150-200 Million VND Fines for Crypto Payments in Vietnam: What You Need to Know

Using Bitcoin or any cryptocurrency to pay for goods or services in Vietnam isn’t just risky-it’s illegal. And if you get caught, you could face a fine of 150 to 200 million VND (roughly $6,500 to $8,900 USD). This isn’t a warning from some obscure agency. It’s the law, enforced by Vietnam’s central bank since January 1, 2018. But here’s the twist: owning crypto is fine. Trading it? Still allowed. Just don’t use it to buy coffee, pay rent, or settle a bill at a local shop.

Why Is Using Crypto as Payment Illegal in Vietnam?

This isn’t about banning technology. It’s about keeping financial control in one place. As Le Truong Tung, president of FTP University, explained back in 2017, accepting crypto payments makes the economy harder to track. It opens doors for money laundering, tax fraud, and unregulated transactions. Vietnam’s banking system isn’t built for decentralized money. So instead of adapting, they shut it down.

What Exactly Is Banned-and What’s Still Allowed?

• Banned: Paying for products, services, tuition, rent, or anything else with Bitcoin, Ethereum, or any other cryptocurrency.
• Allowed: Buying, selling, trading, or holding crypto as an asset. You can own it. You can speculate on it. You can even transfer it to someone else.

This creates a strange gray zone. Many Vietnamese investors buy crypto on exchanges like Binance or OKX, then hold it as a store of value-similar to gold. But if they try to use it to pay a vendor, even privately, they’re breaking the law. The SBV doesn’t care if you bought it legally. If you use it as money, you’re violating Article 27 of Decree 96/2014/ND-CP.

Even peer-to-peer (P2P) payments are risky. If you’re trading crypto with someone for goods and the transaction is traced-say, through a bank transfer or a flagged wallet-you could still be fined. The law doesn’t distinguish between a shop accepting crypto or two friends trading it for cash. The act of using it as payment is the offense.

How Is This Law Actually Enforced?

The SBV doesn’t have a team of crypto detectives crawling through wallets. Enforcement happens mostly in two ways:

1. Businesses that advertise crypto payments. In 2017, a university in Hanoi planned to accept Bitcoin for tuition. The SBV stepped in within days. The school canceled the program immediately. Public announcements = easy targets.
2. Large-scale or suspicious transactions. If the General Department of Vietnam Customs or the Tax Authority spots unusual crypto flows tied to a business, they can investigate. In 2019, the SBV confirmed it had coordinated “additional penal sanctions,” but didn’t release numbers. That’s telling. They’re watching, but they’re selective.

For average users? It’s a game of cat and mouse. Many people use P2P platforms like LocalBitcoins or Paxful to convert crypto to cash, then pay bills with traditional money. It’s indirect, but it works. As long as you don’t openly advertise crypto as payment, the risk is low.

Still, the threat is real. One bad transaction-say, paying for a high-value service like a car or real estate with crypto-could trigger a tax audit or a financial investigation. And once you’re under scrutiny, the 150-200 million VND fine isn’t just a warning. It’s a bill you have to pay.

Why Is Vietnam Still Holding On to This Ban?

Because the SBV still sees crypto as a threat-not a tool. They’ve invested heavily in their own digital payment systems, like the National Financial Inclusion Strategy, which pushed electronic banking and QR code payments. In 2020, 43% of Vietnamese adults used digital payments. That’s higher than the global average. The government wants people to use their systems, not decentralized ones.

Even when the Ministry of Finance started drafting rules in 2022 to tax crypto as an asset, they kept the payment ban intact. The message is clear: you can own crypto, but you can’t spend it like money. This creates a disconnect. Vietnam ranked 8th in the world for crypto adoption in 2021, according to Chainalysis. That means millions of people are using crypto-just not in ways the government approves.

What Happens If You Get Caught?

• Amount: 150-200 million VND (about $6,500-$8,900 USD). That’s more than the average annual salary in many rural Vietnamese provinces.
• Process: The SBV or tax authority issues a penalty notice. You have 10 days to pay or appeal.
• Appeal: Possible, but rare. You’d need legal proof that the transaction wasn’t a payment (e.g., it was a gift or a loan). Good luck with that.
• Repeat offenses: No official policy, but repeated violations could lead to higher penalties or criminal charges under banking fraud laws.

There’s no jail time for simple crypto payments-but the fine is steep enough to scare off most businesses. Individuals rarely get targeted unless they’re high-profile or involved in large-scale transactions.

What’s the Future of Crypto Payments in Vietnam?

More Vietnamese are using crypto than ever. Mobile wallets are everywhere. People want faster, cheaper ways to send money-especially across borders. The SBV’s digital payment systems are convenient, but they’re still tied to banks, fees, and delays.

Experts like Dr. Tran Ngoc Ca from Vietnam’s Academy of Finance say the current system is unsustainable. “The fine is still on the books,” he said in a 2023 interview, “but enforcing it across millions of users is nearly impossible.”

Some believe Vietnam will eventually create a regulated crypto payment system-like a state-backed digital token. Others think the government will double down and criminalize even holding crypto. Neither is certain. But one thing is: the 150-200 million VND fine isn’t going away anytime soon.

For now, the safest move? Use crypto like an investment-not a currency. Buy it. Hold it. Trade it. But when it’s time to pay for something, reach for your bank app. It’s legal. It’s safe. And it won’t cost you a fortune.