How To Buy And Sell Cryptocurrency In Vietnam?

Key Takeaways

To buy crypto in Vietnam, pick a trusted exchange, select a legal exchange, complete KYC verification, fund your account, and decide how to store your coins securely.

Selling is just as simple: transfer your coins to an exchange, set your price, and sell and withdraw your money.

Stay informed on Vietnam’s crypto regulations, taxation rules, and secure storage practices to make sound trading decisions.

Cryptocurrency adoption in Vietnam has surged, with over 6.8 million people, or approximately 7% of the population, owning digital assets as of 2024. Vietnam consistently ranks among the top countries globally in crypto adoption, driven by platforms like Binance, Remitano, and VNDC that support local payment methods such as SPEI bank transfers and e-wallets like Momo. While crypto is not recognized as legal tender, it is widely embraced as an investment tool. This guide provides a detailed, Vietnam-specific roadmap to help you buy and sell cryptocurrency securely and efficiently.

How to Buy Cryptocurrency in Vietnam?

Buying crypto in Vietnam is easy when you use local-friendly platforms and follow the right steps.

Choose a Cryptocurrency Exchange in Vietnam

The first step is selecting a reliable exchange that operates in Vietnam. Popular local and international platforms include: Binance, Remitano, VNDC, KuCoin, etc.

When choosing an exchange, ensure it supports VND deposits and offers local payment options like bank transfers through banks such as Vietcombank, Techcombank, or Sacombank.

For beginners, Remitano is a great choice due to its simple interface and P2P trading options. Binance is ideal for more advanced users who want access to a wide range of cryptocurrencies.

Register and Verify Your Account

Once you’ve selected an exchange, create an account by following these steps:

Sign Up: Visit the exchange’s website or app and provide your email or phone number.

Verify Your Identity: Complete the Know Your Customer (KYC) process by submitting:

A valid government-issued ID, such as your Citizen Identity Card (CCCD) or passport. A selfie for identity verification (some exchanges may require this for security).

Enable Security Features: Set up Two-Factor Authentication (2FA) for added account protection.

Most exchanges in Vietnam accept KYC documents in Vietnamese, making the process fast and easy. Verification usually takes a few hours to a day.

Deposit Vietnamese Dong (VND) into Your Account

After verifying your account, you need to fund it with VND to buy cryptocurrency. Here are the common deposit methods in Vietnam:

Bank Transfers: Most exchanges allow direct transfers through local banks like Vietcombank,

ACB, or MB Bank. SPEI-style instant transfers are often supported.

E-Wallets: Some platforms accept payments through popular Vietnamese e-wallets like Momo or ZaloPay.

P2P Payment: Platforms like Binance and Remitano let you buy crypto directly from other users and pay them via bank transfer or e-wallets.

Use bank transfers for quick deposits with low fees. E-wallets like Momo are convenient but may have smaller limits.

Select the Cryptocurrency to Buy

Once you have VND in your account, decide which cryptocurrency you want to buy. Many Vietnamese investors prefer USDT for trading as it’s stable and easy to convert back to VND.

Place Your Buy Order

Now you’re ready to purchase cryptocurrency:

Go to the Buy/Sell section of the exchange.
Enter the amount in VND or the quantity of cryptocurrency you wish to buy.
Choose your order type:
- Market Order: Buy instantly at the current price.
- P2P Order: If using platforms like Remitano or Binance P2P, select a seller with a and complete the transaction directly. For P2P trades, always choose sellers with high ratings and completed orders to avoid scams.

Confirm the transaction. Your cryptocurrency will appear in your exchange wallet after the transaction is processed.

Secure Your Cryptocurrency

After purchasing crypto, securing it is important to avoid loss or theft:

Keep It on the Exchange: This is fine for small amounts or if you plan to trade frequently.

Transfer to a Wallet: Use a mobile wallet like Trust Wallet for convenience or a hardware wallet like Ledger Nano for better security. If you’re holding a large amount of crypto, consider moving it to a hardware wallet for long-term security.

Understand Vietnam’s Crypto Regulations and Taxes

While cryptocurrency is not recognized as legal tender in Vietnam, it is not illegal to own or trade it. The government has issued guidelines to ensure exchanges and traders follow anti-money laundering (AML) and identity verification rules.

