How to convert USDT to USD for a business in Vietnam
A company in Vietnam has no licensed route today to convert USDT or USDC into US dollars in its own account. The Law on Digital Technology Industry recognizes crypto assets from 1 January 2026, but the pilot market under Resolution No. 05/2025/NQ-CP settles only in dong, no license had been reported issued on the sources we checked, and Decree No. 284/2026/ND-CP fines domestic investors who trade outside licensed providers. This guide sets out the legal position first, then the foreign exchange rules, the routes in use and their risks, records and where Helm fits.
- The State Bank of Vietnam has stated that virtual currencies are not legal currencies and cannot be used as lawful payment instruments in Vietnam.
- The Law on Digital Technology Industry, in force from 1 January 2026, recognizes digital assets, including crypto assets, and excludes securities, digital forms of legal tender and other financial assets.
- Resolution No. 05/2025/NQ-CP created a five-year pilot crypto-asset market in which services are provided only by providers licensed by the Ministry of Finance and all trading and payment is in Vietnamese dong.
- Six months after the first provider is licensed, domestic investors must trade only through licensed providers, and Decree No. 284/2026/ND-CP, in force from 1 September 2026, fines domestic investors VND 30 million to VND 50 million for trading outside them.
- Decree No. 70/2014/ND-CP requires export proceeds to be deposited into foreign currency accounts in Vietnam, so an export paid in USDT to a wallet does not meet the rule.
- A Vietnamese company needs SBV permission to open a foreign currency account abroad, including a USD account with a foreign provider.
Is it legal for a Vietnamese company to convert USDT to USD? The position is restrictive
The short answer is that the legal route is narrow and not yet open. Vietnam now recognizes crypto assets in law, but it has not made them a lawful means of payment, and the only licensed market it has created settles in Vietnamese dong, not dollars. A Vietnamese company that holds USDT or USDC therefore has no licensed route today that turns them into US dollars in its own bank account.
USDT (issued by Tether) and USDC (issued by Circle) are stablecoins: digital tokens designed to hold a steady value of one US dollar each. They are not dollars, and Vietnamese law treats them differently from foreign currency. Four sets of rules apply.
| Instrument | What it says | What it means for a company |
|---|---|---|
| State Bank of Vietnam (SBV) statement on virtual currencies | Virtual currencies are not legal currencies and cannot be used as lawful payment instruments in Vietnam | A company may not accept USDT or USDC as payment for goods or services |
| Law on Digital Technology Industry (Law No. 71/2025/QH15), in force from 1 January 2026 | Recognizes digital assets, including crypto assets; excludes securities, digital forms of legal tender and other financial assets | Crypto assets now have a legal status as assets, not as money |
| Resolution No. 05/2025/NQ-CP, in force from 9 September 2025 | Five-year pilot crypto-asset market; services only by providers licensed by the Ministry of Finance; all offering, issuance, trading and payment in dong | A licensed sale of crypto assets produces dong, not dollars |
| Decree No. 284/2026/ND-CP, in force from 1 September 2026 | Fines a domestic investor that trades crypto assets other than through a licensed provider VND 30 million to VND 50 million (Article 9) | Selling USDT on an offshore exchange or to an unlicensed dealer carries a sanction risk |
| Ordinance on Foreign Exchange, Articles 22 and 23; Decree No. 70/2014/ND-CP, Article 5.1 | No payments in foreign currency inside Vietnam without SBV permission; accounts abroad need SBV permission; export proceeds go into foreign currency accounts in Vietnam | Dollars from a conversion must follow the same foreign exchange rules as any other dollars |
Sources: Vietnam Law Magazine; Allen & Gledhill; LuatVietnam (Decree No. 284/2026/ND-CP); Ordinance No. 06/2013/UBTVQH13; Decree No. 70/2014/ND-CP. As published on 29 October 2026.
Two of these rules matter most. Resolution No. 05/2025/NQ-CP gives domestic investors six months after the Ministry of Finance licenses the first crypto-asset service provider to move their trading to licensed providers, and Decree No. 284/2026/ND-CP sets the fines for trading outside them. On the sources we could check on 29 October 2026, we found no report that a license had been issued. A company should treat the position as restrictive and take Vietnamese legal advice before it converts anything.
