Introduction

Stablecoins are becoming an increasingly hot topic within Vietnam’s financial and tech communities. Although not legally recognized as a means of payment, stablecoins have been quietly growing in popularity in investment as well as crypto. So, where do stablecoins currently stand in Vietnam’s digital finance landscape, and what does the future hold for them? This article explores the Vietnamese economy in alliance with stablecoins usage and why Vietnamese exporters are turning to stablecoins for USD settlement. 

Particularly among exporters, Vietnam has become a leader in the world in settling USD in stablecoins and cryptocurrencies. For a stablecoin structure to grow and build, it needs—limited access to traditional banking systems, growing interest in financial innovation, and continuous worries about the volatility of the Vietnamese Dong.

For Vietnamese exporters involved in day to day cross border transactions, these circumstances have made stablecoins a sensible alternative. Faster, less expensive, more flexible payment methods make exporters participate in the global economy free from the constraints of a limited financial infrastructure.

Legalising digital assets

While Vietnam remains a bright spot in the global blockchain landscape, the country must urgently establish a robust legal framework to protect investors and promote sustainable growth in the cryptocurrency market.

Vietnam has set an ambitious goal, wanting to become the leading country in the region for the blockchain industry by 2030. Experts believe that legalising digital assets will be a key prerequisite for achieving this objective

Despite being among the leading countries in terms of the number of investors owning cryptocurrencies, Vietnam currently lacks clear policies on digital assets. Establishing legal frameworks for digital assets would foster blockchain industry growth, create new economic resources and increase opportunities for investors. It would also be instrumental in curbing fraud in this sector.

There is optimism about the development of international financial centres. These centres are expected to have a more open mechanism for blockchain applications, thereby unlocking its economic potential for exporters and businesses in Vietnam.

Stablecoin usage in Vietnam

Despite the lack of a clear legal framework, Vietnamese users widely utilize stablecoins in investment and crypto-related activities, notably within these main groups:

1. Crypto investors, traders and exporters: Stablecoins like USDT and USDC are viewed as “digital dollars,” allowing users to store value and trade efficiently on international exchanges. Vietnam’s peer-to-peer (P2P) and over-the-counter (OTC) markets are especially active, where stablecoins are freely exchanged for Vietnamese Dong (VND) outside of the formal banking system.

2. Asset storage and liquidity: Stablecoins are used as a store of value pegged to the USD, helping users protect their capital from minor VND depreciation. Some also use stablecoins for peer-to-peer remittance.

3. Freelancers and remittances: Many freelancers in tech, design, or software development receive payments in stablecoins rather than traditional bank transfers. Remittances are also shifting, with senders opting to transfer funds in USDT/USDC and converting them to VND locally, saving both time and transaction fees compared to banking channels.

Advantages of embracing stablecoins for Exporters in Vietnam

Using stablecoins offers many benefits;

1. Unlike the several days it could take for an international bank transfer to complete, stablecoin transactions settle in minutes. 

2. The much smaller related transaction fees allow exporters to make the best benefits.

3. Many Vietnamese exporters, especially those who face constraints with official banking systems, gain from the more reliable blockchain technology crypto and stablecoins present. They can get paid from anywhere in the globe without any hassle.

4. Stablecoin transactions also shield their income from the devaluation of the Vietnamese Dong, keeping it in stablecoins such as USDT and USDC.

Why convert foreign payments to USDC as an exporter in Vietnam?

For exporters working across borders, converting foreign payments to USDC brings many advantages:

1. Stable value: USDC is tied directly to the U.S. dollar, making it immune to the wild fluctuations of other cryptocurrencies.

2. Lower fees: Cross-border transactions in USDC typically cost less than traditional bank transfers.

3. Quick access to funds: Blockchain technology ensures nearly instant transactions, so one gets paid faster.

4. Flexibility: Freelancers can hold USDC until exchange rates are favourable or convert it to Vietnamese dong (VND) when needed.

