Pham Thanh Ha, deputy governor of the central bank, highlighted the need for lower interest rates to mitigate economic uncertainties.
Vietnam’s central bank expects credit growth of 20% in 2025. This move could boost liquidity in global crypto markets. It comes amid a surge in crypto adoption across the region. The deputy governor, Pham Thanh Ha, emphasized that reducing interest rates will help drive economic growth and alleviate uncertainty caused by US-imposed tariffs. These measures aim to support Vietnam’s financial stability and emerging crypto market.
In June, Vietnam’s government legalized cryptocurrencies. This regulation categorizes cryptocurrencies as virtual assets, including crypto assets such as Bitcoin and Ether. However, it prohibited the issuance of fiat-backed stablecoins and securities. The government is conducting a five-year pilot program to regulate digital assets.
Pham Thanh Ha pointed out that reducing interest rates would encourage more investments. This would align with the ongoing push for crypto adoption. Despite some restrictions, the government is eager to adopt new technologies. Crypto regulation in Vietnam aims to create a secure environment for the digital economy to thrive.
In July, Vietnam launched a national blockchain database. The system, known as NDAChain, aims to improve security in digital transactions. The blockchain is designed to store sensitive personal data across a decentralized platform. It uses a hybrid system of decentralized and permissioned technologies, ensuring data safety.
The NDAChain network comprises 49 nodes, managed through public-private partnerships. It supports the country’s efforts to enhance data privacy and security. Nguyen Huy, head of technology at Vietnam’s National Data Association, explained that the platform would protect users from cyberattacks. Vietnam is making significant strides in the blockchain sector, aiming to integrate more with the global digital economy.
Vietnam’s crypto adoption and blockchain initiatives signal growing importance in the Southeast Asia market. The central bank’s approach to economic growth complements the nation’s efforts to drive technological advancements.
