Vietnam has intensified its anti-money laundering (AML) measures in response to the surging popularity of digital assets and cryptocurrencies, with the State Bank of Vietnam issuing new directives for enhanced monitoring and reporting. Authorities emphasise collaboration between financial institutions and regulators to combat risks like illicit financing, while aligning efforts with international standards amid rapid growth in virtual asset transactions.
Vietnam strengthens anti-money laundering efforts as digital assets proliferate, mandating stricter oversight by banks and exchanges to curb financial crimes.
Vietnam’s financial regulators have ramped up vigilance against money laundering linked to digital assets, prompting new guidelines amid a boom in cryptocurrency adoption. The State Bank of Vietnam (SBV) leads the initiative, focusing on transaction monitoring and inter-agency cooperation to address emerging risks in the virtual asset space.
Authorities report a sharp rise in digital asset usage, with platforms handling billions in transactions annually, heightening concerns over potential exploitation by criminal networks. This development follows global trends where cryptocurrencies facilitate cross-border illicit flows, prompting Hanoi to prioritise robust AML frameworks.
Regulatory Directives Issued
The State Bank of Vietnam issued comprehensive directives requiring banks to implement advanced transaction monitoring systems for digital asset-related activities. As reported by Nguyen Thi Hong, Governor of the State Bank of Vietnam, in statements covered by VietnamPlus, financial institutions must now conduct enhanced due diligence on customers engaging in virtual asset trades.
” Banks are urged to deploy real-time surveillance tools to detect suspicious patterns in cryptocurrency inflows and outflows,”
Governor Nguyen Thi Hong stated, according to VietnamPlus journalist Tran Yen Nhi.
These measures include mandatory reporting of transactions exceeding specified thresholds and mandatory customer identity verification for all digital asset exchanges interfacing with traditional banking channels. The SBV also mandates quarterly audits to ensure compliance, with penalties for non-adherence ranging from fines to operational suspensions.
Surge in Digital Asset Adoption
Vietnam ranks among the top countries globally for cryptocurrency adoption, with millions of users trading digital assets daily. A recent report from Statista highlights that over 20% of Vietnamese adults own or trade cryptocurrencies, fuelling a market volume surpassing $10 billion in 2025.
This growth stems from remittances, e-commerce integration, and retail investment enthusiasm, but regulators warn of vulnerabilities to money laundering. As noted by Le Minh Hung, Deputy Governor of the SBV, in an interview with Vietnam News Agency journalist Pham Oanh,
“The rapid digital asset expansion necessitates proactive safeguards to protect the financial system’s integrity.”
International bodies like the Financial Action Task Force (FATF) have praised Vietnam’s progress but urged further alignment with global AML standards, particularly in virtual asset service providers (VASPs).
Key Risks Identified
Authorities have pinpointed several risks associated with digital assets, including anonymity features enabling illicit transfers and integration with dark web marketplaces. The Ministry of Public Security reports a 40% increase in suspected laundering cases involving cryptocurrencies in the past year.
“Peer-to-peer trading platforms often bypass traditional oversight, creating blind spots for criminals,”
stated Colonel Nguyen Van Duc of the Ministry’s Cybersecurity Department, as quoted by VnExpress reporter Hoang Thang.
Mixing services and privacy coins further complicate tracking, with law enforcement seizing over 500 billion VND in illicit digital funds last quarter. Regulators emphasise the need for blockchain analytics tools to trace transactions across borders.
Inter-Agency Collaboration
The government has established a multi-agency task force comprising the SBV, Ministry of Finance, Ministry of Public Security, and Ministry of Information and Communications. This body coordinates intelligence sharing and joint operations against AML threats in digital spaces.
Prime Minister Pham Minh Chinh directed accelerated implementation during a cabinet meeting, underscoring national security implications. As covered by Tuoi Tre News journalist Nguyen Lan Anh,
“Unified action across sectors will fortify Vietnam’s defences against financial crimes.”
Training programmes for over 10,000 banking staff on digital AML techniques have commenced, supported by international partners like the World Bank and FATF.
International Context and Alignment
Vietnam’s moves align with FATF recommendations, particularly Travel Rule compliance for VASPs, requiring originator and beneficiary information in transfers. The country aims for grey-list removal by mid-2026, having addressed prior deficiencies in high-risk sectors.
Regional peers like Singapore and Thailand have implemented similar regimes, fostering ASEAN-wide cooperation via the ASEAN Gaming Summit on AML. As reported by Bloomberg correspondent Nguyen Thi Minh, Vietnam’s proactive stance positions it as a regional leader in fintech regulation.
Bilateral agreements with the US and EU enhance technical assistance, including access to advanced tracing software.
Impact on Financial Institutions
Banks such as Vietcombank, BIDV, and Techcombank must now integrate API connections with licensed VASPs for seamless data exchange. Non-compliance risks license revocation, prompting institutions to invest heavily in compliance tech.
“The costs are significant, but necessary to maintain trust in Vietnam’s financial ecosystem,”
remarked Vietcombank CEO Nguyen Quang Huy in a Vietnam Investment Review interview by journalist Tran Van Lam.
Fintech firms like Momo and VNPAY are adapting by launching compliant crypto wallets, balancing innovation with regulation.
Law Enforcement Actions
Recent operations dismantled three major laundering rings using cryptocurrencies, recovering assets worth 200 billion VND. The Anti-Money Laundering Department under the SBV froze 1,500 suspicious accounts linked to digital trades.
“Swift action prevented substantial economic damage,”
declared Director General Nguyen Thi Ngoc Lan of the AML Department, as per Thanh Nien News reporter Le Hoang Uyen.
Prosecutions under the revised Penal Code impose up to 15 years imprisonment for aggravated laundering offences involving digital assets.
Future Outlook and Challenges
Regulators plan a national VASP licensing regime by Q2 2026, mandating capital reserves and cybersecurity standards. Public awareness campaigns via state media aim to educate users on AML responsibilities.
Challenges persist, including enforcement in rural areas and against sophisticated offshore schemes. As articulated by expert Dr. Tran Hoang Tuan of the Vietnam Academy of Social Sciences in a VietnamNet article by author Pham Thu Huong,
“Sustained investment in technology and human capital remains crucial.”
International monitoring continues, with FATF’s upcoming assessment pivotal for Vietnam’s global standing.
Stakeholder Reactions
The Vietnam Blockchain Association welcomes the balanced approach, advocating for innovation-friendly policies. Chairman Nguyen Van Vu stated to Dien Dan Doanh Nghiep journalist Bui Thi Hong Nhung,
“Clear rules will attract legitimate investment while deterring bad actors.”
Consumer groups urge protection for retail investors, citing past scams costing billions.