Tax Considerations: Vietnam does not currently have specific tax laws for crypto, but any income from crypto trading or investments may be subject to personal income tax under general tax laws. Keep records of your transactions for potential future reporting.

How to Sell Cryptocurrency in Vietnam?

Selling cryptocurrency in Vietnam is a straightforward process if you use the right platforms and payment methods. Follow these steps to sell your cryptocurrency securely and efficiently.

Transfer Your Crypto to an Exchange Wallet

Before selling, ensure your cryptocurrency is in the exchange wallet where you plan to sell. If it’s in an external wallet, you need to transfer it to your exchange.

Log in to the exchange and go to the Deposit or Wallet section. Select the cryptocurrency you want to sell (e.g., BTC, ETH).

Copy the wallet address provided by the exchange and double-check it for accuracy.

Use your external wallet (like Trust Wallet or Ledger Nano) to transfer the crypto.

For faster transfers, use cryptocurrencies with low network fees, like USDT (Tether), or during off-peak times to avoid congestion.

Decide How Much Crypto to Sell

Once your cryptocurrency is in the exchange wallet, navigate to the Sell or Trade section.

Enter the amount of cryptocurrency you wish to sell, either in crypto (e.g., 0.01 BTC) or its VND equivalent.

Review the current market price to ensure it aligns with your target value.

Choose Your Order Type

Vietnamese exchanges like Binance and Remitano offer various selling options depending on your needs:

Market Order: Sell instantly at the current market price. This is fast and ideal for those who need immediate cash.

Limit Order: Set a specific price you want to sell at. The transaction will execute when the market reaches your desired price.

P2P Order (Peer-to-Peer): On platforms like Binance P2P or Remitano, sell directly to another user. You set the price and choose a buyer based on their reputation and payment method. For P2P trades, ensure you choose buyers with high completion rates and positive feedback.

Convert Crypto to Vietnamese Dong (VND)

Once the sale is completed, the proceeds will appear in your exchange wallet in VND. Some exchanges allow you to hold your VND in the platform for future use. Alternatively, you can convert the VND into stablecoins like USDT if you plan to reinvest or avoid holding fiat currency.

Withdraw VND to Your Bank Account or E-Wallet

To access your funds, withdraw the VND from your exchange wallet to your bank account or e-wallet.

Bank Transfers: Link your bank account (e.g., Vietcombank, Techcombank, or Sacombank) to the exchange. Initiate a SPEI-style instant withdrawal directly to your account. Funds typically arrive within minutes.

E-Wallets: Some platforms support Vietnamese e-wallets like Momo or ZaloPay for convenient withdrawals.

Use bank transfers for large withdrawals as they often have lower fees and higher limits. E-wallets are suitable for smaller amounts or everyday use.

Record your Tax Records

Consult a local tax advisor for updates on Vietnam’s crypto tax policies to ensure compliance with the law. Keep detailed records of your sale, including the date, amount, and transaction details.

If crypto trading becomes regulated in the future, having accurate records will help you comply with potential reporting requirements.

Popular Cryptocurrency Exchanges in Vietnam

Vietnam is one of the fastest-growing cryptocurrency markets globally, and several exchanges dominate the scene.

Binance

Founded: 2017

Why It’s Popular:

Binance is the most widely used cryptocurrency exchange in Vietnam due to its low fees, extensive cryptocurrency options, and support for Vietnamese Dong (VND). It offers Peer-to-Peer (P2P) trading, which allows users to buy and sell crypto directly with other users using local payment methods like Vietcombank and Momo. Binance also has advanced trading features like futures, staking, and savings accounts, making it appealing to both beginners and experienced traders.

Number of Cryptocurrencies: Over 350, including Bitcoin, Ethereum, and altcoins.

Key Features:

Low trading fees starting at 0.1%.
P2P trading with VND support.
Advanced tools for experienced traders.
A mobile app available in Vietnamese.

Challenges:

The interface can be complex for beginners.
Limited fiat withdrawal options compared to local exchanges.

Remitano

Founded: 2015

Why It’s Popular:

Remitano is a local favorite for its P2P trading platform, which allows users to trade directly with others in Vietnamese Dong. It’s known for its beginner-friendly design and strong customer support in Vietnamese. Remitano also provides an escrow service to ensure secure transactions, which has earned it a strong reputation for safety among Vietnamese traders.

