Introduction
\nNon-Fungible Tokens (\u201cNFTs\u201d) have evolved far beyond digital artwork and collectibles. Today, NFTs are used in gaming ecosystems, membership programs, loyalty schemes, intellectual property management, ticketing solutions, tokenized experiences, digital commerce and numerous other business applications.
\nFor several years, NFTs operated in a legal grey area in Vietnam. This changed significantly with the adoption of the Law on Digital Technology Industry (Law No. 71\/2025\/QH15), which entered into force on 1 January 2026 and introduced Vietnam\u2019s first comprehensive framework recognizing digital assets.
\nThis development has created greater legal certainty for businesses and investors, while simultaneously raising important compliance questions regarding the issuance, sale, marketing and use of NFTs in Vietnam.
\nThis article explains:
\n\u2022\tWhat NFTs are;
\n\u2022\tWhether NFTs are legal in Vietnam;
\n\u2022\tHow NFTs are likely to be classified under Vietnamese law;
\n\u2022\tThe principal legal risks associated with NFT projects;
\n\u2022\tHow foreign companies can offer NFTs into Vietnam;
\n\u2022\tPractical implementation and compliance considerations; and
\n\u2022\tHow Vietnam compares with other leading digital asset jurisdictions.<\/p>\n
1. What Is an NFT?
\nAn NFT (Non-Fungible Token) is a unique digital token recorded on a blockchain.
\nUnlike Bitcoin or other cryptocurrencies, which are interchangeable and identical in value, each NFT is unique and can represent specific ownership rights, access rights or other interests.
\nNFTs may be linked to:
\n\u2022\tDigital artwork;
\n\u2022\tCollectibles;
\n\u2022\tGaming assets;
\n\u2022\tMembership programs;
\n\u2022\tEvent tickets;
\n\u2022\tIntellectual property rights;
\n\u2022\tDigital identities;
\n\u2022\tTokenized experiences; and
\n\u2022\tCertain real-world assets.
\nImportantly, the NFT itself is usually not the underlying asset. Rather, it functions as a blockchain-based certificate evidencing ownership or rights relating to a particular asset or service.
\nSimply put:
\nCryptocurrency functions like digital money.
\nAn NFT functions like a digital certificate of ownership or entitlement.<\/p>\n
2. Are NFTs Legal in Vietnam?
\nThe short answer is yes.
\nVietnamese law does not prohibit NFTs.
\nThe Law on Digital Technology Industry now formally recognizes digital assets and introduces legal concepts including virtual assets and crypto assets.
\nAlthough the law does not specifically define NFTs, NFTs are likely to fall within the broader category of recognized digital assets.
\nAs a result, NFTs today enjoy a significantly clearer legal status than in previous years.
\nHowever, legal recognition does not mean complete deregulation.
\nNFT projects must still be assessed under applicable laws relating to consumer protection, intellectual property, cybersecurity, personal data protection, taxation, anti-money laundering and other relevant legal frameworks.<\/p>\n
3. How Are NFTs Likely Classified Under Vietnamese Law?
\nThe law recognizes categories of digital assets, including virtual assets and crypto assets.
\nMost NFTs are likely to qualify as digital assets because they are:
\n\u2022\tCreated electronically;
\n\u2022\tRecorded on blockchain technology;
\n\u2022\tDigitally authenticated;
\n\u2022\tCapable of being transferred electronically; and
\n\u2022\tCapable of holding economic value.
\nThe exact classification of an NFT will depend on its characteristics and functionality.
\nVietnamese regulators are increasingly likely to focus on economic substance rather than technological labels.
\nAccordingly, the critical legal question is not:
\n\u201cIs this an NFT?\u201d
\nThe more important question is:
\n\u201cWhat rights does this NFT provide?\u201d<\/p>\n
4. The Most Important Legal Question: What Rights Does the NFT Grant?
\nThis is where the regulatory analysis begins.
\nCollectible NFTs
\nExamples include:
\n\u2022\tDigital art;
\n\u2022\tCollectibles;
\n\u2022\tGaming skins;
\n\u2022\tEvent memorabilia.
\nThese generally present relatively lower regulatory risk.
\nUtility NFTs
\nExamples include:
\n\u2022\tMembership programs;
\n\u2022\tAccess to exclusive communities;
\n\u2022\tLoyalty programs;
\n\u2022\tPremium subscriptions.
\nThese remain relatively manageable from a regulatory perspective but may trigger consumer protection and e-commerce requirements.
\nInvestment NFTs
\nExamples include:
\n\u2022\tProfit-sharing rights;
\n\u2022\tRevenue participation;
\n\u2022\tDividend-like distributions;
\n\u2022\tInvestment pooling structures;
\n\u2022\tYield-generating arrangements.
\nThese present substantially higher regulatory risks.
\nThe more an NFT resembles an investment product, the more likely regulators will examine whether it functions similarly to a security, investment contract or other regulated financial product.
\nThe label \u201cNFT\u201d will not determine the legal outcome.
\nThe rights attached to the NFT will.<\/p>\n
5. NFTs Are Not Legal Tender
\nBusinesses should clearly distinguish between digital assets and legal tender.
