Vietnam has rapidly emerged as one of the leading countries in the global cryptocurrency landscape. According to a report by payment platform Triple-A, Vietnam ranks second globally in terms of the proportion of its population that owns cryptocurrency, with 21.2% of Vietnamese holding digital assets.
The Vietnamese government's position, which has refrained from implementing any ban on cryptocurrency ownership, has further contributed to the widespread acceptance and desirability of these digital assets. In this context, we explore the top seven cryptocurrencies that are dominating the Vietnamese market in 2024.
Top 7 Most Popular Cryptocurrencies in Vietnam in 2024
Price: $72,128.62
Market Cap: $1.43 Trillion
As the world's first cryptocurrency, Bitcoin (BTC) continues to lead the crypto market, and it is by far the most popular digital asset in Vietnam. Launched in 2009 by the mysterious Satoshi Nakamoto, Bitcoin has remained the benchmark for other cryptocurrencies. Its value has fluctuated significantly over the years, but it has always recovered, and now, in 2024, Bitcoin is more mainstream than ever.
The approval of Bitcoin ETFs by the SEC in 2024 has made it easier for investors in Vietnam to gain exposure to Bitcoin. With Vietnam’s young and tech-savvy population, it’s no surprise that Bitcoin remains a top choice, particularly among the 26-36 age group.
Price: $2,636.78
Market Cap: $317.55 Billion
Ethereum (ETH) is the second most popular cryptocurrency in Vietnam. Ethereum is a blockchain platform that enables developers to create decentralized applications (dApps) and execute smart contracts. The flexibility of the Ethereum network, which supports everything from decentralized finance (DeFi) to non-fungible tokens (NFTs), has made it a top choice for Vietnamese investors and developers alike.
Price: $0.9997
Market Cap: $120.22 Billion
As a stablecoin, Tether (USDT) offers stability in the otherwise volatile world of cryptocurrencies. Its value is pegged to the US Dollar, making it a reliable store of value for many Vietnamese crypto traders. Tether is commonly used as a medium to move funds between different cryptocurrencies, especially when traders want to avoid market fluctuations.
In 2023, Vietnamese cryptocurrency traders exchanged a record $20 billion in cryptocurrencies on the Binance platform, with Tether being one of the go-to assets during this trading activity. USDT is also a favorite for people looking to park their crypto profits in a stable asset.
Price: $609.02
Market Cap: $88.89 Billion
Binance Coin (BNB), created by the Binance exchange, has grown in popularity not just as a utility token for discounted fees on the platform, but also as a versatile cryptocurrency in its own right.
In Vietnam, Binance has become one of the top platforms for crypto trading and as a result, BNB has gained significant traction among Vietnamese users. Whether for paying transaction fees, purchasing goods, or even investing in Binance's own ecosystem, BNB is now a staple in the Vietnamese crypto community.
Price: $179.94
Market Cap: $84.69 Billion
Solana (SOL) is one of the newest players to rise to prominence, having been launched in March 2020. Known for its high-speed transactions and low fees, Solana has become particularly attractive to Vietnamese traders and developers involved in decentralized applications. Solana’s scalability and efficiency have positioned it as a promising alternative to Ethereum, especially for those seeking cheaper transaction costs in a high-volume market.
Price: $0.5251
Market Cap: $29.83 Billion
XRP (Ripple) is another cryptocurrency that has seen significant use in Vietnam, particularly for cross-border payments. Originally created to facilitate fast and low-cost international transactions, XRP is widely adopted by businesses and financial institutions looking to streamline payments across borders. In Vietnam, where crypto is increasingly used for remittances and global transactions, XRP has gained traction for its speed and efficiency. Despite ongoing regulatory challenges in some markets, XRP continues to be an integral part of the global crypto ecosystem.
Price: $0.1711
Market Cap: $25.08 Billion
Dogecoin (DOGE) was inspired by the viral internet meme featuring a Shiba Inu dog, which was a popular cultural reference at the time.
At the height of the meme’s popularity near the end of 2013, within just two weeks, Dogecoin's market cap soared to $8 million, as the r/Dogecoin subreddit grew by over 19,000 members. This grassroots movement, combined with Dogecoin’s low transaction costs and its use in the internet culture of "tipping," led to a massive surge in its popularity.
Users began sending small amounts of Dogecoin to each other online as a way to show appreciation or give “kudos” for interesting content, further expanding the coin’s user base and value.
