Tether seeks Vietnamese partnerships to develop crypto-asset market

Tether Limited Inc., the issuer of stablecoin USDT - one of the most popular and valuable cryptocurrencies in the world, is keen on cooperating with Vietnamese partners to develop a crypto-asset market in the country.

Marco Dal Lago, vice president of global expansion and strategic partnerships at Tether, made the statement at a meeting with Deputy Prime Minister Ho Duc Phoc on Thursday. He noted that Vietnam is a potential and important market for the group.

Tether is willing to share its experience in building a legal framework for transactions to attract external resources and support the national economic growth, Dal Lago added.

The Government recently issued Resolution 5 allowing a pilot of the crypto asset market for 5 years. The number of licensed crypto asset exchanges on the pilot basis will be limited to a maximum of five. Afterward, a law will be introduced to establish an official market.

According to Deputy Prime Minister Phoc, crypto-asset trading is a very new issue with potential risks. Therefore, Vietnam wants to learn from the experiences of other countries.

"This will be a professional 'playground' for investors and people, and at the same time a channel to attract financial resources, contributing to the country's economic development," he said.

Phoc noted that Vietnam will increase cooperation with large, reputable, and highly reliable technology groups in the field of crypto-assets to develop and operate a safe and effective trading market.

At the meeting, the two sides discussed issues related to security, system safety, and policies on crypto-asset transactions. They also mentioned the cooperation mechanism that Tether can implement with partners and the group's experience in managing cash flow through crypto-asset exchanges.

Deputy Minister of Finance Nguyen Duc Chi on October 5 stated that his ministry has not received any proposals from enterprises seeking to pilot digital asset trading.

“However, we are aware that several companies are preparing for this, including registering additional business lines to participate in the pilot digital asset market,” he told the media.

The finance ministry is expediting the process so that the first eligible enterprises can be licensed and begin operations "as soon as possible". “We hope to launch this pilot before 2026," Chi added.

Vietnam has officially legalized digital assets with the approval of the Law on Digital Technology Industry by the National Assembly, the country's legislature, in July. The Government on September 9, 2025 issued Resolution 05, officially launching a five-year pilot of Vietnam’s crypto asset market.

According to VinaCapital analysts, the government aims to move Vietnam’s crypto activity from large informal markets reliant on offshore channels to formal, taxable, onshore channels integrated into the domestic financial system.

There are estimates that as many as 17 million Vietnamese already trade crypto currencies with annual digital asset transaction volume estimated at over $100 billion. Nearly all that activity take place on offshore exchanges such as Binance, Bybit, and others, in Singapore, South Korea, and Hong Kong.