The Ultimate Crypto Guide in Vietnam

Vietnam has become a hub for cryptocurrency trading and investment, with many enthusiasts flocking to the country to take advantage of the favorable regulatory environment. In this ultimate crypto guide, we’ll explore the ins and outs of the Vietnamese crypto scene, from the most popular exchanges to the latest developments in blockchain technology. Whether you’re a seasoned trader or a newcomer to the world of crypto, this guide has everything you need to know to get started in Vietnam.

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Table of Contents

The Ultimate Crypto Guide in Vietnam: An Overview

Understanding cryptocurrency and its significance in Vietnam

Have you ever heard of cryptocurrency? It’s a digital or virtual form of currency that uses cryptography for security purposes, making it almost impossible to counterfeit or double-spend. You might have heard of Bitcoin, which was introduced in 2009 and took the world by storm. Since then, several other cryptocurrencies like Ethereum, Litecoin, and Ripple have entered the market.

In Vietnam, cryptocurrencies have gained significant attention due to their decentralized nature, transparency, and potential for high returns on investment. With over 53% of its citizens using the internet, Vietnam has a young, tech-savvy population that’s eager to explore new technologies like cryptocurrency.

There are several reasons why cryptocurrency is so significant in Vietnam. Firstly, it provides an alternative investment opportunity for Vietnamese people looking to diversify their portfolios. Secondly, cryptocurrencies offer a means of transferring money across borders with lower fees and faster transaction times compared to traditional banking methods. And lastly, the growing number of businesses accepting cryptocurrencies as a form of payment showcases the potential for wider adoption in the Vietnamese market.

The current state of the cryptocurrency market in Vietnam

Believe it or not, the cryptocurrency market in Vietnam has experienced rapid growth in recent years. A report from 2021 indicated that Vietnam ranks second globally in terms of cryptocurrency adoption, with around 21% of its internet users holding cryptocurrencies. That’s pretty impressive, right?

This growth can be attributed to several factors, including the increasing awareness and understanding of cryptocurrencies among the Vietnamese population, the rise in the number of cryptocurrency exchanges and platforms available in the country, and the growing number of local businesses accepting cryptocurrencies as payment. Who wouldn’t want to pay for their pho with Bitcoin?

Additionally, the Vietnamese government’s efforts to develop a regulatory framework for cryptocurrencies have contributed to the increased interest in the market. However, the market remains volatile, with the value of cryptocurrencies experiencing significant fluctuations. So, hold on tight to your digital wallets!

Legal and regulatory framework for cryptocurrency in Vietnam

Now, let’s talk about the legal status of cryptocurrencies in Vietnam. It’s somewhat ambiguous, to be honest. While the Vietnamese government has not officially recognized cryptocurrencies as a legal form of payment, it has also not explicitly banned them. This has led to a regulatory grey area where businesses and individuals are unsure of the legal implications of using cryptocurrencies.

In 2014, the State Bank of Vietnam (SBV) issued a statement warning against the use of cryptocurrencies, stating that they are not a lawful means of payment and that their use could lead to penalties. However, no specific regulations or penalties were provided at that time. Talk about mixed signals!

In an effort to create a more comprehensive legal framework for cryptocurrencies, the Vietnamese government established a working group in 2017 to study and propose regulations for the management of cryptocurrencies and other virtual assets. The government has also sought to collaborate with international organizations, such as the International Monetary Fund (IMF), to develop regulations in line with global standards.

As of now, the legal status of cryptocurrencies in Vietnam remains uncertain. However, the government’s efforts to develop a regulatory framework indicate a growing recognition of the importance of cryptocurrencies in the Vietnamese economy. So, keep your eyes peeled for any updates on this front!

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Popular Cryptocurrencies and Platforms in Vietnam

Top cryptocurrencies used in Vietnam: Bitcoin, Ethereum, and more

As the world of cryptocurrencies continues to evolve, Vietnam has been no exception to this trend. The country has seen a surge in adoption of digital currencies, with several of them becoming popular among Vietnamese users. Bitcoin (BTC) tops the list as the most widely recognized and used cryptocurrency in Vietnam, often dubbed as the ‘digital gold’ due to its scarcity and strong market value. As the pioneer of the crypto world, Bitcoin continues to hold a significant position in the Vietnamese market.

Not far behind is Ethereum (ETH), the second most popular cryptocurrency in Vietnam. Ethereum isn’t just a digital currency, but also a platform that enables the creation and deployment of smart contracts and decentralized applications (dApps). The versatility and potential of Ethereum have garnered a lot of attention from Vietnamese users and investors alike.

