Vietnam records $122 bln in crypto activity, second in Southeast Asia
Vietnam recorded $122.2 billion in cryptocurrency activity over the 12 months to June 2026, ranking second in Southeast Asia behind Singapore, as peer-to-peer transfers continued to play a prominent role in the country’s digital asset market.
The figure covers the period from July 2025 to June 2026, according to blockchain analytics firm Chainalysis. Singapore recorded $284.1 billion in crypto activity over the same period.
Vietnam’s market has a different profile from those of some regional financial centers. Chainalysis found that Vietnam, Thailand, and the Philippines stood out for peer-to-peer (P2P) activity, while Singapore and Australia saw notable growth in transactions conducted through platforms serving financial institutions.
P2P transactions involve the direct transfer of assets between individuals, often through platforms that connect buyers and sellers. Such transfers can support cryptocurrency trading, remittances or payments, although transaction data alone cannot establish the purpose of individual transfers.
The Philippines, Thailand, and Vietnam recorded a combined 5.4 million small-value P2P transfers of less than $10,000 during the period, accounting for 14.4% of the global total, despite the three countries representing just 2.5% of the world’s crypto economy, according to Chainalysis.
More than 80% of domestic transfers across the three markets were worth less than $1,000. The average transfer was $618, compared with $1,210 in the rest of the world.
Stablecoins are another significant part of Vietnam’s digital asset market. These cryptocurrencies are designed to maintain a relatively stable value against a reference asset, most commonly the U.S. dollar, the report said. Domestic stablecoin activity in Vietnam reached $6.9 billion during the period.
Vietnam’s crypto market is transitioning from early adoption to formal recognition under the law. From January 1, 2026, the Law on Digital Technology Industry 2025 officially takes effect, marking the first time digital assets are recognized as legal property in the country.
More significantly, a wave of domestic firms is preparing to join the pilot program for local digital asset exchanges under the government’s Resolution 05/2025/NQ-CP, with at least five companies reportedly meeting application requirements.
In March, the Ministry of Finance shortlisted five digital asset exchange applicants for pilot licensing, after determining that five out of seven submissions meet regulatory requirements while two remain incomplete.
The five eligible include VIX Digital Asset Exchange JSC (VIXEX), Loc Phat Vietnam Crypto Asset Exchange JSC (LPEX), Vietnam Prosperity Crypto Asset Exchange JSC (CAEX), Techcom Digital Asset Exchange JSC (TCEX), and Vietnam Digital Assets JSC, the ministry said in its official document.（Vietnam Crypto Exchange）