Number of Cryptocurrencies: Around 30, focusing on major tokens like BTC, ETH, and USDT.

Key Features:

Simple and intuitive interface.
Strong support for local payment methods like bank transfers and e-wallets.
Escrow system for secure P2P transactions.
Vietnamese-language support and educational content.

Challenges:

Higher trading fees compared to Binance.
Limited selection of cryptocurrencies.

VNDC

Founded: 2019

Why It’s Popular:

VNDC is a Vietnam-based cryptocurrency exchange offering trading, staking, and wallet services. It’s known for its stablecoin, VNDC, pegged to the Vietnamese Dong, which allows users to store value without the volatility of other cryptocurrencies. VNDC’s integration with local banks and e-wallets makes it convenient for everyday users.

Number of Cryptocurrencies: Over 200, including VNDC, BTC, and ETH.

Key Features:

Direct support for VND transactions.
Offers staking rewards and lending options.
Built-in wallet with savings features.
Seamless integration with Vietnamese banks.

Challenges:

Less competitive in fees compared to Binance.
Limited advanced trading features.

KuCoin

Founded: 2017

Why It’s Popular:

KuCoin is a global exchange that has gained traction in Vietnam due to its extensive list of altcoins and advanced trading options. It offers features like futures, margin trading, and staking, making it popular among experienced traders. KuCoin also supports Vietnamese users with a localized interface and P2P trading for VND.

Number of Cryptocurrencies: Over 700, one of the largest selections in the market.

Key Features:

A wide variety of altcoins.

Advanced trading options for seasoned users.
Low fees and regular discounts.
P2P trading with local payment options.

Challenges:

Limited Vietnamese-language support.
The interface can be overwhelming for new users.

Coinbase

Founded: 2012

Why It’s Popular:

Coinbase is known for its user-friendly design and industry-leading security. While it doesn’t support VND deposits directly, it allows Vietnamese users to purchase crypto with credit or debit cards. Its strong global reputation makes it a go-to platform for beginners.

Number of Cryptocurrencies: Over 150, including major and emerging tokens.

Key Features:

Simple interface ideal for beginners.
High security with FDIC insurance for USD balances.
Free educational resources that reward users with crypto.

Challenges:

Higher fees compared to local exchanges.
No direct VND support, requiring conversions to USD.

Remarks

Binance: Best for low fees, VND support, and advanced tools.

Remitano: Ideal for beginners and secure P2P transactions.

VNDC: Great for local users seeking stablecoins and savings options.

KuCoin: Best for altcoin enthusiasts and experienced traders.

Coinbase: Perfect for global users and those new to crypto.

Crypto Taxation and Regulation in Vietnam

Taxation in Vietnam for Cryptocurrency

Cryptocurrency in Vietnam is not yet subject to specific tax laws, but income generated from crypto trading or investments may fall under general personal income tax regulations. Key points include:

Income Tax: If you earn profits from trading, mining, or staking, it may be classified as taxable income under Vietnam’s tax code.

Record-Keeping: Maintain accurate records of transactions, including purchase and sale amounts, to comply with potential reporting requirements.

Future Tax Changes: As crypto adoption grows, new tax regulations may emerge, so it’s important to stay updated.

Regulation of Cryptocurrency in Vietnam

Cryptocurrency is not recognized as legal tender in Vietnam, and the government prohibits its use for payments. However, owning and trading crypto is not illegal. Key regulatory points include:

Trading: Individuals are allowed to trade crypto as a personal investment but must use compliant platforms for security.

AML Compliance: Platforms operating in Vietnam must adhere to anti-money laundering (AML) policies, including user identity verification (KYC).

Regulatory Updates: The government is considering clearer crypto regulations in the future, so traders should keep an eye on announcements from the State Bank of Vietnam.

Conclusion

Buying and selling cryptocurrency in Vietnam is straightforward with platforms like Binance and Remitano, which cater specifically to local users with features like VND support and P2P trading. By using trusted exchanges, following the steps outlined in this guide, and staying informed about regulations and taxes, you can securely manage your crypto investments in Vietnam’s fast-growing digital economy.