Vietnam central bank predicts credit growth amid crypto adoption

The State Bank of Vietnam (SBV) has predicted a big jump in credit growth, a move that is expected to see liquidity into global crypto markets amid rising adoption in the region. According to reports, the country’s central bank foresees a credit growth of about 20% before the end of 2025.

Pham Thanh Ha, deputy governor of the central bank, mentioned on Friday that there needs to be more interest rate cuts to encourage economic growth and steer the country out of the uncertainty from the US-imposed tariffs, according to a report by Reuters. United States President Donald Trump introduced an array of tariffs on April 2, which affected the markets and divided observers. While the effect on the market has been limited, Vietnam wants to limit the effect of the uncertainty on its economy.

Vietnam makes shift towards digital assets

In June, the Vietnamese government announced the legalization of digital assets as part of a broader technology regulation. The National Assembly announced the legalization of the assets, approving it under the Law on Digital Technology Industry on June 14. The law, which is expected to take effect on January 1, 2026, will see Vietnam categorize digital assets as either virtual assets representing real-world tokenized products or crypto assets like Bitcoin and Ethereum.

The law also mandates cybersecurity and anti-money laundering regulations aligned with international standards, an effort likely aimed at addressing concerns brought up by the Financial Action Task Force (FATF). Vietnam has been on the FATF gray list since 2023, and under the new regulation, the country will be tasked with outlining specific business conditions, classifications, and oversight mechanisms for the different classes of assets.

In addition, the country launched a 5-year crypto market pilot that would bring stricter controls to the crypto industry. Under the pilot program, the government has also announced a prohibition on issuing on-chain fiat-backed assets, including stablecoins and securities. The program, which has been effected after the announcement, will require crypto transactions, including issuance, trading, and payments, to be carried out in its native currency, the dong.

APAC region sees big jump in crypto transaction volumes

Vietnam has been predicted to become a regional hub for crypto in Southeast Asia due to the focus of its government on emerging technology. Other factors that have helped the country include its youthful population, robust crypto adoption, pushing it into the fourth position on the Chainalysis’ 2025 Global Crypto Adoption Index. Meanwhile, the Asia-Pacific (APAC) region remains the fastest-growing in terms of crypto adoption. According to Chainalysis, nine out of the top 20 countries on its Global Crypto Adoption Index are located in the region.

The APAC region experienced 69% year-over-year growth in crypto value received as transaction volumes rose from $1.4 trillion to over $2.3 trillion in 2025. The adoption was led by India, Vietnam, and Pakistan, according to data from Chainalysis. Pakistan has been doubling its efforts in the crypto industry at the beginning of the year. Some weeks ago, the country called for exchanges to pick up licenses and begin operations locally.

Meanwhile, Vietnam also deployed a national blockchain database for identification and public records in July. The blockchain was designed to serve as the regulated foundation for interacting with the digital economy, on-chain platforms, and internet applications. The blockchain, NDAChain, is a layer 1 network with 49 nodes governed by private-public partnerships. NDAChain is expected to make private data stored on centralized servers secure against cyberattacks by distributing data across a partially decentralized system.

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Source: https://www.cryptopolitan.com/vietnam-central-bank-credit-growth-crypto/