Vietnam, proposed three potential areas for development: tokenizing trade finance, agricultural commodities and green infrastructure bonds.

One example is Argentina's Agrotoken model, which allows grain to be tokenized based on physical stocks verified in warehouses, helping producers gain access to credit.

The government's Resolution 05/2025/NQ-CP restricts the underlying assets and eligible participants in new issuance programs. As a result, domestic exchanges must not only attract investors but also develop product offerings that comply with the law, have clearly identified underlying assets, and establish the rights of holders.

As domestic crypto exchanges race to raise trillions of dong (VND1 trillion = $38.66 million) and complete their technology infrastructure, the challenge extends beyond securing licences. More importantly, they must find products that meet market demand within the legal framework, turning circulating crypto assets into organized business activity.


Source: Dang Kiet, Thai Ha

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Central Vietnam province Lam Dong eyes 101-km electric rail network

Central Vietnam province Lam Dong eyes 101-km electric rail network

Authorities in Vietnam’s central province of Lam Dong have proposed building six urban electric rail lines spanning over 101 km to connect its famous tourist attraction Da Lat with Lien Khuong International Airport and other major destinations, as part of a long-term urban transport plan through 2050.

The proposal is included in the master plan for five Da Lat wards to 2050, which is under consultation, the provincial government said last week.

The proposed network would comprise six lines with a total length of 101.43 km, using either light rail or monorail technology. The routes would link central Da Lat with Lien Khuong airport and popular destinations such as Suoi Vang Lake, LangBiang Mountain, Tuyen Lam Lake, and the Valley of Love.

The line connecting Da Lat railway station with Lien Khuong airport in Duc Trong commune is prioritized for construction before 2030, providing an additional public transport option for passengers traveling between the airport and the downtown city. The other five lines are planned for development after 2030.

The proposed routes include an 18.5-km line from Da Lat station to Suoi Vang, an 8.55-km line from An Kroet junction to LangBiang, and a 15.78-km line linking Da Lat station with Tuyen Lam lake. Two other routes would connect Da Lat station with the Valley of Love and Tung Lam junction.

The plan also calls for restoring the 84-km Thap Cham-Da Lat railway, which uses a 1,000-mm track gauge, to support tourism and improve connections between Da Lat and the south central coast.

The proposed network is expected to ease pressure on roads, connect tourist destinations with urban gateways and help preserve Da Lat’s landscape, according to the planning consultant.

The master plan covers five wards: Xuan Huong-Da Lat, Cam Ly-Da Lat, Lam Vien-Da Lat, Xuan Truong-Da Lat, and Lang Biang-Da Lat, with a total area of 68,088 hectares.

Situated on a plateau around 1,500 meters above sea level, Da Lat enjoys year-round cool weather that stands in contrast to Vietnam's tropical climate. It used to be a summer hideout for French officials during the colonial time who built villas in the hills to escape the heat and humidity of the lowlands. Da Lat is also known as one of Vietnam’s biggest flower-growing regions.

On July 1, 2025, Lam Dong province was merged with Dak Nong and Binh Thuan provinces to form the new Lam Dong province which borders Dak Lak province, Dong Nai city, Khanh Hoa province, Ho Chi Minh City, Cambodia, and the East Sea.

In the first 10 months of this year, Lam Dong welcomed nearly 20.7 million tourist arrivals, including 1.2 million foreign visitors, generating VND57.51 trillion ($2.24 billion), according to the provincial tourism watchdog.


Consortia involving TotalEnergies, AG&P vie for $1.5 bln southern Vietnam LNG power plant

Consortia involving TotalEnergies, AG&P vie for $1.5 bln southern Vietnam LNG power plant

Three investor groups have registered to develop the VND39.87 trillion ($1.55 billion) Long Son LNG-fired power plant in Ho Chi Minh City, highlighting growing competition for opportunities in Vietnam’s gas-fired power sector.

The project will cover 42.56 hectares outside the Long Son Petrochemical Industrial Park in Long Son commune.

According to the bid-opening record, the three applicants are a consortium of T&T Group and France’s TotalEnergies Gaz & Electricite Holdings (T&T-TEGEH); a partnership between EVNGENCO3 and Singapore-based AG&P Terminals & Logistics (EVNGENCO3-AG&P LNG); and Ngoc Long Hai Son Group JSC.

The project is included in the revised eighth national power development plan (PDP VIII). It is designed to use combined-cycle gas turbine technology, with imported liquefied natural gas as its primary fuel.

LNG will be supplied through pipelines connecting the Cai Mep LNG terminal to the Long Son area and the planned Southeast Vietnam LNG terminal system. The plant is expected to connect to the 500-kV grid through a transmission line to the Bac Chau Duc 500-kV substation, with commercial operation targeted for June 2031.

It will be one of Vietnam's largest LNG power projects, playing a crucial role in ensuring energy security for the southern region and nationwide while supporting the energy transition through 2050.

Among the three applicants, the T&T-TEGEH consortium stands out for combining a Vietnamese private-sector investor with experience in energy development and an international partner with LNG expertise.

T&T Group is a Vietnamese conglomerate expanding its investments in the energy sector. Through its core energy unit, T&T Energy Group, it is developing power projects with a total capacity of around 2,900 MW, of which nearly 1,200 MW is already commercially operational.

