Vietnam’s Central Bank Pushes for Credit Growth and Crypto Integration in 2025

TLDR

• Vietnam’s central bank expects 20% credit growth in 2025, linked to growing crypto adoption and regulatory changes.
• The government legalized crypto in June 2025, categorizing it as virtual assets but restricting stablecoins.
• Vietnam launched NDAChain, a national blockchain network, to improve data security and protect personal information.
• Vietnam’s central bank aims to cut interest rates to boost investment and support economic growth.

Vietnam’s central bank, the State Bank of Vietnam, is predicting a 20% credit growth for 2025. This projection comes as the country’s adoption of cryptocurrencies continues to grow. The government’s recent push to embrace emerging technologies, including blockchain and crypto assets, plays a key role in this anticipated growth. According to Pham Thanh Ha, the deputy governor of the central bank, the move is part of a broader strategy to strengthen the country’s financial stability and promote digital economy growth.

The growth in credit is expected to fuel liquidity in global markets, including those within the crypto sector, as increasing interest in cryptocurrencies attracts more investment. This trend aligns with the country’s strategy to integrate digital assets into the financial landscape.

Vietnam Legalizes Cryptocurrencies with Strategic Regulation

In June 2025, Vietnam officially legalized cryptocurrencies as part of a broader regulatory framework aimed at technology integration. Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are now recognized as virtual assets, further integrating them into the country’s economic structure. However, the government imposed restrictions on issuing fiat-backed stablecoins and securities under its new framework.

This decision limits the scope of digital currencies but allows Vietnam to explore and regulate blockchain technologies while ensuring financial security.

The government’s action comes as part of a five-year sandbox program to test and regulate digital assets, which is expected to provide clearer guidelines and encourage further innovation. While this regulatory framework introduces restrictions, it also supports the safe adoption of cryptocurrencies across various sectors.

NDAChain Blockchain Strengthens Vietnam’s Digital Economy

In addition to its crypto regulatory efforts, Vietnam has launched a national blockchain platform, NDAChain, aimed at boosting data security and supporting the digital economy. This blockchain network, which consists of 49 nodes, is designed to enhance the security of personal data by decentralizing its storage, reducing the risk of cyberattacks on centralized servers.

The hybrid structure of NDAChain uses both decentralized and permissioned systems, ensuring that sensitive information is protected while enabling efficient and secure digital transactions.

Nguyen Huy, the head of technology for the National Data Association, explained that this system is a major step toward modernizing Vietnam’s digital infrastructure, helping the country better connect with the global digital economy.

Economic Growth and Crypto Adoption Complement Each Other

The central bank’s projection for a 20% credit growth in 2025 is closely linked to the expanding role of cryptocurrencies and blockchain technology in the economy. As digital assets become more integrated into financial services, they are expected to drive innovation and investment.

To further support this growth, Pham Thanh Ha emphasized the need to reduce interest rates, which could encourage more investment and mitigate the impact of economic uncertainty caused by global factors such as US tariffs.

Vietnam’s strategic focus on technology and its growing crypto ecosystem positions the country as a leader in Southeast Asia’s blockchain sector. By creating a supportive regulatory environment and adopting innovative solutions like NDAChain, Vietnam is paving the way for future growth and stability in its digital economy.

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