Besides Bitcoin and Ethereum, other notable cryptocurrencies used in Vietnam include Ripple (XRP), a digital asset designed for efficient cross-border transactions, and Litecoin (LTC), often referred to as the ‘silver’ to Bitcoin’s ‘gold’. These cryptocurrencies, along with several other altcoins, are gaining traction among Vietnamese users as they explore the various use cases and investment opportunities in the crypto market.

Reputable platforms for buying and trading cryptocurrencies in Vietnam

As the appetite for cryptocurrencies grows in Vietnam, several platforms have emerged to cater to the needs of users and investors. Some of the most reputable platforms for buying and trading cryptocurrencies in Vietnam include:

  • Remitano: A popular peer-to-peer (P2P) cryptocurrency exchange that allows users to buy and sell cryptocurrencies directly with one another. With a user-friendly interface and robust security measures, Remitano is a popular choice among Vietnamese users.
  • Binance: A global cryptocurrency exchange that offers a wide range of trading pairs and supports multiple cryptocurrencies. The platform is known for its low fees and extensive list of supported tokens, making it an attractive option for traders in Vietnam.
  • Huobi: Another well-known global cryptocurrency exchange with a strong presence in Vietnam. Offering a wide range of trading pairs and advanced trading features, Huobi caters to both novice and experienced traders.
  • Vicuta: A Vietnam-based cryptocurrency exchange that offers a simple and secure platform for users to buy and sell cryptocurrencies using Vietnamese Dong (VND). With a focus on customer service and ease of use, Vicuta is an excellent choice for those new to the cryptocurrency market.

Popular crypto betting and gambling platforms in Vietnam: Bitsler, MyStake,, and more

As more people embrace the world of cryptocurrencies, betting and gambling platforms that accept digital currencies have also gained popularity in Vietnam. Some of the most popular crypto betting and gambling platforms in Vietnam include:

  • Bitsler: A popular crypto gambling platform that offers a wide range of games, including dice, roulette, and slots. With a provably fair system and a strong focus on security, Bitsler has attracted many Vietnamese users.
  • MyStake: An online casino that offers a variety of games, including slots, table games, and live dealer games. The platform supports multiple cryptocurrencies, including Bitcoin and Ethereum, and offers a user-friendly interface and secure gaming environment.
  • A leading cryptocurrency sportsbook that allows users to bet on a wide range of sporting events using cryptocurrencies like Bitcoin, Ethereum, and Litecoin. With competitive odds, fast payouts, and a strong focus on security, has become a popular choice for crypto sports betting enthusiasts in Vietnam.

From the diverse range of cryptocurrencies to the reputable exchanges and engaging betting and gambling platforms, Vietnam’s crypto scene is thriving. As the market continues to develop, we can expect to see even more options and opportunities for cryptocurrency users in Vietnam.

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Investing in Cryptocurrencies in Vietnam

Why Invest in Cryptocurrencies in Vietnam

With the surge in popularity of cryptocurrency investments, Vietnam has emerged as an attractive market for investors, thanks to a few key factors. For starters, the country’s booming economy has sparked interest in alternative investment opportunities, and cryptocurrencies fit the bill as a potentially lucrative asset class for those looking to diversify their portfolios.

Furthermore, the Vietnamese government has adopted a relatively open stance on cryptocurrencies, with a legal framework in place to support and regulate the industry. This regulatory environment helps alleviate some of the uncertainties and risks tied to investing in cryptocurrencies.

Lastly, Vietnam boasts a young and tech-savvy population that eagerly adopts new technologies like cryptocurrencies. This early adoption could translate to higher demand for cryptocurrencies and increased market growth, potentially leading to higher returns for investors.

Risks and Rewards Associated with Cryptocurrency Investments

As with any investment, cryptocurrencies come with their fair share of risks and rewards. Before jumping into the crypto pool, it’s crucial to understand these factors.


  • Market volatility: The cryptocurrency market is notorious for its extreme price fluctuations, which can lead to significant losses in a short time. Investors should brace themselves for this volatility and the possibility of market downturns.
  • Regulatory changes: While Vietnam’s current legal framework supports cryptocurrencies, any changes in regulations or crackdowns on cryptocurrencies could negatively affect investments.
  • Security concerns: As with any digital asset, risks such as hacking, theft, and fraud lurk in the shadows. Investors must implement appropriate security measures to safeguard their investments and personal information.


