Vietnam and Austria Discuss Financial Market Supervision and Crypto Regulation
On September 15, 2026, Deputy Minister of Finance Nguyễn Đức Chi led a Vietnamese delegation in Vienna for a working meeting with Mariana Kühnel, the newly appointed Executive Director of the Austrian Financial Market Authority (FMA). The two sides engaged in in-depth discussions regarding regulatory practices in financial markets, the oversight of emerging assets, and future avenues for bilateral cooperation. The meeting was attended by Vũ Thị Chân Phương, Chairwoman of the State Securities Commission of Vietnam (SSC), the Vietnamese Ambassador to Austria, and representatives from the SSC, stock exchanges, and the Vietnam Securities Depository and Clearing Corporation.
Advancing Crypto Asset Pilots and Regulatory Compliance
The regulation of the crypto asset market served as one of the central topics during the discussion. Deputy Minister Nguyễn Đức Chi noted that Vietnam has established a legal framework for a crypto asset pilot program, with the first approved virtual asset service providers (VASPs) expected to begin official operations in 2026.
SSC Chairwoman Vũ Thị Chân Phương highlighted that Vietnamese regulatory authorities are accelerating the development of supervisory mechanisms for VASPs and investor trading, adhering to recommendations from the Financial Action Task Force (FATF). This framework prioritizes risk management, investor asset protection, and anti-money laundering (AML) protocols. Furthermore, Vietnam seeks to draw upon the mature experience of Austria’s FMA and broader European Union regulations to refine its domestic legal and supervisory systems.
Capital Market Reforms and SME Support
Beyond crypto assets, both parties exchanged views on capital market transparency and financial support mechanisms for small and medium-sized enterprises (SMEs).
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Supporting SME Development: Deputy Minister Chi pointed out that SMEs account for approximately 99% of all operating businesses in Vietnam. Vietnam is refining support policies aimed at strengthening corporate governance, financial capacity, regulatory compliance, and digital transformation to help these enterprises better qualify for credit and capital market financing.
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Enhancing Securities Market Oversight: SSC Chairwoman Phương stated that Vietnam is studying plans to reorganize stock trading boards, including dedicated SME segments. Regulators are currently focusing on improving listed company quality, enforcing strict information disclosure discipline, and intensifying enforcement against market manipulation and price rigging.
Deepening Technical Exchange and Cooperation Under International Frameworks
In response to Vietnam’s proposals for collaboration, FMA Executive Director Kühnel explained that many of Austria’s financial regulations align with unified EU-level directives, which the FMA enforces on an operational level.
To advance collaboration in specific technical areas, Kühnel recommended leveraging the International Organization of Securities Commissions (IOSCO) channel for ongoing communication and organizing regular online expert workshops to discuss shared supervisory challenges. The Vietnamese delegation welcomed this approach, noting that such a framework will help translate knowledge sharing and technical assistance into practical regulatory outcomes.（Vietnam Crypto Exchange）