Vietnam Cryptocurrency Market Research
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Vietnam Cryptocurrency Market Research
Vietnam's cryptocurrency exchange revenue is expected to reach $109.4 million in 2023, while the number of cryptocurrency users is projected to hit 12.37 million by 2027.
Navigating Web3 tides with focused insightsPreface
Vietnam's cryptocurrency market is one of the largest in Asia, and in fact surpasses both the European Union and the United States in terms of crypto adoption. The primary reason lies in limited investment opportunities for most Vietnamese citizens. Retail investors are actively seeking ways to hedge against local fiat currency uncertainty and allocate capital into areas with potential growth.
According to Statista, Vietnam’s crypto exchange revenue is projected to reach $109.4 million in 2023, while the number of crypto users is expected to hit 12.37 million by 2027. Additionally, a recent report from The Wall Street Journal indicates that Vietnam ranks among the top five globally in cryptocurrency trading volume.
As Vietnam's cryptocurrency market matures, numerous infrastructure projects are emerging, and a large number of experienced investors have remained committed even during market downturns. Currently, investor confidence has returned—70% believe the bear market cycle has either ended or is nearing its end—with increased participation across various sectors compared to the previous year.
Overview of Vietnam’s Economy and Macro Market
The global economic landscape remains uncertain due to persistent challenges such as inflationary pressures and supply chain disruptions. Central banks are carefully monitoring these factors and adjusting monetary policies accordingly.
The data in the chart outlines annual GDP growth percentages across several countries. Vietnam was among the fastest-growing nations in 2022, achieving an 8% growth rate. In contrast, developed economies like Japan and the United States recorded relatively lower growth rates of 1% and 2.1%, respectively, highlighting diverse economic dynamics. By Q3 2023, GDP growth stood at 5.33%, with an estimated 5.10% in Q4. Per capita GDP reached $15,514.
Vietnam ranks 35th globally by GDP ($408.8 billion). Inflation remains relatively low—3.5% in October 2023, averaging 2% in 2022—compared to around 8.83% in the EU and nearly 8% in the U.S. The unemployment rate in 2022 was only 1.9%.
According to reports from Google, Bain & Company, and Temasek Holdings, Vietnam will become Southeast Asia’s fastest-growing digital economy, expanding from approximately $23 billion in 2022 to $49 billion by 2025—outpacing both the Philippines and Indonesia. This significant growth is driven by e-commerce, transportation and food delivery, and social media.
According to Bain & Company, Vietnam attracted more foreign investment than Indonesia and the Philippines in 2022 due to favorable macroeconomic conditions and a supportive startup environment.
Major Cryptocurrency Industry Sectors in Vietnam
1. Blockchain Infrastructure
The number of blockchain infrastructure projects has grown to eight. The most notable is Aura Network, which has raised a total of $9 million from investors including Republic Crypto, Hashed, and Coin98 Ventures. TomoChain was acquired by Coin98 Finance. Remitano Network, backed by the Vietnamese P2P exchange Remitano, launched its mainnet in October 2022. Firebird (formerly PolkaFoundry) is currently a Web3 gaming platform focused on blockchain games. Verichains identified a private key extraction vulnerability exposing up to $8 billion in risk.
2. Decentralized Finance (DeFi)
Despite the prolonged bear market, project development momentum this year has surpassed last year’s pace. Projects such as Fewcha, Octan Network, Orochi, and Cavies emerged successfully following the Web3 Matching event hosted by Kyros Ventures in December 2022. Key DeFi projects include:
3. GameFi
Although GameFi did not achieve major breakthroughs in the first half of 2023, according to data from Finder and Bloomberg, Vietnam remains a global powerhouse in gaming, ranking among the top five worldwide in both GameFi participation and mobile game production. Vietnam is poised for a strong comeback in the GameFi space. Meanwhile, infrastructure projects such as Space3, SeekHype, W3W, and Oxalus gained visibility following events like Web3 Matching and GM Vietnam 2023.