  • High potential returns: The rapid growth of the cryptocurrency market has yielded substantial returns for early investors. Although past performance doesn’t guarantee future results, the potential for high returns remains an alluring aspect of cryptocurrency investments.
  • Portfolio diversification: Investing in cryptocurrencies can help diversify an investment portfolio by introducing a new asset class with a low correlation to traditional assets like stocks and bonds.
  • Early adoption advantage: As previously mentioned, Vietnam’s tech-savvy population is quick to adopt new technologies. Investing in cryptocurrencies early on can provide a competitive edge and potentially higher returns as the market matures.

Strategies for Investing in Cryptocurrencies in Vietnam

When it comes to investing in cryptocurrencies in Vietnam, several strategies can help investors navigate this exciting yet unpredictable market:

  1. Long-term investing: This strategy involves buying and holding cryptocurrencies for an extended period, typically years, with the expectation that their value will increase over time. It’s suitable for investors who believe in the long-term potential of cryptocurrencies and can stomach short-term market fluctuations.
  2. Dollar-cost averaging: By investing a fixed amount of money at regular intervals, regardless of the current market price, this strategy can help mitigate the impact of market volatility and reduce the risk of buying at a high price.
  3. Active trading: Active trading involves buying and selling cryptocurrencies frequently to capitalize on short-term price fluctuations. This strategy demands a deep understanding of the market and technical analysis, as well as a significant time commitment. It’s more appropriate for experienced investors who are comfortable with the risks associated with trading.
  4. Diversification: Spreading the risk by investing in multiple cryptocurrencies can potentially increase the chances of generating positive returns. Investors can consider allocating a portion of their portfolio to different cryptocurrencies with varying market capitalizations and use cases.

While investing in cryptocurrencies in Vietnam offers several potential rewards, such as high returns, portfolio diversification, and early adoption advantages, it also comes with risks like market volatility, regulatory changes, and security concerns. By understanding these factors and employing appropriate investment strategies, investors can potentially capitalize on the growing cryptocurrency market in Vietnam. And who knows, maybe they’ll even have some fun along the way!


Top Places to Use Cryptocurrencies in Vietnam

Shopping and Services with Crypto

As the popularity of cryptocurrencies soars in Vietnam, an increasing number of businesses are beginning to accept digital currencies for their products and services. Here are some places where you can use cryptocurrencies for shopping and services in Vietnam:

  • Online shopping: Numerous e-commerce websites and online stores in Vietnam now accept cryptocurrencies as a payment option. This allows customers to purchase a wide range of products, from electronics to clothing, using digital currencies such as Bitcoin or Ethereum.
  • Restaurants and cafes: A growing number of restaurants and cafes in major cities like Ho Chi Minh City and Hanoi are starting to accept cryptocurrencies. This enables customers to enjoy a meal or a cup of coffee while paying with their preferred digital currency. Talk about a high-tech way to dine!
  • Travel and accommodation: Some hotels and travel agencies in Vietnam now accept cryptocurrencies for booking flights, hotels, and tour packages. This makes it easier for travelers to plan their trips using digital currencies without the need for currency conversion. Crypto nomads, rejoice!
  • Professional services: Various service providers, such as freelancers, lawyers, and consultants, are starting to accept cryptocurrencies as a form of payment for their services. This allows clients to access professional services without the hassle of traditional banking methods. Crypto and convenience, a match made in heaven!

Converting Cryptocurrencies to Vietnamese Dong (VND)

There are several ways to convert cryptocurrencies to Vietnamese Dong (VND), depending on your preferences and needs:

  • Cryptocurrency exchanges: One of the most common ways to convert cryptocurrencies to VND is through a cryptocurrency exchange. Many reputable exchanges, such as Binance and Bitstamp, allow users to trade their digital currencies for VND. Users can then withdraw their VND to a local bank account or a digital wallet.
  • Peer-to-peer (P2P) trading platforms: P2P trading platforms, like LocalBitcoins or Remitano, enable users to buy and sell cryptocurrencies directly with other users. These platforms often support multiple payment methods, including cash, bank transfers, and mobile money. This allows for more flexibility in converting cryptocurrencies to VND.
  • Crypto ATMs: A growing number of crypto ATMs can be found in major cities across Vietnam. These machines allow users to buy and sell cryptocurrencies for VND. While this method may not be as convenient as online exchanges or P2P platforms, it provides a quick and easy way to convert digital currencies to local currency. Perfect for when you’re on the go!

