Key Takeaways
- Finance Minister Nguyen Duc Chi met FMA head Mariana Kuhnel in Vienna to align financial regulation.
- SSC head Vu Thi Chan Phuong noted reforms aim to help 99% of SMEs access credit and capital markets.
- FMA proposed joint IOSCO initiatives and expert technical meetings ahead of licensing platforms in 2026.
Building Guardrails
Vietnam reportedly plans to license its first crypto-asset service providers in 2026 under a pilot legal framework as the Southeast Asian country seeks to modernize its financial market oversight. Vietnamese Deputy Minister of Finance Nguyen Duc Chi met on Sept. 15 in Vienna with Mariana Kuhnel, Executive Director of the Austrian Financial Market Authority (FMA), to discuss bilateral cooperation and exchange financial supervision expertise.
The meeting was announced by the State Securities Commission of Vietnam (SSC). Chi said Vietnam is refining its financial regulations to handle new asset types and technological developments. Under its pilot crypto framework, Vietnam expects to grant licenses and allow the first digital asset platforms to begin operations in 2026.
SSC Chairwoman Vu Thi Chan Phuong said Vietnam is drawing on recommendations from the Financial Action Task Force (FATF) and regulatory models from European Union agencies to design its supervisory mechanisms.
“A supervision mechanism is being developed for service providers and investor transactions with emphasis on risk management, investor asset protection and anti-money laundering,” Phuong said.
Phuong added that Vietnam is considering restructuring its stock trading boards, including those focused on small- and medium-sized enterprises (SMEs). The effort aims to boost transparency, improve listed product quality, and prevent market manipulation and price rigging.
Small- and medium-sized enterprises make up roughly 99% of operating businesses in Vietnam. Chi noted that domestic support policies are being updated to improve governance, compliance, and digital transformation for SMEs to boost their access to credit and capital markets.
Kuhnel highlighted that while many underlying financial rules are framed at the EU level, the FMA implements and enforces them within Austria. Established in 2002, the FMA acts as an independent authority overseeing banks, insurers, investment firms, stock exchanges, and crypto service providers.
To foster ongoing cooperation, Kuhnel proposed holding online technical workshops between experts and increasing coordination through the International Organisation of Securities Commissions (IOSCO). Chi welcomed the proposal, stating the coordination channels will convert shared technical expertise into concrete joint activities.
