Vietnam ranks second in Southeast Asia with $122 bln in crypto activity

Vietnam recorded $122.2 billion in cryptocurrency activity from July 2025 to June 2026, placing it second in Southeast Asia behind Singapore, according to Chainalysis. The country's digital asset market is characterized by a strong emphasis on peer-to-peer (P2P) transfers, which play a prominent role in the region's crypto landscape.

Chainalysis noted that Vietnam, along with Thailand and the Philippines, stands out for its P2P activity, while regional financial hubs like Singapore and Australia see more institutional transactions. The three countries combined recorded 5.4 million small-value P2P transfers of less than $10,000, representing 14.4% of the global total, despite making up just 2.5% of the world's crypto economy.

Stablecoins also play a significant role in Vietnam's market, with domestic activity reaching $6.9 billion during the period. These cryptocurrencies maintain a stable value against assets like the U.S. dollar, providing a hedge against volatility.

Vietnam's crypto market is transitioning from early adoption to formal recognition. The Law on Digital Technology Industry 2025 took effect on January 1, 2026, marking the first time digital assets are recognized as legal property in the country. Additionally, five domestic firms are preparing to join a pilot program for local digital asset exchanges under the government's Resolution 05/2025/NQ-CP.