Delegates at the workshop (from right): Dau Anh Tuan, Deputy General Secretary of the Vietnam Chamber of Commerce and Industry; Truong Ba Tuan, Deputy head of the Department of Management and Supervision of Tax, Charges and Fees Policy (Ministry of Finance); Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association; and Tran Huyen Dinh, CEO of AlphaTrue company (Photo: baochinhphu.vn)

At a workshop on the Government Portal on Wednesday about “tax policy – virtual assets and corporate responsibilities”, Dau Anh Tuan, Deputy General Secretary of the Vietnam Chamber of Commerce and Industry, said that for the first time, the draft Law on Digital Technology Industry had a regulation on digital assets.

He stressed the need to build a legal framework to make Vietnam a destination for digital technology investors. “It is essential to build a legal framework so that when the law is in place and the digital technology industry is developing strongly, the rights and interests of the participants will be protected. Without a legal framework, transactions related to virtual assets will be risky and the people involved will not be protected. So there is an urgent need for a legal framework for digital assets and transactions related to virtual assets,” said Tuan.  

According to a report by US-based blockchain analytics firm Chainalysis, the inflow of virtual assets into Vietnam totaled 100 billion USD in 2022, which increased to 120 billion USD last year. In 2021 and 2022 Vietnam ranked third in the world with 21% of its population owning virtual assets.