Cryptocurrency Wallets and E-Wallets
Over the past four years (2018–2022), the number of cryptocurrency wallet users in Vietnam grew to 18.6 million. In comparison, there are over 420 million crypto wallet users globally. A significant proportion of Vietnamese crypto asset holders prefer storing their digital assets on centralized exchanges. According to datawallet.com, the most widely used centralized exchanges in Vietnam include:
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Binance – Binance stands out among competitors due to its deep liquidity, enabling smooth execution even for large trades, increasing its appeal among Vietnamese investors.
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OKX – OKX caters to institutional investors by supporting multiple trading tools such as futures, options, and leveraged trading. The platform emphasizes security and compliance to attract institutional clients.
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Bybit – Bybit is the most popular platform among traders and investors in Vietnam’s crypto trading market.
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Gate.io – Gate.io attracts users differently by operating without regulation and requiring no KYC (Know Your Customer) or AML (Anti-Money Laundering) procedures. It offers users extensive options for trading altcoins and accessing financial products.
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BitcoinVN – A domestic Vietnamese cryptocurrency exchange founded by a Vietnam-Germany team.
In terms of e-wallet usage, online payments in Vietnam are primarily conducted via e-wallets using QR codes, with MoMo being the dominant player, followed by Zalo Pay—one part of Vietnam’s largest messaging app. Another major payment platform in Vietnam is VNPay.
Currently, about 42 million users in Vietnam own e-wallets, and this number is expected to grow significantly in the near future. The highly developed e-wallet market could serve as a critical foundation for the future crypto wallet market. As crypto asset owners demand greater security and control (self-custody) over their assets, we can anticipate continued growth in the crypto wallet sector.
Additionally, individuals looking to enter the crypto space may choose third-party platforms such as AlchemyPay. This year, AlchemyPay launched local payment functionality in Vietnam, supporting domestic bank transfers and e-wallets like MoMo and VT Pay. Vietnamese users can now purchase cryptocurrencies with VND directly on Web3 platforms.
Notable Cryptocurrency Projects in Vietnam
1. Coin98
Founded in Ho Chi Minh City in 2017, Coin98 has achieved remarkable success. It is a DeFi platform allowing users to move and swap assets across different blockchains, as well as earn interest through staking. Coin98 has drawn significant attention within the crypto world and opened new opportunities for startups.
2. Kyber Network
Another project contributing significantly to Vietnam’s crypto market is Kyber Network, established in 2017. It functions as a decentralized exchange (DEX), DEX aggregator, and liquidity platform.
3. Axie Infinity
Vietnam’s third most renowned crypto project is Axie Infinity, founded in 2018 by SkyMavis. Operating on the Ethereum blockchain, it is a "play-to-earn" (P2E) platform involving an NFT marketplace. Axie Infinity achieved massive success during the COVID-19 lockdowns, when users from the Philippines and Vietnam flocked to the platform—peaking at 2.5 million players and a $10 billion market cap. This marked an early revolution in Vietnam’s GameFi sector and created opportunities for other startups.
Profile of Vietnamese Crypto Users
1. User Insights
Individuals aged 25 to 34 remain the dominant group. Compared to 2022 data, the proportion of participants aged 18 to 24 dropped from 38% to 26%.
Comparison of investor proportions year-on-year.
Over 90% of respondents have more than one year of market experience. New user acquisition accounted for 11% in 2022 but only 6.5% in 2023. 2021 still saw the highest influx of new users, indicating that Vietnamese newcomers were highly optimistic about the market regardless of overall conditions at that time.
2. Individual Investor Perspectives and Behaviors
There is broad consensus among investors that Bitcoin (BTC) prices will range between $30,000 and $50,000 by the end of 2023. Only about 20% of investors expect BTC to fall below $20,000.
Nearly 70% of respondents believe the crypto winter will last less than a year or has already ended.
3. Information Sources
Vietnamese investors primarily rely on social media, news outlets, and community groups for information. Additionally, project official websites are also important for deeper understanding.
