Vietnamese regulations provide a broad range of activities for each type of financial institution.

For banks and other credit institutions, these activities include the followings, among others:

• Deposit-taking, that is, receiving money from an organization or individual as a demand or term deposit, or a savings deposit and issuing deposit certificates, bills or treasury bills and other forms of receiving deposits on the principle of full payments of principals and interest to the depositor under the agreement
• Credit extension, that is, an agreement allowing an organization or individual to use a sum of money, or a commitment enabling the use of a sum of money, on the repayment principle by the following types of operations: lending, providing discounts, financial leasing, factoring, providing bank guarantees and other credit extension operations
• Provision of via account payment services, that is, the provision of payment instruments; provision of services of payment by check, payment order, payment authorization, collection, collection authorization, bank cards, letters of credit¹ and other payment services for clients via their accounts
• Regarding payment instruments, the SBV instructed that Vietnam has not provided specific regulations on virtual money and virtual asset and such regulations are being developed by competent authorities (however, there is still no development on the draft of the SBV with regard to virtual money and virtual assets). That said, the SBV is of the opinion that virtual money in general and Bitcoin/Litecoin in specific are illegal payment instruments and not currency. The SBV has issued warnings that investing in such items involves significant risks for investors.
• Borrowing of loans from the SBV and/or other credit institutions and financial institutions
• Banks, finance companies and financial leasing companies may deal in and provide foreign exchange services and derivative products.
• Other business activities, which include cash management, banking and financial consultancy, asset management and preservation, and safekeeping; consultancy of corporate finance, business acquisition, sale, consolidation and merger and investment; trading in government bonds and corporate bonds; money brokerage services; and securities depository, gold trading and other business activities related to banking operation²
• Commercial banks may also act as a custodian bank for securities following registration with the SSC for providing depository services and supervising the management of public funds and securities investment companies. The assets that a bank manages as a custodian must be held separately from its other assets. A custodian bank's duties can also include the certification of reports prepared by a fund management company or a securities investment company (as applicable).
• Commercial banks may operate as an agent to provide Vietnamese customers insurance products and services through its banking channels, with approval from the SBV.
• Finance companies may, among others, issue money deposits, provide loans (including consumer loans), provide guarantees and issue credit cards.
• Finance leasing companies may, among others, take deposits from organizations, issue money deposits, and provide finance leases and operating leases.

Insurance companies may carry out insurance business (effecting and carrying out contracts for both life and non-life insurance), including the following, among others:

• Insurance business, reinsurance business and reinsurance cession business
• Fund management and capital investment generated from the insurance business
• Provision of insurance ancillary services
• Other activities directly related to the insurance business

Insurance brokers may perform direct insurance broking and reinsurance broking activities and provide insurance auxiliary services and other services related to insurance contracts upon policyholders’ request.

Insurance auxiliary services are part of insurance business activities performed by insurance companies, insurance brokers and other organizations/individuals for gaining profit, including insurance consultancy, insurance risk assessment, actuary, insurance loss appraisal, and support on claim settlement.

Securities companies and fund management companies may carry out the following business activities, among others:

• Securities companies may trade in securities and other investments as principal or as the agent. This would cover trading as brokers as well as proprietary trading.
• Securities companies may carry out securities underwriting and securities investment consultancy.
• Securities companies may carry out entrusted management of individual investors’ securities trading accounts and provide financial consultancy services and other financial services.
• Fund management companies may carry out the management of securities investment funds and securities portfolios and securities investment consultancy.
• Fund management companies may mobilize and manage foreign investment funds to invest in Vietnam.

The SBV, SSC and the MOF are state bodies with authority to grant licenses for banks and other financial institutions. The scope of a financial institution’s permitted activities is specified in its establishment and operation license.

The legal framework of Vietnam for cryptocurrency, digital assets and stable coins remains at an early stage of development.  There are currently no regulations or draft proposals that directly regulate cryptocurrency in general and stable coins specifically in Vietnam. Nevertheless, it can be seen that Vietnam has recently been making efforts to improve its regulations in this area and has been adopting several initiatives to develop its legal framework to accommodate cryptocurrency.

For digital assets, Vietnam's prime minister issued Decision No. 1255/QD-TTg in 2017, approving a scheme to improve the legal framework for the management and handling of virtual assets, electronic money and virtual money. Moreover, under Government Decision 194/QD-TTg dated 23 February 2024, the government of Vietnam has specifically assigned the MOF to conduct research, develop a legal framework, and decide by May 2025 whether to ban or regulate crypto-assets, with an aim to combat money laundering. In addition to the development of the legal framework for crypto-asset management, the decision also requires the ministry to enforce the legal framework, including improving understanding for management and supervisory agencies about the risks of the issue.

¹ Under Article 107.2 of the Law on Credit Institutions 2024, "letter of credit" is a form of credit extension, and no longer a "provision of via account payment service".

² Under Article 114 of the Law on Credit Institutions 2024, other activities of banks include: "cash management, treasury service, banking and financial consultancy, asset management and preservation, and safekeeping; provision of money transfer, collection, disbursement services and other non-account-based payment services; factoring and letter of credit related services; trading in government bonds and corporate bonds; money brokerage services; and securities depository, gold trading and other business activities related to banking operation."