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Vietnam: fintech & payments regulation

Regulated

Vietnam fintech & payments: SBV-led regulation under Decree 80/2016; no specific VASP law

Lead regulator:
State Bank of Vietnam (SBV)
Key law:
Decree 80/2016/ND-CP on Payment Services
Last updated:
2026-07-12

The State Bank of Vietnam (SBV) is the primary regulator for payment services and fintech activities, operating under Decree 80/2016/ND-CP and subsequent amendments. Entities providing payment services, including electronic money and fund transfer services, require specific licenses from the SBV.

Recent regulatory activity, as indicated by the provided documents, focuses on administrative simplification and foreign exchange management for non-credit institutions. The SBV has issued multiple circulars in 2026 to streamline procedures for cooperative banks, microfinance institutions, and foreign exchange agents.

The documents do not establish a specific licensing regime for Virtual Asset Service Providers (VASPs) or cryptocurrencies. General knowledge indicates that crypto assets are not legal tender and their trading is restricted, but the provided texts do not detail these prohibitions or capital requirements for such activities.

Who regulates

  • State Bank of Vietnam (SBV)

    Primary supervisor for payment services, non-credit institutions, and foreign exchange management.

    [1][2][3][4][5][6]

  • Ministry of Finance (MoF) / State Securities Commission (SSC)

    Regulator for securities sector fees and administrative procedures.

    [7][8][9]

Core laws & rules

  • Decree 80/2016/ND-CP (2016)

    The core regulation governing payment services in Vietnam, establishing the licensing framework for payment service providers.

  • Circular No. 23/2026/TT-NHNN (2026)

    Amends regulations on foreign exchange services provided by non-credit institutions, updating licensing and reporting standards.

    [1]

Licensing & registration

  • Payment Service Provider

    Entities providing payment services must obtain a license from the SBV. The documents indicate ongoing updates to licensing procedures and operational standards.

    [1]

  • Foreign Exchange Agent

    Non-credit institutions acting as currency exchange agents require licensing under updated circulars.

    [1]

Restrictions & warnings

  • The provided documents do not specify restrictions on cryptocurrency or virtual asset activities. General knowledge suggests such activities are not legally recognized as payment methods.

    Low confidence — verify with the regulator before relying on this.

Direction of travel

  • The SBV is actively simplifying administrative procedures for credit institutions and microfinance entities, as seen in the 2026 circulars. There is no indication in the documents of a new specific fintech or VASP licensing regime.

    [3][6]

Sources

  1. Circular No. 23/2026/TT-NHNN Amending and Supplementing Legal Documents on Foreign Exchange Management Related to Foreign Exchange Service Provision by Non-Credit Institutions · 2026-06-15
  2. Circular No. 10/2026/TT-NHNN Amending Circular No. 27/2024/TT-NHNN (as amended by Circular No. 28/2025/TT-NHNN) on Cooperative Banks and the People's Credit Fund System Safety Assurance Fund · 2026-05-25
  3. Circular No. 15/2026/TT-NHNN Amending and Supplementing Certain Articles of Circulars on Credit Institutions Being Cooperatives Related to Cutting Back, Decentralizing, and Simplifying Administrative Procedures · 2026-05-19
  4. Circular No. 13/2026/TT-NHNN Amending and Supplementing Certain Articles of Circular No. 53/2018/TT-NHNN on the Operational Network of Non-Bank Credit Institutions · 2026-05-19
  5. Circular No. 13/2026/TT-NHNN amending and supplementing certain articles of Circular No. 53/2018/TT-NHNN on the operational network of non-bank credit institutions · 2026-05-19
  6. Circular No. 14/2026/TT-NHNN dated May 19, 2026, amending and supplementing a number of articles of Circulars on microfinance institutions related to cutting, decentralizing, and simplifying administrative procedures · 2026-05-19
  7. Circular 120/2021/TT-BTC on Fee Reductions for Securities Sector to Support Covid-19 Impacted Entities · 2021-12-24
  8. Circular 67/2014/TT-BTC on Fees and Charges in the Securities Sector Applied at the State Securities Commission · 2014-05-21
  9. Decision 1905/QD-BTC on the Publication of Administrative Procedures in the Securities Sector · 2009-08-10

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This guide is compiled automatically from 9 primary-source documents published by Vietnam's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.