Pros and Cons of Using Cryptocurrencies in Vietnam

There are several advantages and disadvantages to using cryptocurrencies in Vietnam, which users should consider before diving into the world of digital currencies:


  • Faster transactions: Cryptocurrency transactions are generally faster than traditional banking transactions, making it more convenient for users to make payments or transfer funds.
  • Lower fees: Cryptocurrency transactions often have lower fees compared to traditional banking methods, which can save users money on transactions and international transfers.
  • Financial privacy: Cryptocurrencies offer a higher level of financial privacy compared to traditional banking methods, as transactions are recorded on a public ledger without revealing users’ personal information.


  • Price volatility: Cryptocurrencies can be highly volatile, with prices subject to significant fluctuations. This can make using digital currencies for everyday transactions risky, as their value can change rapidly.
  • Limited adoption: While the number of businesses accepting cryptocurrencies in Vietnam is growing, it is still limited compared to traditional payment methods. This can make it challenging to find places to spend digital currencies. But hey, Rome wasn’t built in a day, right?
  • Regulatory uncertainty: The legal and regulatory framework surrounding cryptocurrencies in Vietnam is still evolving. This can create uncertainty for users and businesses looking to use digital currencies for everyday transactions.

Cryptocurrency Security and Best Practices in Vietnam

Securing your cryptocurrency assets: wallets and storage options

In Vietnam, as in the rest of the world, the security of your cryptocurrency assets is of utmost importance. There are various types of wallets and storage options available to help you keep your investments safe from potential threats. The two main categories of wallets are hot wallets and cold wallets.

Hot wallets are connected to the internet and offer a convenient way to manage your cryptocurrencies. Some popular hot wallet providers in Vietnam include Coinbase, Blockchain, and MyEtherWallet. While these wallets are user-friendly, they are more susceptible to cyberattacks and hacking. Remember, convenience often comes at the cost of security!

Cold wallets, on the other hand, are not connected to the internet and are considered more secure. They come in the form of hardware wallets and paper wallets. Hardware wallets like Ledger Nano S and Trezor are popular choices in Vietnam due to their strong security features. Paper wallets are also a secure option, but they require more effort to set up and maintain. It’s like having a secret treasure map – just don’t lose it!

In addition to selecting the right wallet, it’s essential to back up your wallet regularly and keep your private keys safe. Never share your private keys with anyone, and consider using multi-signature wallets for added security. After all, you wouldn’t give a stranger the keys to your house, would you?

Best practices for safe trading and transactions in Vietnam

To ensure the safety of your cryptocurrency transactions in Vietnam, follow these best practices:

  • Choose a reputable exchange: Select a well-known and trustworthy exchange to trade cryptocurrencies. Some popular exchanges in Vietnam include Remitano, Binance, and Huobi. Research the exchange’s security measures, fees, and customer support before making a decision.
  • Use two-factor authentication (2FA): Enable 2FA on all your cryptocurrency-related accounts. This adds an extra layer of security to your account by requiring a unique code generated by an app on your phone to log in. It’s like having a secret handshake with your account!
  • Stay informed about market conditions: Keep up-to-date with the latest cryptocurrency news and market trends to make informed trading decisions. Join local online communities and follow reliable sources for accurate information. Knowledge is power, especially in the world of crypto!
  • Use a secure internet connection: When trading or accessing your wallet, always use a secure and private internet connection. Avoid using public Wi-Fi networks, as they can be susceptible to hacking. It’s like leaving your wallet on a park bench – not a good idea!
  • Monitor your accounts regularly: Keep an eye on your wallet and exchange accounts for any suspicious activity. Set up notifications to alert you of any large transactions or changes in account settings. Better safe than sorry!

How to avoid cryptocurrency scams and fraud in Vietnam

Scams and fraud are prevalent in the cryptocurrency world, and Vietnam is no exception. To protect yourself from falling victim to these schemes, follow these tips:

  • Be cautious of investment opportunities that seem too good to be true. If someone promises high returns with little or no risk, it’s likely a scam. Remember, if it sounds too good to be true, it probably is!
  • Research any company or individual offering cryptocurrency services. Look for reviews, testimonials, and information about their team members. Verify their legitimacy before investing your money. Trust, but verify!
  • Watch out for phishing scams. Be cautious of emails, messages, or websites that ask for your private keys or personal information. Always double-check the sender’s address and the website’s URL before providing any information. A healthy dose of skepticism can save you a lot of trouble!
  • Stay informed about common cryptocurrency scams, such as Ponzi schemes, pump and dump schemes, and fake ICOs (Initial Coin Offerings). Educate yourself on the warning signs and red flags to avoid falling for these scams. Forewarned is forearmed!

