Vietnam officially imposes a crypto tax: 0.1% on each transaction starting from March 27.

Vietnam has officially brought cryptocurrency assets into the tax management framework with the issuance of Circular 32/2026/TT-BTC — the first document that specifically defines tax obligations related to trading, transferring, and business activities involving crypto. This move marks an important transition, as crypto is no longer in a gray area but becomes clearly regulated by tax law.

The circular takes effect from March 27, 2026, and will be implemented during the pilot phase of the cryptocurrency asset market according to Resolution 05/2025 of the Government.

Crypto is exempt from VAT but subject to income tax

One of the most notable points is the two-tier tax approach for crypto.

Regarding value-added tax (VAT), the transfer and business activities of cryptocurrency assets are classified as non-taxable. This means that investors buying and selling crypto will not have to declare and pay VAT on these transactions.

However, the income generated is subject to tax, and this is the focus of the new policy.

Companies are subject to 20% tax on profits from crypto

For domestic organizations, income from the transfer of cryptocurrency assets will be subject to corporate income tax (CIT) at a rate of 20%, similar to many other business sectors.

Taxable income is determined according to the formula:

Companies providing services such as exchanges, custody, or platforms for issuing cryptocurrency assets also apply this tax rate to the income from their services.

Individual investors are subject to a 0.1% tax per transaction

Unlike businesses, individual crypto investors are not taxed on profits but rather follow a simpler mechanism:

This mechanism is designed similarly to securities, aiming to simplify the declaration and collection of taxes, especially in the context of high-frequency crypto transactions across multiple platforms.

Actual impact: cumulative tax costs through transaction rounds

Since taxes are calculated on each transfer transaction and do not distinguish between profit or loss, the overall tax cost can significantly increase as investors go through multiple intermediary steps.

Illustrative example:

With 4 transfers, the total tax liability will be approximately:

This shows that, although the tax rate per transaction is low, with short-term trading strategies or multi-round transactions (round-trip), tax costs can accumulate significantly and directly affect investment effectiveness.

Foreign investors: direct tax of 0.1% on revenue

The circular also specifically addresses foreign investors. If transactions are through service providers in Vietnam, they will be subject to tax at a rate of 0.1% on the value of each transfer, rather than on profits.

This regulation helps the regulatory agency to collect taxes more easily in the context of cross-border capital flows.

Broad definition: all types of digital assets may be taxed

The circular applies to the entire cryptocurrency asset ecosystem, including:

Regardless of whether the assets are issued domestically or internationally, any transactions related to Vietnam may be subject to tax.

Management turning point: from experimentation to standardization

The issuance of the new tax framework shows that Vietnam is taking another step toward standardizing financial obligations, increasing the ability to monitor cash flows, and reducing budget losses from crypto transactions.

With a clear tax framework, the regulatory agency has taken another step toward:

Comparison with securities: where are the similarities and differences?

The application of crypto taxation according to Circular 32 shows many similarities with the stock market but still has significant differences.

Similarities

Differences

Conclusion

Circular 32/2026/TT-BTC marks the first time Vietnam has established a comprehensive tax collection mechanism for crypto. The core point lies in not imposing VAT but taxing income through two different mechanisms.

Notably, the 0.1% tax per transaction — regardless of profit or loss — means that the total actual cost largely depends on the frequency of transactions. This may prompt investors to reconsider their strategies, especially regarding short-term trading activities or multi-round transactions.