​Vietnam’s central bank outlaws Bitcoin

The State Bank of Vietnam has said Bitcoin is banned in the country and those who break this rule will be subject to fines or even criminal charges, following an announcement by a private local university to accept the digital currency as tuition.  

In a document sent to the press on Saturday, the central bank asserted that Bitcoin and other types of cryptocurrency are not considered as legal modes of payment in Vietnam.

The issuance, supply, and use of Bitcoin and other virtual money are prohibited in the Southeast Asian country, the bank underlined in the document.

Under Article 4 of Decree No. 101, legitimate methods of cashless payment in the country are checks, payment orders, collection orders, bank cards, and others specified in writing by the State Bank of Vietnam.

A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Photo: Reuters
A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Photo: Reuters

Those breaching this regulation will be subject to a fine of between VND150 million (US$6,575) and VND200 million ($10,959), which is in accordance with Article 6 of Decree No. 96 regarding penalties in the monetary and banking sector.

Starting from January 2018, those issuing, supplying, and using illegal methods of payment in Vietnam may also be criminally charged as per an adjusted article in the Penal Code.

On Thursday, Le Truong Tung, president of privately-owned FTU, announced that the institution “accepts tuition payment in Bitcoin,” though he added that the payment option is only available to foreign students at the moment.

Bitcoin payments are a “feasible solution” for many international students at FPT University, Tung explained.

“African students, especially those from Nigeria, face difficulties in transferring money overseas to pay their tuition,” he elaborated.

The announcement attracted mixed responses, with many hailing the tech-focused university for its pioneering move, and others expressing their concerns that cryptocurrencies are still not recognized as a legal currency in Vietnam.

A cryptocurrency is a digital or virtual currency that uses cryptography for security.

As of Friday morning, Bitcoin was selling at $5,946, or VND135.14 million, per coin.

The cryptocurrency can be traded in amounts as small as one hundred millionth of a coin.

Tuoitrenews

Other News

A view of a container port in Singapore. (File photo: Xinhua/VNA)

Vietnam-Singapore trade cooperation gains fresh momentum

Analysts noted that Vietnam-Singapore ties are increasingly moving beyond traditional goods trade towards green growth, innovation and high-quality supply chains, laying a stronger foundation for more substantive and sustainable cooperation in the years ahead.

Vietnamese products make strong impression at Foodservice Australia 2026

Vietnamese products make strong impression at Foodservice Australia 2026

International visitors expressed positive impressions of Vietnamese products displayed at the fair. Nelma Sanjines, senior supervisor at ESP Catering in Sydney, praised the flavour of Vietnamese chilli sauce and soy sauce as well as the attractive packaging of confectionery products.

Digital technology helps standardise supply chains, sustain export competitiveness

Digital technology helps standardise supply chains, sustain export competitiveness

Experts noted that supply chain optimisation and risk management are no longer isolated tasks for individual companies but a requirement for the entire export ecosystem. With guidance from regulators, support from industry experts and their own efforts, Vietnamese exporters are expected to enhance their competitiveness and turn technical barriers and market volatility into opportunities for sustainable growth in global markets.

Vietnam seen as attractive investment destination for 2026–2035

Vietnam seen as attractive investment destination for 2026–2035

The article described Vietnam as strategically positioned along major regional maritime routes, including the East – West corridor linking the Americas, the Middle East, India and Europe, and the North – South corridor connecting China and Southeast Asia, helping make the country a gateway for international trade.

Eco-industrial parks seen as catalyst for higher-quality FDI

Eco-industrial parks seen as catalyst for higher-quality FDI

The eco-industrial park model will help Vietnam meet international environmental standards while creating opportunities to improve growth quality and economic competitiveness. Many multinational corporations now view green standards, emissions reduction and energy efficiency as key conditions when selecting investment destinations.

Promoting Vietnamese Brands at an International Food Fair in Gwangju

Promoting Vietnamese Brands at an International Food Fair in Gwangju

Alongside exhibition activities, trade promotion, and business networking programs, the “Gwangju Global Food Fair 2026” also witnessed the signing ceremony of a Memorandum of Understanding (MOU) between the Vietnam–Korea Businessmen & Investment Association (VKBIA) and the Gwangju Tourism Organization of South Korea.

Hanoi proposes subsidies to accelerate shift to electric vehicles

Hanoi proposes subsidies to accelerate shift to electric vehicles

Under a draft resolution currently open for public feedback by the municipal People’s Committee, residents with permanent or temporary residence registration in Hanoi for at least two consecutive years, who own petrol-powered motorbikes registered before the resolution takes effect, will be eligible for support when purchasing electric motorbikes priced at 10 million VND or more.

Private economic sector poised for breakthrough growth

Private economic sector poised for breakthrough growth

More than a year after the Politburo's Resolution No. 68-NQ/TW on private sector development came into effect, expectations now extend beyond increasing the number of enterprises. The goal is to build a stronger business community with greater resilience, larger ambitions and the capacity to compete in global supply chains.

Vietnam remains ASEAN growth leader in 2026 despite global headwinds: WB

Vietnam remains ASEAN growth leader in 2026 despite global headwinds: WB

Vietnam is expected to remain one of ASEAN’s fastest-growing economies in 2026, supported by resilient exports, strong investment inflows and an ambitious reform agenda, despite mounting global uncertainties, according to the World Bank’s latest Vietnam Economic Update released on May 15.

Ministry establishes monitoring framework for carbon market

Ministry establishes monitoring framework for carbon market

Under a new circular, the exchange of greenhouse gas emission quotas and carbon credits is conducted on the domestic carbon credit exchange through the carbon trading system, which is interconnected with the national registration system.