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Vietnam's $91 Billion Crypto Flow: How Restrictions Shape a Global Crypto Powerhouse

Robert Colt Nov, 11 2025

Vietnam Crypto Remittance Calculator

The article states over $91 billion in crypto flows into Vietnam annually. Traditional remittance fees are typically 5-10%, while crypto transfers can cost as little as 0.1-0.5%. Calculate your potential savings.

Estimated Remittance
USD Amount $0.00
USDT Conversion Rate 1 USDT = 0.00 VND
Crypto Fee 0.25%
Traditional Remittance Fee 5.00%
Final VND Received VND 0
Key Insight: Crypto transfers can save you 0% compared to traditional remittance services.

Source Data: According to the article, Vietnam received over $100 billion in crypto value in 2024.
Calculation Notes: Assumes 0.25% crypto transfer fee and 5% traditional fee.

Every year, over $91 billion in cryptocurrency flows into Vietnam. That’s more than the annual GDP of many small countries. And yet, the government doesn’t allow crypto as legal tender. You can’t use Bitcoin to buy rice at the market. You can’t pay your electricity bill with Ethereum. But people still do it-millions of them. Why? Because restrictions don’t stop adoption; they just change how it happens.

Why Vietnam Is a Crypto Giant Despite the Ban

Vietnam doesn’t recognize cryptocurrency as money. The State Bank of Vietnam has made that clear for years. But that hasn’t slowed anything down. In fact, the country ranks third in the Asia-Pacific region for crypto adoption, behind only India and Pakistan. Chainalysis data shows Vietnam received over $100 billion in crypto value in 2024. That’s not just trading-it’s people sending, receiving, and holding digital assets at a scale unmatched in most of Southeast Asia.

What’s driving this? It’s not speculation alone. While early adopters bought Bitcoin during the 2021 boom, today’s users are doing something more practical. They’re using crypto to send money home, to invest in global projects, and to earn income through play-to-earn games like Axie Infinity. The Ronin blockchain, built by Vietnamese company Sky Mavis, became the backbone for millions of players earning real money from gaming. That’s not fantasy-it’s a daily reality for over 2 million Vietnamese households.

The country has 21.2 million adults who’ve used crypto. That’s one in every five adults. And it’s not just urban elites. Farmers in the Mekong Delta, factory workers in Ho Chi Minh City, students in Hanoi-they’re all using wallets, trading on local exchanges like VNDirect and Binance, and holding assets in decentralized storage. The barrier isn’t access. It’s legality.

The $91 Billion Paradox: Legal Gray Area, Massive Activity

The $91 billion figure isn’t an estimate. It’s based on on-chain data from blockchain analytics firms tracking incoming transfers to Vietnamese wallets. These aren’t just speculative trades. A large portion comes from remittances, freelance payments, and income from global Web3 platforms. Vietnamese freelancers on Upwork or Fiverr get paid in USDT. Parents in the U.S. send crypto to relatives in Da Nang. Investors in Singapore buy tokens from Vietnamese founders.

The government’s stance is simple: no crypto as currency. No exchanges licensed to trade crypto for Vietnamese dong. No banks can process crypto deposits. But here’s the catch-no one’s stopping people from using Binance, Bybit, or KuCoin. These platforms operate offshore. Users deposit fiat via peer-to-peer (P2P) channels, often through bank transfers labeled as “gifts” or “personal transfers.” The system works because it’s decentralized. There’s no single point to shut down.

In 2024, daily crypto transaction volume in Vietnam exceeded $600 million. That’s more than the entire daily trading volume of some European nations. And it’s grown 55% in just one year-from July 2024 to June 2025. Experts call this the shift from “speculative boom” to “mature adoption.” People aren’t just buying and selling. They’re building.

A crumbling government ban wall overwhelmed by glowing crypto transactions flowing into global networks.

How Restrictions Are Actually Driving Innovation

Vietnam’s crypto restrictions didn’t crush the market-they forced it to evolve. With no legal banking channels, the ecosystem had to become self-reliant. That’s why Vietnam now has one of the most advanced homegrown Web3 developer communities in Southeast Asia.

Over 560,000 IT professionals live in Vietnam. Half of them are under 35. And a growing number are building blockchain tools used globally. Projects like TomoChain, Kyber Network, and Minter Network were started by Vietnamese teams. Local wallets like MathWallet and TokenPocket are used by millions outside Vietnam. DeFi protocols built in Hanoi serve users in the U.S., Nigeria, and Brazil.

The government’s crackdown on exchanges didn’t stop innovation-it pushed it underground and into open-source. Developers created decentralized tools that don’t need local licenses. Smart contracts run on Ethereum, Solana, or Polygon. Users interact with them through mobile apps. No bank account needed. No ID verification beyond a phone number.

This isn’t evasion. It’s adaptation. When you can’t use the official system, you build your own. Vietnam’s crypto scene is now a hybrid: part underground economy, part global tech hub. And it’s working.

The September 2024 Pilot: A Crack in the Wall

In September 2024, the Vietnamese government quietly announced a five-year pilot program for crypto asset trading. It wasn’t legalization. But it was a shift. For the first time, the state acknowledged crypto’s presence-and began designing rules around it.

