Did you know that Vietnam is one of the countries with the highest adoption rates of cryptocurrencies? You may be wondering why this should interest you, but the answer is quite simple. You can make money from it. Vietnam’s crypto infrastructure is ideal for accepting stablecoins, so you too might want to consider whether you can use any of the methods below to your advantage.
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Czech Vietnamese have already figured it out – they send money via crypto
Vietnamese people who live and work abroad send huge amounts of money to their families back home. This money is essential for many families in Vietnam. It pays for food, school for children, and housing.
Most of them know very well that sending money through a bank or Western Union is not worth it. It is too expensive. In addition, the transfer can sometimes take several days. And to make matters worse, the fee is usually between five and seven percent. Let’s put this into practice to see an example. So when someone sends their family in Vietnam 25,000 Czech korunas, they may receive 1,500 korunas less on the other side. This is unpleasant even for a Czech, let alone a family in Vietnam, who may be able to cook with it for a whole month.
Foreign sources have also noticed Vietnam’s share of cryptocurrency. Bloomberg began to draw attention to the phenomenon as early as 2021. Forbes attempted to follow up on this by placing Vietnamese remittances in the context of East Asia. Cryptocurrency servers, in turn, celebrated the June legislation, which did not place any obstacles in the way of this development. A few days ago, reports emerged of a new pilot project that economists are watching with hope. All in all, it simply looks like Vietnam has a bright future ahead.
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Vietnam surfs on stablecoins
That’s why many Vietnamese have started using cryptocurrencies. Mostly, it’s not Bitcoin, but so-called stablecoins—digital dollars whose value is stable. The fee is usually only a few dozen crowns, not thousands like at a bank.
Vietnam has quickly adapted to this. Lawmakers have long resisted taxing crypto because they knew that Vietnamese people would profit from it. P2P transfers have seen massive growth, and stablecoins have become so popular that most people trade in them. Vietnamese people are simply set up for a digital future. And you can take advantage of that.
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Are you buying from Vietnam? Use cryptocurrencies
There are several ways to ride the Vietnamese crypto wave. The first is probably the easiest – if you are ordering from abroad, try to choose Vietnamese companies or platforms. They usually accept payment in crypto. Due to low costs in Vietnam, the price is usually lower, and you save money. If you have a company and order textiles, electronics, or food from Vietnam, you can take advantage of this even more easily. Suppliers prefer to accept payments in stablecoins rather than traditional currencies and will offer you a lower price. It’s all about taxes, which are not yet paid on cryptocurrency in Vietnam. A 0.1% tax is set to come into effect in 2026, but it is unclear how the Vietnamese government intends to enforce this rule. For now, income in cryptocurrency is not taxed. The same applies to outsourcing, of course.
Are you considering freelancers? Choose Vietnam and pay with crypto
Vietnam has a strong IT community, so if you need programmers or designers, you can hire them in Vietnam. You can then pay them in crypto, which saves both parties money. You reduce your costs, and they can easily exchange stablecoins on Vietnamese exchanges for a lower fee.
If you plan to go full steam ahead with this plan, consult a lawyer first. New regulations are in force in the Czech Republic, and it is better to check whether you fall into a different category. Even under the current stricter regime, it won’t be that bad. If you have any questions, you can contact the Financial Analytical Office for advice.
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