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Crash course: Vietnam's crypto boom goes bust
Vietnam’s crypto market, with 17 million investors, faces bankruptcies and layoffs amid regulatory uncertainty and a recent crash cutting bitcoin's price nearly in half.
- In recent months, Vietnam's crypto sector collapsed amid a global crypto winter, triggering bankruptcies and layoffs as token values plunged to near-zero, wiping out capital for Vietnamese retail crypto investors and startups.
- Unlike neighbouring China, Vietnam's government and regulators introduced new implementing rules last month amid ongoing regulatory ambiguity.
- An estimated 17 million people own digital assets in Vietnam, with some holdings reaching $126,000, exposing investors to severe losses; `When profits were high, everyone became greedy`, said Le.
- Startups are responding by downsizing and conserving capital, with Ninety Eight laying off nearly one-third of its staff since last year while Hanoi announced a five-year crypto trading pilot programme.
- Under top leader To Lam, Vietnam embraces blockchain, controlling an estimated $100 billion market, while the 2025 Chainalysis ranking shows only India, the US, and Pakistan have more crypto usage, and founders warn the market may stay difficult for years.
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42 Articles
42 Articles
Coverage Details
Total News Sources42
Leaning Left5Leaning Right8Center11Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 21%
C 46%
R 33%
Factuality
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