Tether, the company behind the world’s largest stablecoin by market capitalization, is actively seeking collaboration with Vietnamese enterprises to accelerate local crypto adoption and support the development of a legal framework for digital asset transactions, local news reports said.
Marco Dal Lago, Tether Group’s Vice President for Global Expansion and Strategic Partnerships, emphasized Vietnam’s strategic importance, calling it one of Tether’s “most promising and strategic markets” due to its young population, dynamic economy, and significant remittance inflows.
Dal Lago’s comments came during a meeting with Vietnamese Deputy Prime Minister Ho Duc Phoc on Thursday. The conversation focused on bolstering cooperation in the digital asset space, system security, and policy formulation for crypto-asset trading.
Deputy PM Phoc expressed Vietnam’s enthusiasm for creating a professional and regulated platform for investors to attract crucial financial resources. He highlighted the country’s recent move to allow a five-year pilot for crypto trading, though current rules limit token issuance to Vietnamese companies and sales exclusively to foreign investors.
“Following the pilot phase, once stability is ensured, a comprehensive legal framework will be introduced to regulate the market,” Phoc stated.
The Deputy PM also revealed that authorities are currently reviewing applications from crypto firms and are expected to license around five “strong” crypto-asset trading platforms.
Vietnam has set a high bar for market entry, mandating that any exchange provider must hold at least 10 trillion dong, or about $379 million, in capital.
Acknowledging the inherent risks in the sector, Phoc stressed that Vietnam is keen to “learn from the experiences of other countries” and plans to increase cooperation with tech groups in the crypto space. The ultimate goal is to develop a safe and effective trading market that will serve as a professional “playground” for investors and a channel to attract financial resources for national economic growth.
For its part, Tether expressed readiness to assist Vietnam in developing a clear and transparent regulatory framework, sharing its experience to help build a legal structure that attracts external resources and supports economic growth.