4. Investment Decisions Driven by Recommendations
75% of respondents indicated that recommendations from friends somewhat influence their investment decisions. However, when asked whether they rely on trusted individuals’ opinions for investing, most still opt for comprehensive project research. This shows investors remain cautious before making decisions.
Among user groups with varying levels of market engagement, novice investors tend to be skeptical during project evaluation—a paradox exists where other groups are more likely to base investment decisions on friend referrals.
Participation Rates Across Crypto Sub-Sectors
Compared to 2022, participation in sectors such as DeFi, GameFi, and NFTs has increased, with particularly notable growth in NFT and GameFi. Although airdrops ranked first in community engagement in 2021, this sector fell to second-last in 2023.
1. Stablecoin Holding Rankings
The top four stablecoins by adoption rate remain unchanged from last year: USDT continues to lead, while USDC and DAI show the highest growth. TUSD and Coin98 Dollar (CUSD) are two new entrants replacing UST and MIM from the previous year. 75.8% of investors hold more than two stablecoins to diversify portfolios and reduce risk.
2. Stablecoin Allocation Ratio
Despite widespread optimism about Bitcoin prices, most users hold 25%-50% of their assets in stablecoins. This reflects a preference for lower-risk strategies during market downturns. Notably, new users hold the smallest proportion of stablecoins. Most users store their stablecoins on CEXs.
Most respondents cite sustained stability as their main criterion for choosing a stablecoin, accounting for 53.85%. Other criteria are largely consistent.
3. Expectations for Crypto Governance
Over 70% of survey respondents hope relevant authorities implement regulatory oversight of cryptocurrencies. More than one-third of investors desire improved comprehensive regulation across exchanges, crypto enterprises, and individual investors. Only a quarter express a desire for a fully decentralized crypto market.
4. DEX Trends
Recent FUD (fear, uncertainty, doubt) surrounding regulatory compliance issues with CEXs has prompted users to migrate toward decentralized exchanges (DEXs). The DEX/CEX adoption ratio rose from 10% to 22% in the first half of the year (The Block).
Selection rationale: DEXs carry no bankruptcy risk and allow users to manage their own assets; users can easily purchase DeFi products through simple operations; amid the broader trend of migration from CEX to DEX, purchasing stablecoins has become faster and more convenient; short-term adoption of DEXs, but long-term return to CEXs; higher liquidity on CEXs; CEXs are more convenient and offer customer support; CEXs are easier to use; CEXs are perceived as more trustworthy due to transparent organizational structures.
5. DeFi vs. Non-DeFi
DeFi investors are more open-minded: the vast majority of DeFi participants do not exclude investments in other sectors; DeFi also serves as a gateway guiding investors into various areas of the crypto market. Most popular DeFi ecosystems:
Notable change: In 2023, the rankings of the top three platforms shifted, with Ethereum overtaking BNB Chain. Solana is no longer a standout performer; instead, emerging Layer2 solutions such as Arbitrum, Optimism, and zkSync Era have become more attractive to many users in the first half of the year.
6. Airdrops
The majority of wallet addresses received airdrops between 1 and 5 times, with a median of 2 and a maximum of 3,000.
In 2021, airdrops were rated the most popular community activity, yet over half—approximately 55.7%—of those who participated then have since disengaged.
Expected mainstream project airdrops: zkSync and LayerZero are currently the two most anticipated projects among Vietnamese users. Although Venom is still in testnet phase, it holds strong appeal for the community.
Post-airdrop user behavior: 91.8% of investors sell immediately upon receiving an airdrop.
7. NFTs and Web3
NFT Ecosystem: While BNB Chain and Solana were the two most anticipated NFT ecosystems in 2022, Ethereum has shown strong performance this year. In 2023, emerging ecosystems such as Arbitrum, Aptos, and especially Bitcoin are capturing market share from Solana.
User participation in NFTs reaches 73.7%.
The most common NFT holding period is 1 to 6 months, accounting for over two-thirds of respondents.
Compared to other groups, NFT newcomers tend to sell their assets earlier.
8. GameFi
Compared to 2022, GameFi players' preferences have shifted, with casual games replacing FPS/TPS as the top category. No significant differences exist between these sub-sectors.
