Deputy Prime Minister Ho Duc Phoc made the statement while receiving Marco Dal Lago, Vice President for Global Development and Partnerships at Tether Group in Hanoi on October 9.

 Tether, a global company in the crypto asset sector, is among the world’s largest issuers of stablecoins, with total reserve assets exceeding US$177 billion, including about US$120 billion in US Treasury bonds.

At the meeting, Ho Duc Phoc said the Vietnamese Government recently issued Resolution No. 05 to pilot a crypto asset market for a five-year period. Relevant agencies are reviewing applications and are expected to license about five crypto trading platforms involving enterprises with strong reputations and solid financial capacity. Once the pilot runs stably, a law will be developed to regulate the market.

He noted that crypto asset trading is a new and potentially risky field, adding that Vietnam remains among the world’s fastest-growing economies, with projected GDP growth of around 8% and total trade turnover of US$ 911 billion this year.

To meet future development needs, the country requires substantial resources for infrastructure, including expressways, high-speed railways, major airports and seaports, and international financial centers.

He expressed interest in Tether’s experience in applying technology to manage and operate crypto exchanges safely and efficiently.

Ho Duc Phoc also suggested that Tether consider partnering with a major Vietnamese enterprise to jointly develop a domestic crypto asset exchange.

For his part, Marco Dal Lago thanked the Deputy PM for the meeting and said he was “envious” of Vietnam’s impressive economic growth. Drawing on Tether’s extensive experience in crypto trading across multiple markets, he described Vietnam as a high-potential and strategically important market for the company.

He expressed confidence that, with advanced technology, competitive costs, and a proven operational record, Tether could effectively collaborate with Vietnam- a country with a young population, strong remittance inflows, and a vibrant market, to develop and process crypto transactions efficiently.

Tether aims to cooperate, support, and share experience with Vietnamese partners to build a sustainable crypto asset trading market and explore investment opportunities in the country. The company is also ready to share expertise in establishing a transparent and well-defined legal framework to help repatriate offshore profits and contribute to Vietnam’s economic growth.

Both sides also discussed system security, policy development for crypto transactions, potential cooperation models, and capital-flow management mechanisms through crypto exchanges.

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