Dogecoin’s unlimited supply contrasts with the majority of other digital currencies that have capped issuance, which makes it an attractive option for micro-transactions and tipping. Nevertheless, Dogecoin has become a mainstream digital asset, widely recognized and used in various online communities, and continues to be one of the most popular and volatile cryptocurrencies on the market.
Current State of the Crypto Market in Vietnam
The cryptocurrency market in Vietnam experienced a challenging year in 2023, with 65% of investors failing to make a profit, according to the Vietnam Crypto Market Report 2023. Among these, 43.6% of investors reported experiencing losses. Despite the downturn, the Vietnamese crypto market continues to be a fast-growing segment in the Asia-Pacific region, with notable growth in user activity across major exchanges like OKX and BingX.
As of the end of 2023, BingX saw a 138.41% increase in the number of Vietnamese users, reflecting a rising interest in digital assets. However, investor sentiment remains cautious due to the challenges of the previous year.
The majority of Vietnamese crypto investors are men (85.3%) with a predominantly young demographic. Around 47.1% of investors fall within the 26-36 age range, while 37.9% are aged 18-25. Most of these investors are concentrated in major cities such as Ho Chi Minh City (50-54%), Hanoi (25-30%), and Da Nang (3-5%). Additionally, many Vietnamese crypto investors earn between VND 10 million and VND 25 million per month, indicating a relatively middle-income investor base.
While the market conditions have been less favorable, investors are increasingly drawn to centralized exchanges (CEXs) for buying, selling, and holding their crypto assets. Platforms like Binance, OKX, and BingX are particularly popular, as they offer ease of use and security features such as hot and cold wallets.
Despite the downturn in 2023, Bitcoin (BTC) and Ethereum (ETH) remain the most widely recognized cryptocurrencies in Vietnam. In 2024, Bitcoin reached a new all-time high (ATH) of over $76,600, driven by a combination of positive factors, including a 35 basis point rate cut by the Federal Reserve, as well as an unprecedented bull push fueled by key events like Donald Trump’s electoral victory.
These developments have contributed to a surge in investor sentiment, reinforcing Bitcoin's position as the leading digital asset in the market. At the same time, Ethereum continues to hold strong as a popular choice, while newer blockchain projects like Layer 1 and Layer 2 tokens are also gaining attention from investors seeking scalability and efficiency
An emerging trend in Vietnam’s cryptocurrency landscape is the growing popularity of Layer 1 and Layer 2 blockchain tokens. These projects offer scalability, faster transaction speeds, and lower fees compared to older blockchain networks like Ethereum. Tokens from prominent projects such as Solana (SOL), Polkadot (DOT), and Avalanche (AVAX) are gaining traction as investors look for alternatives to more established assets like Bitcoin and Ethereum.
Looking ahead to 2025, the majority of Vietnamese investors are expected to focus on new and emerging sectors such as AI projects, NFTs, Blockchain Layer 1 and Layer 2 technologies, and SocialFi projects. These sectors are gaining more attention as investors anticipate that new technological advancements will shape the future of digital assets
4 Strategies for Foreign Crypto Projects to enter the Vietnamese Market
As the demand for crypto solutions increases, many foreign crypto projects are eager to tap into emerging markets to capitalize on the wave of digital transformation. Vietnam, with its young, tech-savvy population and increasing interest in cryptocurrency, presents an attractive opportunity for international projects.
For foreign crypto projects, understanding how to navigate the regulatory environment is essential, as it affects everything from taxation and legal compliance to the ability to grow and scale operations. Below are four key strategies that foreign crypto projects can use to enter the Vietnamese market.
For foreign crypto projects looking to enter the Vietnamese market, one of the most crucial factors for success is understanding the preferences and behavior of local consumers. These agencies are well-versed in the unique characteristics of Vietnamese crypto users, and their deep market insights can be the key to crafting targeted strategies that resonate with local audiences.
Moreover, local agencies understand how Vietnamese consumers interact with crypto. They know which channels are most effective for reaching potential users and how to communicate in a way that resonates. Social media platforms like Facebook, Telegram, and Zalo are widely used in Vietnam, and these platforms are crucial for driving awareness and user engagement. A local agency can help design marketing strategies that leverage these platforms, working with local influencers and crypto communities to boost visibility and credibility.
Additionally, Vietnamese investors are typically risk-averse and prefer projects with clear, reliable roadmaps. They value transparency and want to feel confident that a project is both sustainable and legitimate. Local agencies are adept at building trust with the community by presenting projects in a way that aligns with these values. They can help craft messaging that emphasizes the project’s stability, security, and long-term vision—qualities that are highly important to Vietnamese users.
