Cryptocurrency Adoption and trends in Vietnam in 2022
It is estimated that 18.6 million Vietnamese, slightly less than a fifth of its entire population own cryptocurrency.
For the second year running, Vietnam has once again emerged first in the world in terms of crypto adoption according to an annual report by Chainalysis, a US blockchain data platform. The study results, released in September 2022, gave Vietnam a maximum of 1 in its Global Crypto Adoption Index. The report also concluded that Vietnam holds the second largest cryptocurrency market in ASEAN, only behind Thailand. This is no surprise as Vietnam continues to witness its economy becoming more digitized in the last decade, with cashless quickly becoming the norm (such as Moca, Momo, or Zalopay). Concurrently, the government has also taken note of the evolving economy and the blooming popularity of cryptocurrency. Its Ministry of Finance (MoF) has been tasked with developing a legalisation reform on cryptocurrency and virtual assets, which has already created a research task force for it.
According to a report by Finders, there is a huge gap between male and female crypto ownership, with 44% of its male population saying it owns cryptocurrency as compared to 35% of the female population.⁵ As of 2022, roughly 70% of Vietnamese crypto owners are 18-34 years old, while 25% are 35-54 years old. Amongst all the different cryptocurrencies, Bitcoin reigns as the most popular cryptocurrency with one in every five Vietnamese crypto owners holding Bitcoin. Besides cryptocurrency, Vietnamese investors are also very involved in GameFi, which is another popular cryptocurrency category, that combines gaming and DeFi.