Cryptocurrency in Vietnam

Crypto Awareness Growing in Vietnam, But Gaps Remain

In Vietnam, cryptocurrency is starting to capture the attention of a significant portion of the population, with 58.3% of people familiar with the concept. Yet, it's clear that a substantial number of individuals still feel somewhat disconnected from it—like haven't encountered it at all, and have a more hesitant understanding. However, when it comes to actual use, the story shifts slightly. Over 66% of people in Vietnam have started using or owning cryptocurrency.

Curiosity and Concerns Shape Vietnam’s Crypto Market

There is clear curiosity, with nearly half of the population interested in learning more about cryptocurrency, even if they don’t own any. This shows the market could grow, especially among those who are still unsure. However, a significant group of people are worried about the risks of digital currencies.

Mobile Wallets and Exchanges Lead in Crypto Storage

When we look at how people in Vietnam store or manage their cryptocurrency, the most popular choice is using mobile wallets and apps because they’re easy to access. Cryptocurrency exchanges are also widely used. Some people also use software wallets or physical devices like Ledgers or extra security. While some use services like PayPal or Coinbase, many prefer financial apps that offer multiple services, including crypto, for convenience.

Crypto Not Yet Common for Everyday Purchases in Vietnam

Even though many people in Vietnam are excited about cryptocurrency, not everyone is ready to use it for everyday purchases. Only 23.8% have used cryptocurrency to buy something, showing that while interest is high, it’s not yet part of regular spending habits. In contrast, digital payments are becoming popular, with mobile payment systems like Venmo being used by nearly 38% of people.

Binance Dominates Crypto Platforms in Vietnam

It's clear that some platforms are significantly more popular than others. Binance stands out as the most widely used among cryptocurrency owners in Vietnam, far surpassing Bybit, PayPal, and Coinbase. As a dominant player in the market, Binance has earned the trust of many users in Vietnam.