By following these security measures and best practices, you can safeguard your cryptocurrency assets and enjoy a more secure trading experience in Vietnam. Stay vigilant, stay informed, and always prioritize the safety of your investments. Happy trading!

Frequently Asked Questions

What is cryptocurrency and why is it significant in Vietnam?

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on a decentralized ledger called a blockchain. In Vietnam, cryptocurrencies have gained popularity as an alternative investment and means of payment, with increasing adoption by businesses and individuals.

Is cryptocurrency legal in Vietnam?

Cryptocurrencies are not considered legal tender in Vietnam, and the government has warned against their use. However, there is no specific law banning the use or trade of cryptocurrencies, and many Vietnamese citizens continue to invest and use them for various purposes.

What are the top cryptocurrencies used in Vietnam?

Some of the most popular cryptocurrencies in Vietnam include Bitcoin, Ethereum, Ripple (XRP), Litecoin, and Binance Coin. These cryptocurrencies have the largest market capitalization and are widely accepted on various platforms in the country.

Which platforms are recommended for buying and trading cryptocurrencies in Vietnam?

Reputable platforms for buying and trading cryptocurrencies in Vietnam include Binance, Huobi, Bitfinex, and Remitano. These platforms offer a range of services, including spot trading, futures trading, and staking, with support for various cryptocurrencies.

What are some popular crypto betting and gambling platforms in Vietnam?

Bitsler, MyStake, and are some of the popular crypto betting and gambling platforms in Vietnam. These platforms offer a variety of games and sports betting options, with support for multiple cryptocurrencies.

Why should I invest in cryptocurrencies in Vietnam?

Investing in cryptocurrencies in Vietnam can provide potential opportunities for profit, diversification of investment portfolios, and participation in a rapidly growing market. However, it is essential to carefully research and understand the risks associated with cryptocurrency investments before making any decisions.

What are the risks and rewards associated with cryptocurrency investments?

Cryptocurrency investments carry risks such as price volatility, regulatory uncertainty, and cybersecurity threats. However, they also offer potential rewards, such as high returns on investment, increased privacy, and lower transaction costs compared to traditional financial systems.

What are some strategies for investing in cryptocurrencies in Vietnam?

Strategies for investing in cryptocurrencies in Vietnam include long-term holding, dollar-cost averaging, and diversification. It is crucial to research each cryptocurrency, understand its use cases, and assess its potential for growth before investing.

Where can I use cryptocurrencies for shopping and services in Vietnam?

A growing number of businesses in Vietnam accept cryptocurrencies as payment, including restaurants, hotels, and online retailers. Some popular platforms, such as CoinMap and Spendabit, can help you find businesses that accept cryptocurrencies in your area.

How can I convert cryptocurrencies to Vietnamese Dong (VND)?

You can convert cryptocurrencies to Vietnamese Dong (VND) using cryptocurrency exchanges, such as Binance, Huobi, and Remitano. These platforms allow users to trade cryptocurrencies for fiat currencies, including VND, through various payment methods.

What are the advantages and disadvantages of using cryptocurrencies in Vietnam?

Advantages of using cryptocurrencies in Vietnam include lower transaction fees, faster payments, and increased privacy. However, disadvantages include price volatility, regulatory uncertainty, and limited acceptance by businesses compared to traditional payment methods.

How can I secure my cryptocurrency assets?

Securing your cryptocurrency assets involves using secure wallets and storage options, such as hardware wallets, paper wallets, or cold storage. Additionally, it is essential to practice good cybersecurity habits, such as using strong passwords and enabling two-factor authentication.

What are some best practices for safe trading and transactions in Vietnam?

Best practices for safe trading and transactions in Vietnam include using reputable exchanges, verifying the authenticity of websites and apps, enabling two-factor authentication, and being cautious about sharing sensitive information. Additionally, it is essential to stay informed about potential scams and fraud in the cryptocurrency space.

How can I avoid cryptocurrency scams and fraud in Vietnam?

To avoid cryptocurrency scams and fraud in Vietnam, be cautious about unsolicited offers, verify the legitimacy of projects and platforms, and research the individuals behind them. It is also crucial to be skeptical of investment opportunities that promise high returns with little to no risk.