\nNFTs are not recognized as legal tender in Vietnam and cannot be promoted as official payment substitutes.
\nThis distinction remains important for marketing materials, payment arrangements and platform operations.<\/p>\n
6. Can Foreign Companies Sell NFTs into Vietnam?
\nIn many cases, yes.
\nThere is currently no general prohibition preventing foreign issuers from offering NFTs to Vietnamese users on a cross-border basis.
\nHowever, foreign issuers should carefully assess:
\n\u2022\tNFT functionality;
\n\u2022\tMarketing materials;
\n\u2022\tConsumer disclosures;
\n\u2022\tPayment mechanisms;
\n\u2022\tIntellectual property rights;
\n\u2022\tData protection obligations;
\n\u2022\tTax implications; and
\n\u2022\tAML considerations.
\nThe more investment-like the NFT becomes, the greater the potential regulatory scrutiny.<\/p>\n
7. Practical Legal Issues Frequently Overlooked
\nIntellectual Property
\nKey questions include:
\n\u2022\tWho owns the underlying artwork?
\n\u2022\tWhat rights are transferred?
\n\u2022\tDoes the NFT purchaser acquire copyright ownership?
\n\u2022\tIs only a limited licence granted?
\nMany NFT disputes arise because buyers incorrectly assume ownership of the underlying intellectual property.
\nConsumer Protection
\nNFT purchasers should receive transparent information regarding:
\n\u2022\tRisks;
\n\u2022\tLimitations;
\n\u2022\tFunctionality;
\n\u2022\tTransfer restrictions;
\n\u2022\tRefund policies;
\n\u2022\tPlatform dependency.
\nData Protection
\nNFT platforms collecting information from Vietnamese users may need to consider:
\n\u2022\tPersonal data protection requirements;
\n\u2022\tCybersecurity obligations;
\n\u2022\tCross-border data transfer considerations.
\nTaxation
\nNFT transactions may create:
\n\u2022\tCorporate income tax implications;
\n\u2022\tValue-added tax issues;
\n\u2022\tPersonal income tax consequences;
\n\u2022\tCross-border tax considerations.
\nTax treatment remains highly fact-specific.<\/p>\n
8. Practical Compliance Roadmap for NFT Projects
\nBefore launching an NFT project targeting Vietnam, businesses should consider the following steps:
\nStep 1 \u2013 Classify the NFT
\nDetermine whether the NFT is primarily:
\n\u2022\tCollectible;
\n\u2022\tUtility-based; or
\n\u2022\tInvestment-oriented.
\nStep 2 \u2013 Review Holder Rights
\nIdentify exactly what NFT holders receive.
\nStep 3 \u2013 Review Marketing Materials
\nAvoid language implying:
\n\u2022\tGuaranteed returns;
\n\u2022\tInvestment profits;
\n\u2022\tCapital appreciation;
\n\u2022\tFinancial performance.
\nStep 4 \u2013 Review Consumer Disclosures
\nEnsure clear disclosure of:
\n\u2022\tRisks;
\n\u2022\tOwnership rights;
\n\u2022\tTransfer limitations;
\n\u2022\tTechnical dependencies.
\nStep 5 \u2013 Review Data Protection Compliance
\nAssess:
\n\u2022\tData collection;
\n\u2022\tData storage;
\n\u2022\tCross-border transfers;
\n\u2022\tUser privacy obligations.
\nStep 6 \u2013 Review AML Considerations
\nParticular attention should be given to:
\n\u2022\tHigh-value transactions;
\n\u2022\tSecondary-market trading;
\n\u2022\tAnonymous wallet structures.
\nStep 7 \u2013 Obtain Vietnam-Specific Legal Advice
\nProjects should be reviewed before launch rather than after regulatory issues arise.<\/p>\n
9. Key Takeaways for Foreign NFT Issuers
\nForeign NFT issuers should remember the following:
\nVietnam does not prohibit NFTs
\nNFTs are generally permissible under Vietnamese law.
\nClassification matters
\nThe legal treatment depends on what the NFT does, not what it is called.
\nAvoid investment-style marketing
\nStatements regarding profits, returns or investment opportunities should be carefully reviewed.
\nClarify ownership rights
\nBuyers should clearly understand what rights are acquired.
\nReview consumer protection obligations
\nTransparent disclosures reduce legal risk.
\nAssess cybersecurity and data protection obligations
\nNFT platforms often collect substantial user information.
\nConsider AML and tax implications early
\nCompliance should be integrated from the start.
\nFocus on substance
\nThe strongest NFT projects are legally structured around transparency and functionality rather than speculation.<\/p>\n
10. Vietnam Compared with Singapore, Hong Kong and the UAE
\nVietnam
\nVietnam has recently recognized digital assets and is developing a comprehensive regulatory framework.
\nSignificant opportunities exist, but implementation regulations are still evolving.
\nSingapore
\nSingapore adopts a sophisticated activity-based approach.
\nA simple collectible NFT may fall outside financial regulation, while investment-style NFTs may trigger securities or capital markets regulation.
