The State Bank of Vietnam expects credit growth to be around 20% in 2025, which may drive liquidity into the global crypto market against the backdrop of rising cryptocurrency adoption in the region.
According to Reuters, Pham Thanh Ha, the deputy governor of the central bank, stated on Friday that further interest rate cuts are needed to stimulate economic growth while alleviating uncertainties brought by U.S. tariffs.
In June, the Vietnamese government legalized cryptocurrencies as part of broader technology regulation, categorizing cryptocurrencies into two types: one type represents tokenized products from the real world, while the other includes crypto assets like Bitcoin (BTC) and Ethereum (ETH).
However, under the new cryptocurrency regulations and the five-year sandbox pilot program launched in September, the government prohibits the issuance of on-chain fiat-backed assets, including stablecoins and securities.
Vietnam is expected to become a crypto hub in Southeast Asia due to the government's emphasis on emerging technologies, a relatively young population, and strong cryptocurrency adoption rates, ranking fourth in Chainalysis's 2025 Global Cryptocurrency Adoption Index.
According to Chainalysis data, the Asia-Pacific (APAC) region is the fastest-growing area for cryptocurrency adoption, with 9 of the top 20 countries in the global cryptocurrency adoption index located in this region.
Chainalysis data also shows that the value of cryptocurrency received in the APAC region grew by 69% year-on-year, with transaction volume increasing from $1.4 trillion to over $2.3 trillion, led by adoption rates in India, Pakistan, and Vietnam.
In July, the Vietnamese government deployed a national blockchain database for identity verification and public records, serving as a regulated foundation for interactions with the digital economy, on-chain platforms, and internet applications.
The national blockchain network, named NDAChain, is a Layer-1 network managed by a public-private partnership with 49 nodes.
NDAChain aims to enhance its protection against network attacks by distributing sensitive personal data across a partially decentralized system, as this data is typically stored on centralized servers.
According to Nguyen Huy, the technical head of the National Data Association (NDA), the system employs a model that combines decentralized and permissioned chain systems, with the NDA responsible for overseeing the operation of NDAChain.
Related: CleanSpark sells $48.7 million worth of Bitcoin, Treasury holdings surpass 13,000 BTC in September
Original article: “Vietnam's Central Bank Expects Credit Growth Amid Rapid Cryptocurrency Adoption”
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