Overall:
Nearly 60% of respondents continue to hold stablecoins, which account for more than half of their portfolios, while 75% express a desire for regulatory governance or intervention.
In Vietnam, investment decisions influenced by friends are a prevalent trend—this proportion is 2.5 times higher than in the United States.
Regarding investment opportunities, Vietnamese citizens face relatively fewer options. Approximately 70% of the population lacks bank accounts and access to financial services. In fact, only about 33% of citizens have bank accounts. Considering that roughly 70 million citizens collectively own a mobile phone (out of a 97 million population), this highlights immense potential for crypto adoption, especially within the P2P exchange market.
Moreover, Vietnamese retail investors are largely driven by a gambling mentality—they mostly lack access to casinos, so the opportunity to invest in crypto digital assets strongly appeals to their needs. They are inclined to increase wealth rather than simply hedge against inflation. This resembles the characteristics of retail investors in China.
Vietnam’s Cryptocurrency Regulatory Policies
Regulatory Friendliness: Vietnam has not yet recognized cryptocurrencies as legal tender and therefore does not impose crypto taxation. Although discussions on crypto regulation continue, changes to the regulatory framework remain limited. Notably, peer-to-peer lending and virtual asset service providers were excluded from the new anti-money laundering law enacted in March this year. (Baker & McKenzie, 2023)
Overall, the Vietnamese government maintains a positive stance toward crypto regulation. Aside from prohibiting the use of cryptocurrencies for paying goods or services, no other mandatory regulations are enforced. The government passed an investment law clarifying the status of cryptocurrencies as legitimate investment instruments, meaning Vietnamese citizens can legally invest in digital crypto assets. The Anti-Money Laundering (AML) policy effective in 2023 requires entities providing payment services (such as digital wallet providers) to implement KYC procedures.
BitcoinVN is the only cryptocurrency exchange regulated by Vietnam’s State Securities Commission. (Founded by a Vietnam-Germany team)
For the first time in Vietnam’s blockchain industry history, two formally recognized legal entities have emerged. The first is the Vietnam Blockchain Union (VBU), established by the Vietnam Digital Communications Association (VDCA), officially launched on April 21, 2022. The second is the Vietnam Blockchain Association (VBA), established the following day under Decision No. 343/QD-BNV issued by the Ministry of Interior.
Conclusion
Thanks to favorable government regulatory policies and the inherent investment nature of Vietnamese citizens, Vietnam ranks third globally in crypto adoption (Chainalysis, October 2023 data).
Remittances represent another key reason for cryptocurrency success in Vietnam. In 2022, remittances to Vietnam increased to approximately $19 billion, making Vietnam one of the top three remittance recipients in the Asia-Pacific region and ranking high globally. According to the World Bank, traditional remittance costs average around 7%, whereas using cryptocurrencies significantly reduces fees. Additionally, Vietnam’s popular peer-to-peer networks eliminate intermediaries. Furthermore, Vietnamese citizens have historically held low trust in the local fiat currency, the Vietnamese dong. As a result, many choose to hold cryptocurrencies as a hedge against fiat depreciation.
Currently, cryptocurrencies are receiving growing attention in Vietnam—not limited to retail users. As mentioned, many new projects are underway, focusing not just on application layers but increasingly on infrastructure platforms, diving deeper into R&D. At the same time, local technological developments and trends evolve alongside global industry shifts. Vietnam once had over a hundred GameFi projects; now, the “Web3 Builder” wave is rising, especially after GM Vietnam 2023.
High crypto adoption rates and the quality of technically skilled labor are the two main reasons attracting foreign projects to develop new ventures in Vietnam. Since the 2021 bull run, most existing investors have continued investing, leading to a decline in the proportion of new entrants. Overall, investors maintain positive expectations for the future of cryptocurrencies, hoping the market will gradually become appropriately regulated.
Below is the landscape of blockchain and crypto projects in Vietnam:
Risk Warning: The above content is primarily sourced from the internet and is for reference only; it does not constitute investment advice.
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