\nHong Kong
\nHong Kong focuses heavily on investor protection and virtual asset regulation.
\nNFTs linked to investment activities may fall within securities or collective investment scheme frameworks.
\nUnited Arab Emirates
\nThe UAE has developed one of the world\u2019s most sophisticated virtual asset ecosystems.
\nRegulators in Dubai and Abu Dhabi provide structured licensing frameworks while encouraging innovation.
\nFor serious NFT businesses seeking regulatory certainty, the UAE currently offers one of the most advanced environments globally.<\/p>\n
Conclusion
\nVietnam has entered a new chapter in the regulation of digital assets.
\nFor the first time, the Law on Digital Technology Industry provides formal legal recognition of digital assets and establishes the foundation for a broader digital asset ecosystem. While NFTs are not specifically defined or regulated as a separate asset class, they are no longer operating in a complete legal vacuum. Instead, they must now be analyzed within Vietnam\u2019s emerging framework governing virtual assets, crypto assets and other digital assets.
\nFor businesses, investors and NFT issuers, the most important lesson is straightforward:
\nThe legal analysis does not begin with the question \u201cIs this an NFT?\u201d
\nThe more important question is:
\n\u201cWhat rights does this NFT provide to its holder?\u201d
\nA digital artwork NFT, a membership NFT, a gaming NFT and a profit-sharing NFT may all use identical blockchain technology while attracting very different regulatory treatment. Vietnamese authorities, like regulators in leading jurisdictions around the world, are increasingly focusing on economic substance rather than technological form.
\nForeign issuers should therefore avoid viewing Vietnam merely as a technological market. Success in Vietnam requires careful consideration of consumer protection, intellectual property rights, marketing practices, data protection obligations, tax implications, anti-money laundering requirements and the evolving digital asset framework.
\nAt the same time, businesses should recognize the opportunities. Vietnam is one of Southeast Asia\u2019s most dynamic digital economies, with a young technology-oriented population, increasing blockchain adoption and a government that has now taken the important step of formally recognizing digital assets. This creates significant potential for NFT projects involving digital collectibles, gaming ecosystems, memberships, loyalty programs, tokenized experiences and other innovative use cases.
\nNevertheless, caution remains essential. The Digital Technology Industry Law is only the beginning of the regulatory journey. Additional implementing decrees, regulations and supervisory guidance are expected over the coming years. Businesses entering the Vietnamese market today should therefore adopt a compliance-first strategy that allows flexibility as the regulatory framework continues to evolve.
\nIn practical terms, the safest approach for NFT issuers remains:
\n1.\tClearly identify the rights attached to the NFT.
\n2.\tAvoid creating investment-return expectations unless specifically structured and advised upon.
\n3.\tImplement robust consumer disclosures.
\n4.\tReview intellectual property ownership and licensing arrangements.
\n5.\tAssess data protection and cybersecurity obligations.
\n6.\tConsider tax and AML implications from the outset.
\n7.\tObtain Vietnam-specific legal advice before launch.
\nVietnam\u2019s digital asset market is moving from uncertainty toward regulation. Those who focus on transparency, compliance and responsible innovation will be best positioned to benefit from the opportunities created by this transition.
\nThe future of NFTs in Vietnam will ultimately be shaped not by the technology itself, but by how effectively businesses align innovation with legal compliance, consumer trust and regulatory expectations. For market participants willing to take that approach, Vietnam represents one of the most promising emerging digital asset markets in Asia.<\/p>\n
***
\nFor more information on the above, please do not hesitate to contact the author Dr. Oliver Massmann under omassmann@duanemorris.com. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.<\/p>\n","protected":false},"excerpt":{"rendered":"
Introduction Non-Fungible Tokens (\u201cNFTs\u201d) have evolved far beyond digital artwork and collectibles. Today, NFTs are used in gaming ecosystems, membership programs, loyalty schemes, intellectual property management, ticketing solutions, tokenized experiences, digital commerce and numerous other business applications. For several years, NFTs operated in a legal grey area in Vietnam. This changed significantly with the adoption … <\/p>\n
Continue reading “Lawyer in Vietnam Dr. Oliver Massmann – Non-Fungible Tokens (NFTs) in Vietnam: Legal Status, Regulatory Risks and Practical Implementation Guide for Businesses and Investors”<\/span><\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"ppma_author":[1007],"class_list":["post-2025","post","type-post","status-publish","format-standard","hentry","category-vietnam-general"],"authors":[{"term_id":1007,"user_id":24,"is_guest":0,"slug":"omassmann","display_name":"Dr. Oliver Massmann","avatar_url":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-content\/uploads\/sites\/19\/2014\/08\/massmannoliver-125x150.jpg","author_category":"","last_name":"Massmann","first_name":"Dr. Oliver","job_title":"","user_url":"http:\/\/www.duanemorris.com\/attorneys\/olivermassmann.html","description":"Read Oliver's bio.<\/a>"}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/posts\/2025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/comments?post=2025"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/posts\/2025\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/media?parent=2025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/categories?post=2025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/tags?post=2025"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/vietnam\/wp-json\/wp\/v2\/ppma_author?post=2025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}