One of the most effective ways for foreign crypto projects to establish a foothold in Vietnam is by leveraging popular local exchanges. Partnering with well-established and trusted Vietnamese cryptocurrency exchanges provides immediate access to a large user base and enhances liquidity for trading the project’s token or assets. Local exchanges play a crucial role in crypto adoption, as they serve as the primary platforms for most retail investors to buy, sell, and hold cryptocurrencies in Vietnam.
Why Exchange Partnerships Matter:
One of the most popular and effective strategies for driving awareness and engagement in the Vietnamese market is through airdrop campaigns tailored specifically for local audiences. Airdrops, which involve distributing free tokens to a targeted user base, have been widely successful in Vietnam. This is partly due to the country’s active crypto communities on platforms like Telegram and Facebook.
Vietnamese users are generally very responsive to airdrops, as they offer immediate value without requiring significant investment. By targeting these campaigns to specific demographics in Vietnam—such as young, tech-savvy individuals aged 18-36—crypto projects can boost their brand visibility and foster trust within the local market.
Airdrops can be customized for Vietnam’s unique culture and language, increasing the likelihood of success. Offering local language support, promoting campaigns on Vietnamese social media channels, and collaborating with well-known local influencers can enhance the reach of these initiatives. Additionally, airdrop campaigns are an excellent way to collect user data, build email lists, and engage potential investors or community members long before the project officially launches.
3.4 Tailor the Product and Marketing Strategy
Vietnamese users tend to have distinct preferences when it comes to cryptocurrency investments. While Bitcoin (BTC) and Ethereum (ETH) remain the most popular cryptocurrencies, there is a growing interest in blockchain-based projects with real-world use cases such as decentralized finance (DeFi), gaming, NFTs and Layer 1 and Layer 2 blockchain solutions.
For foreign crypto projects, understanding these preferences is key to gaining a foothold in the market. Localizing the product offering to meet the specific needs and demands of Vietnamese users is essential. This includes ensuring that the project’s interface is available in Vietnamese, that marketing materials are culturally relevant, and that the value proposition resonates with local concerns.
Additionally, Vietnamese investors are typically cautious about risk. As such, providing clear, transparent information about the project’s roadmap, security measures, and regulatory compliance will help build trust with local users. Offering educational content about how the project works, as well as local language customer support, can further enhance the user experience.
FAQs
Q1: Is Cryptocurrency Considered Legal Tender in Vietnam?
No, cryptocurrencies are not recognized as legal tender in Vietnam. According to Vietnamese law, only the Vietnamese Dong (VND) is considered the official currency of the country. The State Bank of Vietnam (SBV) has explicitly stated that cryptocurrencies like Bitcoin cannot be used as a medium of exchange for goods or services. As a result, businesses and individuals are prohibited from accepting cryptocurrency as payment for products or services.
There was an instance where a university in Vietnam initially announced plans to accept Bitcoin as payment for tuition fees from international students. However, this plan was withdrawn after the State Bank of Vietnam intervened and issued an opinion against it. Therefore, while cryptocurrency trading and ownership are not banned, they cannot be legally used for everyday transactions in Vietnam.
Q2: Is Cryptocurrency Mining allowed in Vietnam?
Cryptocurrency mining is not banned in Vietnam, but it is subject to regulation. While there are no outright bans on mining activities, there are certain limitations and reporting requirements that mining operations must adhere to.
For example, imported mining equipment is closely scrutinized by customs authorities to ensure it is not being used for illegal activities related to cryptocurrency.
Additionally, a sub-license is required for the import of mining equipment, making the process more challenging for operators. As a result, while mining is not explicitly prohibited, it operates within a regulated and monitored framework.
Q3: How is Crypto Tax in Vietnam?
Vietnam does not yet have specific taxation laws regarding cryptocurrency earnings. However, the General Department of Taxation has suggested that income from cryptocurrency trading and mining could potentially be subject to capital gains tax. As cryptocurrency continues to grow in popularity, the Ministry of Finance may introduce clearer tax policies that address cryptocurrencies more explicitly.
Currently, earnings derived from cryptocurrency trading are considered taxable income, but enforcement is challenging due to the decentralized and often anonymous nature of crypto transactions. Regulations regarding cryptocurrency taxation are expected to evolve in the coming years, as the government works to develop more comprehensive frameworks for the sector.