According to Mastercard data, Việt Nam has recorded a remarkable 92 per cent compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Not only has the đồng depreciated against the euro, it has also weakened sharply against many other key currencies such as the yen (11 per cent), pound (11 per cent) and Australian dollar (7 per cent).
The US dollar index (DXY) is now around 99, down 10 per cent from its early-year peak, while the dollar has risen 2.6–3 per cent against the Vietnamese đồng at local banks this year.
The economies subject to enhanced scrutiny expanded to nine, including Việt Nam, China, Japan, South Korea, Taiwan, Singapore, Germany, Ireland and Switzerland.
El Salvador has expressed a strong interest in partnering with Việt Nam’s Q&T Hi-tech Polymer, a company rapidly gaining international recognition for its advanced polymer substrate technology used in banknote printing.
Chainalysis reports that Việt Nam ranked fifth globally in its 2024 Global Crypto Adoption Index, with inflows of around US$120 billion between July 2022 and June 2023. During the same period, Vietnamese investors made approximately US$1.18 billion in crypto profits.
Remittances to HCM City reached over US$2.4 billion, accounted for 25.3 per cent of the total for the entire year 2024 and marking an increase of 19.6 per cent compared to the previous quarter.
According to experts, to minimise exchange rate risks, the SBV should manage the rate flexibly, but not fix or anchor it because Việt Nam''s economy is deeply integrating towards becoming a market economy, which requires flexibility.
At the workshop, experts and officials discussed the potential benefits of piloting a centralised cryptocurrency exchange while addressing concerns related to tax, user protection, exchange licensing and legal compliance.
The Vietnamese đồng (VNĐ) has remained in line with broader trends in emerging market Asian currencies (EM-Asia FX) over the past three years, influenced by a strong US dollar (USD) environment.
The Ministry of Finance has proposed a pilot programme for issuing and trading cryptocurrencies and digital assets, with oversight from three key agencies: the Ministry of Finance, the Ministry of Public Security, and the State Bank of Việt Nam.