The pilot allows certain licensed financial institutions to offer crypto-related services under strict supervision. Think of it like a sandbox: only approved players can enter. They must comply with KYC, anti-money laundering checks, and capital controls. But here’s the key: it’s the first official recognition that crypto isn’t going away.

This move signals something important: the government knows it can’t ban what it can’t control. Instead, it’s trying to manage the flow. The goal? To capture tax revenue, prevent fraud, and keep capital from fleeing the country. But the system is still fragile. Most users still avoid licensed platforms because they’re slow, expensive, and require heavy documentation.

The real action is still on P2P networks and offshore exchanges. The pilot might eventually bring some activity into the open. But for now, it’s more about control than inclusion.

A futuristic Vietnamese city where citizens pay with crypto and developers build blockchain tech under a data dragon.

Who’s Really Using Crypto in Vietnam?

Forget the stereotype of young traders flipping coins. The real users are diverse:

  • Freelancers who get paid in USDT from clients in the U.S. and Europe
  • Parents sending money to children studying abroad-crypto is faster and cheaper than Western Union
  • Game players earning Axie Infinity tokens that they cash out for rent or groceries
  • Small business owners using crypto to buy equipment from Chinese suppliers without bank fees
  • Investors holding Bitcoin as a hedge against inflation in the Vietnamese dong
The average user doesn’t care about blockchain theory. They care about results: Can I get my money out? Can I send it quickly? Is it cheaper than the bank? The answer, almost always, is yes.

Mobile phones are the gateway. Over 70% of Vietnamese adults own smartphones. Apps like MetaMask, Trust Wallet, and local platforms like VinaChain make it easy to send crypto with a tap. No paperwork. No waiting days for a wire transfer. Just a QR code and a network connection.

The Future: Will Restrictions Finally Lift?

Don’t expect Vietnam to make Bitcoin legal tender anytime soon. The government fears losing control over monetary policy. It worries about capital flight. It’s scared of scams and fraud.

But the data doesn’t lie. The market is growing. The talent is here. The infrastructure is built. And the people are already using crypto-not as a gamble, but as a tool.

By 2033, Vietnam’s crypto market could be worth over $22 billion. That’s more than double its current size. The real question isn’t whether restrictions will end. It’s whether the government will choose to regulate-or continue to fight a battle it’s already lost.

Right now, Vietnam is a case study in what happens when a population outpaces its laws. When innovation moves faster than bureaucracy. When $91 billion in value flows through a country that officially says it doesn’t exist.

The lesson? You can’t stop people from using money they trust. You can only try to control it. And in Vietnam, the people are winning.

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9 Comments

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    Joy Whitenburg

    November 13, 2025 AT 06:05
    This is wild. People just figured out how to bypass the system and built something better. No one asked for permission. Just did it. 🤯
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    Atheeth Akash

    November 13, 2025 AT 22:21
    In India we see similar patterns with crypto - even when banks block it, people find ways. It’s not about rebellion, it’s about necessity. The system failed them, so they built their own. Simple as that.
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    Phil Bradley

    November 14, 2025 AT 21:48
    OMG this is like the ultimate underdog story 😭🔥 Vietnam’s not just using crypto… they’re REINVENTING finance while the government naps on a hammock sipping coconut water. I’m crying. Someone get me a tissue and a Bitcoin wallet.
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    Stephanie Platis

    November 16, 2025 AT 03:13
    I'm sorry, but this article is riddled with factual inaccuracies. 'Over $100 billion in crypto value in 2024'? Chainalysis doesn't measure 'value received'-it measures transaction volume. Also, 'Ronin blockchain built by a Vietnamese company'? Sky Mavis is headquartered in the U.S. with Vietnamese engineers. Please, let's stop romanticizing data.
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    Michelle Elizabeth

    November 16, 2025 AT 16:38
    It’s ironic, really. The same people who scream about ‘Western financial imperialism’ are quietly using USDT to buy groceries. The revolution isn’t televised-it’s in their MetaMask notifications. And honestly? Kinda beautiful.
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    Kylie Stavinoha

    November 17, 2025 AT 10:06
    Vietnam’s crypto adoption isn’t an anomaly-it’s a natural evolution of economic resilience. When formal institutions fail to serve the people, informal systems emerge. This mirrors the rise of hawala networks in the Middle East, or mobile money in Kenya. It’s not about technology-it’s about trust. And the Vietnamese people have placed their trust in code, not central banks.
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    Diana Dodu

    November 17, 2025 AT 23:35
    This is why America needs to wake up. We let our banks and regulators strangle innovation while Vietnam builds the future. This isn’t just crypto-it’s sovereignty. And if we keep treating it like a fad, we’ll be begging them for tech licenses in 10 years. Shameful.
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    Raymond Day

    November 19, 2025 AT 14:59
    You think this is freedom? Nah. This is chaos with a blockchain. People are getting scammed daily. P2P trades? Half of them are money laundering fronts. And don’t even get me started on Axie Infinity players who think they’re ‘earning’-they’re just gamblers with a crypto twist. 🚨💸
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    Noriko Yashiro

    November 19, 2025 AT 22:52
    I love this. It’s like watching a garden grow through concrete. No one planted it. No one approved it. But the roots found a way. Vietnam didn’t ‘break’ the system-they just ignored it and built something better. That’s not defiance. That’s genius.

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