Vietnam’s Digital Assets Law Supports AI and Semiconductor Workforce Development
Vietnam’s National Assembly has enacted the “Digital Technology Industry” law to regulate cryptocurrencies and boost high-tech sectors like artificial intelligence (AI) and semiconductor manufacturing. With ongoing challenges from U.S. tariffs affecting traditional manufacturing, this law shifts focus toward innovation and job creation in digital industries.
Law Highlights
- Establishment of a regulatory framework for cryptocurrencies.
- Government subsidies to support hiring and training in digital sectors.
- Tax incentives for infrastructure projects with substantial investment.
- Measures to align with international anti-money laundering and counter-terrorism financing regulations.
Strengthening Digital Workforce and Industry
The legislation builds on recent Politburo Resolutions focused on science, technology, and private sector growth. It emphasizes education and workforce development to expand Vietnam’s emerging digital economy. Eligible companies can receive subsidies to offset hiring and training costs, while significant infrastructure investments qualify for tax relief.
This approach aims to create sustainable employment opportunities in AI and semiconductors, sectors crucial to Vietnam’s economic diversification.
New Regulatory Framework for Crypto
Previously, cryptocurrencies operated outside Vietnam’s formal regulatory system. The central bank prohibited crypto payments and restricted banking involvement. The new law requires the government to define the market structure, classify digital assets, set business conditions, and establish oversight mechanisms.
Regulatory bodies will be responsible for ensuring market stability and combating financial crimes related to virtual assets.
Compliance with Global Standards
Vietnam’s move to regulate digital assets responds to international concerns. The Financial Action Task Force (FATF) placed Vietnam on its “gray list” in 2023 due to insufficient anti-money laundering and counter-terrorism financing controls, particularly in the crypto sector.
The new law’s Article 50 mandates stronger measures against money laundering and terrorism financing. Meeting these standards could improve Vietnam’s standing with foreign investors and facilitate capital inflows and trade.
Legal professionals involved in compliance, corporate governance, and regulatory affairs should monitor the implementation of this law closely. It marks a significant step toward integrating Vietnam’s digital economy within global legal frameworks.
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