Ministry proposes tougher bitcoin regulations

The Ministry of Finance (MoF) has proposed to temporarily halt the import of bitcoin mining machines to improve the management of bitcoin and cryptocurrency transactions.

According to the ministry’s report to the Government on cryptocurrency management, the bitcoin mining machine has not been mentioned in the list of forbidden imported goods, which has made it easy for businesses to import the machine.

However, the ministry said the use of bitcoin mining machines has shown complications in management, with the potential to be used illegally as a currency or in other non-cash payment methods.

Cryptocurrency is considered an illegal non-cash payment method in Vietnam. The use of virtual money as a means of payment is prohibited and will be handled according to the country’s legal regulations.

The MoF cited the example of a case in HCM City to prove shortcomings in virtual money management. An organisation based in the city, Modern Tech, reportedly duped 32,000 individuals in an investment of approximately 15 trillion VND (666 million USD) in two fraudulent digital currency projects.

This forced State management agencies to have strict solutions in place on the import of bitcoin mining machines, MoF said.

So far, the country has imported some 15,600 bitcoin mining machines.

These were mainly imported into three major cities - HCM City, Hanoi and Da Nang. Last year alone, more than 9,300 machines were imported, including 2,300 into Hanoi, some 7,000 into HCM City and the remaining into Da Nang.

In the first four months of the year, the country imported more than 6,300 bitcoin mining machines, including 4,300 machines into Hanoi and 2,009 machines into HCM City. 

Earlier, Prime Minister Nguyen Xuan Phuc asked the State Bank of Vietnam (SVB), financial institutions and other organisations providing payment brokerage services to intensify inspections and promptly report suspicious cryptocurrency transactions. 

PM Phuc issued Directive No 10/CT-TTg on the matter, following repeated warnings from relevant agencies on risks associated with Bitcoin and other cryptocurrencies, along with the threat that cryptocurrencies can be used to finance crimes, such as money laundering, terrorism, tax evasion and fraud.

Meanwhile, cryptocurrency trading and investment are on the rise, posing a threat to the stability of the financial market as well as social order and safety due to the high risks involved.

The PM instructed the Ministry of Public Security to join hands with the SBV and relevant ministries to detect and handle any case of cryptocurrency being used for illegal payment, any activity connected to money laundering and any terrorism-related activity sponsored via cryptocurrency. 

The MoF has been asked to study the global experience to recommend solutions to counter initial coin offering. In addition to this, the ministry should work to reduce the import of bitcoin mining machines.

The Ministry of Industry and Trade must channel efforts to address illegal activities related to the use of bitcoin to make payment on e-commerce websites or applications. The Ministry of Justice is responsible for completing a legal framework on the management and settlement of cryptocurrency or crypto assets.

VNS/VNA

Other News

SBV raises short-term capital lending cap to 40%

SBV raises short-term capital lending cap to 40%

The new circular will help credit institutions have more room to provide capital to businesses and investment projects to support high economic growth in the next few years, while increasing flexibility in the SBV’s monetary policy management.

Business confidence in Vietnam rebounds strongly: UOB

Business confidence in Vietnam rebounds strongly: UOB

The study found that 85% of Vietnamese enterprises reported positive business sentiment, a sharp increase from 48% in 2025, when business confidence was weighed down by uncertainties surrounding US tariff policies and related trade developments.

Bac Ninh seeks high-quality foreign investment for sustainable growth

Bac Ninh seeks high-quality foreign investment for sustainable growth

According to Vice Chairman of the provincial People’s Committee Pham Van Thinh, the province aims to maintain stable and sustainable growth, improve the competitiveness of both the economy and local businesses, and make better use of free trade agreements (FTAs) to expand and diversify export markets.

Green building trend flourishes in Ho Chi Minh City's real estate landscape

Green building trend flourishes in Ho Chi Minh City's real estate landscape

The International Finance Corporation (IFC) highlighted the city's dominance in green-certified building floor space in Vietnam, reflecting the rapid expansion of the green building market with 780 completed green buildings encompassing over 18.69 million sq.m by 2025, predominantly certified by EDGE and LEED.

UK supports Vietnam in wind power and green finance development

UK supports Vietnam in wind power and green finance development

The United Kingdom officially announced two new climate cooperation initiatives to support Vietnam in its energy transition and green growth journey. These programs focus on offshore wind power development and the creation of a sustainable green financial ecosystem.

Ample room remains for Vietnam–India logistics cooperation

Ample room remains for Vietnam–India logistics cooperation

The GTTCI expert noted that alongside logistics and integrated warehousing, e-commerce is expected to be a particularly high-growth sector in the coming years. He described it as a multi-billion-dollar market with significant untapped opportunities for cooperation between Vietnam and India.

Exports gain momentum from high-tech growth drivers

Exports gain momentum from high-tech growth drivers

According to the Ministry of Industry and Trade, Vietnam’s exports reached 215.66 billion USD in the first five months of 2026, up 19.5% year-on-year. Twenty-six export items generated more than 1 billion USD in revenue each, including seven with turnover exceeding 10 billion USD.

Vietnam–China crossings see spike in ASEAN fresh produce

Vietnam–China crossings see spike in ASEAN fresh produce

Since the start of the summer harvest season, China's two major border gates with Vietnam, Youyi Guan in Pingxiang and Beilun 2 Bridge in Dongxing, have entered their peak period for handling imports of fresh agricultural and seafood products from member states of the Association of Southeast Asian Nations (ASEAN).

Cargo handling operations at Berths 3 and 4 of the Hai Phong International Gateway Port. (Photo: VNA)

AI reshapes logistics, raising bar for workforce skills

According to the Vietnam Logistics Business Association (VLA), the logistics sector will require around 2.2 million workers by 2030, including 1.6 million employees for logistics service providers and nearly 600,000 personnel supporting logistics operations in manufacturing and trading enterprises.

Robust dispute resolution framework key to Vietnam's IFC ambitions

Robust dispute resolution framework key to Vietnam's IFC ambitions

The development strategy for VIFC-HCMC envisions a comprehensive financial ecosystem encompassing green finance, carbon credits, financial technology (fintech), blockchain technology, digital assets, digital banking and other innovative business models. These highly internationalised sectors involve complex cross-border transactions and sophisticated legal structures.