In gas-fired power, T&T is working with South Korean partners to develop the first phase of the Hai Lang LNG power project in the central province of Quang Tri, with a capacity of 1,500 MW.

On September 10, 2026, T&T Energy Group and TotalEnergies Gas & Power Activities signed a memorandum of understanding in Paris to cooperate on the Long Son project.

Under the agreement, TotalEnergies will lead project financing and act as the primary LNG supplier at a competitive price. Meanwhile, T&T Energy will manage domestic regulatory approvals, government relations, and local administrative procedures.

TotalEnergies Gas & Power Activities is part of France-based TotalEnergies SE, a global integrated energy group. In Vietnam, TotalEnergies has supplied LNG to the Thi Vai terminal, which serves as a fuel source for the Nhon Trach 3 and 4 power plants, Vietnam’s first LNG power facility.

Meanwhile, the EVNGENCO3-AG&P LNG consortium combines domestic power generation experience with expertise in gas infrastructure, logistics, and LNG supply chains.

EVNGENCO3, under state utility EVN, operates in power generation and has experience managing and operating large-scale power plants in Vietnam. It recently partnered with Thuan Hai Transport Services JSC to become the sole applicant for the VND7.1 trillion ($276.9 million) Ninh Binh flexible power plant project.

Its partner, AG&P Terminals & Logistics, operates in gas infrastructure and logistics, with a focus on LNG supply chains.

The competition among three applicants underscores investor interest in Vietnam’s LNG-fired power market. However, registration is only the initial stage of the investor selection process. The candidates’ financial and technical capabilities, as well as their ability to meet the project’s implementation requirements, will be assessed in subsequent stages.


Vietnam, US boost agricultural trade cooperation

Vietnam, US boost agricultural trade cooperation

Vietnam and the United States continue to strengthen balanced two-way trade, technology transfer, and investment in supply chain development.

Within the framework of trade commitments established for the 2025-2027 period, Vietnam has encouraged businesses to diligently implement purchasing agreements with US partners totaling approximately $3 billion.

The information was announced during a bilateral meeting between Vietnamese Deputy Minister of Agriculture and Environment Dang Ngoc Diep and Deputy Secretary of the US Department of Agriculture (USDA) Stephen Vaden on November 10, coinciding with the largest US agricultural trade promotion delegation's visit to Vietnam.

Breakthroughs in agricultural trade

According to Mr. Diep, all agreements have been executed, significantly exceeding the committed value. In the latter half of 2025 alone, the total import turnover of products under signed memoranda of understanding reached approximately $2.1 billion. For the first nine months of 2026, the value of purchases amounted to approximately $2.8 billion, of which about $2.5 billion comprised committed items including milk and dairy products, livestock products, fruits and vegetables, corn, soybeans, animal feed, and raw timber.

In addition to promoting imports, Deputy Minister Diep requested the US to address certain market access issues for passion fruit and to promptly approve hot vapor treatment measures for fresh fruit exports to the US.

Acknowledging the significant growth aimed at balancing bilateral trade, USDA Deputy Secretary Stephen Vaden noted that amidst negotiations for a reciprocal trade agreement, the US had proposed Vietnam increase its annual import turnover of goods by an additional $1 billion. In reality, after only 10 months of 2026, Vietnam had already imported approximately $3.6 billion, not including about $1.4 billion in cotton imports.

Mr. Vaden also praised the agricultural trade relationship between the two countries, stating that agricultural products from both Vietnam and the US are favored by consumers in each nation.

The delegation includes a large number of producers of specialty agricultural products, fruits, and vegetables, with many businesses from California, he said, adding that the presence of these businesses demonstrates the US's desire to expand market access opportunities in Vietnam and to foster a more substantive trade relationship.

Promoting cooperation in biotechnology and food safety

During the meeting, both sides also discussed enhancing scientific and technological cooperation.

"This could become a new pillar," Mr. Diep said. "Vietnam wishes to promote cooperation with the US in areas such as crop varieties, biotechnology, artificial intelligence, big data, precision agriculture, and digital transformation."

Specifically, the Deputy Minister proposed that both sides research and implement cooperation programs and technology transfer for disease-resistant, drought-tolerant, and salt-tolerant crop varieties, suitable for climate change adaptation.

In response to this proposal, Deputy Secretary Vaden affirmed the US's readiness to cooperate in providing Vietnam access to biotechnology. He commended Vietnam's interest in applying scientific principles in agricultural management and production, and welcomed the initiative to facilitate US companies in bringing research and development (R&D) activities to Vietnam.

He also expressed hope that Vietnam would continue to collaborate with the US in promoting a science-based approach to biotechnology, thereby expanding the application of modern agricultural technologies.

Regarding food safety, Mr. Vaden highlighted similarities in the work programs of both ministries, particularly concerning Salmonella control and DNA residue testing requirements for imported products. The US expressed its desire to continue discussions with Vietnam on regulations related to Salmonella and DNA residue testing, aiming to reduce instances of rejected shipments while ensuring state management responsibilities for food safety.

Currently, the USDA is developing a new framework for Salmonella risk assessment thresholds, aiming to balance consumer health protection requirements with trade facilitation.

The US wishes to coordinate with Vietnamese specialized agencies to discuss and review technical requirements, avoiding unnecessary disruptions in the flow of goods, said Mr. Vaden, stressing that ensuring that Vietnamese and US consumers have access to safe food, while management regulations do not become unnecessary barriers to trade.


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