Vietnam Initiates Separate Tax Accounting for Crypto Assets
Vietnam has officially begun tracking and accounting for crypto asset tax revenues separately under state accounts.
The Ministry of Finance recently issued Circular No. 123/2026—effective immediately upon its signing on August 21—which introduces dedicated accounting entries for crypto asset taxation within the state budget system.
Under this Circular, revenues from personal income tax generated through transactions, transfers, and commercial activities involving crypto assets are classified under Sub-entry 1016, while corporate income tax revenues are recorded under Sub-entry 1059. Corresponding late payment penalties also have dedicated accounting codes.
This Circular does not introduce new tax obligations. Vietnam crypto exchange Relevant tax duties were previously established under Circular No. 32/2026, issued on March 27:
-
Individuals: Subject to a 0.1% tax rate per transaction based on the transfer price.
-
Domestic Corporations: Subject to a 20% corporate tax rate on taxable income.
-
Value-Added Tax (VAT): Transfers and commercial activities involving crypto assets are exempt from VAT.
By introducing these distinct accounting codes, tax authorities can accurately track revenues specific to crypto assets rather than combining them into general income tax buckets.