Future directions and Potential of Blockchain in Vietnam

So far, regulators have remained cautious and have not moved to legalize stablecoins. Instead, the State Bank of Vietnam is prioritizing research into launching a central bank digital currency (CBDC). This reflects the government’s interest in digital currency, but with a preference for state-issued and controlled solutions over privately developed stablecoins.

Looking ahead, several developments are possible:

• Pilot programs for stablecoins under regulatory constraint.
• Connections between stablecoins and the future digital asset trading platform.
• A formal legal framework for cryptocurrencies and stablecoins.

At present, stablecoins in Vietnam remain in a legally gray area. While their use is thriving in the crypto community, the regulatory framework is still under construction.

In the future, as the government continues to prioritize digital transformation and digital currency initiatives, stablecoins may be brought under a clearer legal structure — or be complemented, if not replaced, by a state-controlled CBDC. Key stakeholders — including the SBV, Ministry of Finance, and industry associations — are closely monitoring international developments to shape Vietnam’s policy on stablecoins.

Also read: Stablecoin Payments in Vietnam: Digital Dollars for Exporters and Freelancers

Getting started with using blockchain for export payments in Vietnam

Starting to take crypto payments is rather easy. Exporters have first to create a safe digital wallet and make sure it supports the cryptocurrencies and stablecoins they want. Two-factor authentication and hardware backup choices for extra security should be features of this wallet.

Exporters can then register using crypto payment processors such as TransFi, which assist in receiving and converting cryptocurrency. These systems also help with invoicing, automatic conversions, and interface with local bank accounts or Stablecoins balances.

Lastly, exporters should keep informed on local crypto laws. Though crypto is legal to own and trade, its use as a payment method is still limited in Vietnam. One must be ready for forthcoming tax compliance requirements and know how to correctly report income.

Conclusion 

For most Vietnamese exporters, the attraction of stablecoin payouts in Vietnam is that they can escape volatility without missing out on the advantages of digital assets. With platforms such as TransFi, exporters can receive USD payments and have them immediately converted into stablecoins like widely used USDC. This ensures they can protect their earnings from market volatility while keeping their money readily available. In addition, using platforms specializing in USD to VND through digital wallets provides users with an instant, secure, and effective way of handling their payments, which is particularly priceless in a changing digital economy.

As Stablecoin offers a dependable, quick, internationally accepted payment method, Vietnamese exporters are gradually yet efficiently turning to cryptocurrencies and stablecoin transactions more and more. Exporters are legally permitted to obtain and retain digital currencies not withstanding laws prohibiting their use as legal currency. They are grabbing fresh prospects in the global digital economy with the correct tools: digital wallets, payment gateways, and newly developing fintech platforms.

Frequently asked questions (FAQs)

1. What are the Commonly used cryptocurrencies among Vietnamese freelancers?

Because of their consistent value, most freelancers choose stablecoins like USDT and USDC; Bitcoin and Ethereum are more widely accepted but not preferred.

2. Why is understanding the stablecoin ecosystem important for exporters in Vietnam?

Stablecoins are already changing how people and businesses move money across the world. If you as a Vietnamese exporter understand how they work, you can save time, avoid high fees, and make better financial decisions. 

3. What is the current status of stablecoin adoption in Vietnam?

Stablecoin adoption has grown most quickly, functioning well as a store of value and a mode of transfer. Emerging markets like Vietnam with volatile local currencies, remittances, high-risk verticals, and global payroll for freelancers have all been natural entry points in this first wave.

4. What is the viable future for stablecoins in Vietnam for exporters and businesses?

In recent years, governments have been open to developing and implementing regulatory frameworks on the use of stablecoins and cryptocurrencies with small steps. While patchwork and contradictory regulations can hinder the market, clear and uniform rules can help expand the use of stablecoins. 

5. What are the advantages of embracing stablecoins for Exporters in Vietnam?

• Stable value
• Lower fees
• Quick access to funds
• flexibility