The crypto pilot and Decree 284: what is licensed and what is fined
Resolution No. 05/2025/NQ-CP, signed on 9 September 2025, opened a five-year pilot for issuing, offering and trading crypto assets in Vietnam. It defines a crypto asset as a type of digital asset that uses encryption or similar digital technology to authenticate the asset, and excludes securities, digital forms of legal currency and other financial assets.
| Point | Rule under the pilot |
|---|---|
| Who may provide services | Vietnamese enterprises licensed by the Ministry of Finance, with charter capital of at least VND 10,000 billion |
| Currency | All offering, issuance, trading and payment of crypto assets in Vietnamese dong |
| New issues | Only against real underlying assets, not securities or legal currencies; offered only to foreign investors |
| Foreign investors | Trade through licensed providers, using a dedicated dong account at a licensed Vietnamese bank |
| Domestic investors | Six months after the first license, all trading must go through a licensed provider; knowingly trading with unlicensed providers can bring administrative or criminal sanctions |
| Tax | Crypto asset transactions taxed as for securities until new rules are issued |
| Licensing | Five applicants shortlisted by the Ministry of Finance by March 2026; no license reported issued on the sources we checked |
Sources: Vietnam Law Magazine, 19 September 2025; Allen & Gledhill, 9 October 2025; The Investor, 26 March 2026. As published on 29 October 2026.
Officials have said what happens to offshore exchanges once licensed platforms open. The Investor reported in March 2026 that the deputy head of the crypto-asset market management board at the State Securities Commission said unpermitted platforms would not be allowed to provide services in Vietnam, and that all transactions by Vietnamese investors must be conducted on licensed platforms.
Decree No. 284/2026/ND-CP: the fines
Decree No. 284/2026/ND-CP was issued on 16 July 2026 and took effect on 1 September 2026, for the life of the pilot. Article 9 fines a domestic investor that trades crypto assets other than through a provider licensed by the Ministry of Finance VND 30 million to VND 50 million. Article 4 sets the general maximum fine at VND 200 million for organizations and VND 100 million for individuals, with an individual's fine set at half an organization's. Tilleke & Gibbins notes that remedies include confiscation of assets connected with a violation, and that banks gain explicit grounds to refuse transactions.
What the rules do not settle for companies
The pilot was designed for trading, not for companies paid in stablecoins. Several questions it leaves open decide whether a company can convert at all. Put them to Vietnamese counsel in writing before the first conversion.
| Question | Why it matters |
|---|---|
| Will licensed providers list USDT or USDC? | New issues under the pilot may not be backed by legal currencies; whether existing dollar stablecoins can be traded is not stated in the sources we checked |
| May a company trade on a licensed platform, or only individuals? | Decree 284 fines a domestic investor, and its fine levels distinguish organizations from individuals |
| Is selling USDT abroad trading outside a licensed provider? | After the transition, Decree 284 fines domestic investors who trade other than through licensed providers |
| How is USDT received from a foreign customer treated? | The SBV does not accept virtual currencies as lawful payment, and export proceeds must arrive as foreign currency in Vietnam |
| Can a licensed platform pay out dollars? | Trading and payment under the pilot are in dong only |
Source: Helm Editorial Team, from the rules cited in this guide, as published on 29 October 2026.
Until these points are settled, the safest course for a Vietnamese company is not to accept stablecoins for its sales, and to treat any stablecoins it already holds as a matter for legal and tax advice.
Foreign exchange rules that apply to the dollars
Even where a conversion happens, the dollars follow Vietnam's foreign exchange rules. These are covered in full in our guide to a USD business account in Vietnam; three points apply directly to stablecoins.
- Export proceeds come home. Article 5.1 of Decree No. 70/2014/ND-CP requires a Vietnamese company's proceeds from exports of goods and services to be deposited into foreign currency accounts at authorized credit institutions in Vietnam. An export paid in USDT to a wallet does not meet that rule.
- Accounts abroad need permission. Under Article 23 of the Ordinance on Foreign Exchange, as amended in 2013, organizations other than credit institutions need SBV permission to open foreign currency accounts overseas, and only in listed cases. That includes a USD account with a foreign provider.
- No dollar payments at home. Article 22 of the Ordinance bars the use of foreign currency for transactions and payments inside Vietnam unless the SBV permits it.
| Situation | Position under the rules |
|---|---|
| Foreign customer offers to pay an export invoice in USDT | Not lawful payment; export proceeds must arrive as foreign currency in a Vietnamese bank account |
| Foreign customer pays the same invoice in USD by SWIFT | The standard route into the company's foreign currency account |
| Company sells USDT for dong on a licensed pilot platform | Contemplated by the pilot once licensed providers operate; the result is dong |
| Company sells USDT on an offshore exchange | Sanction risk under Decree 284 once the transition ends |
| Company converts USDT into a USD account abroad | Needs SBV permission for the account; the trade itself raises the Decree 284 question |
Sources: Decree No. 70/2014/ND-CP; Ordinance No. 06/2013/UBTVQH13; Resolution No. 05/2025/NQ-CP; Decree No. 284/2026/ND-CP. Compiled by the Helm Editorial Team, as published on 29 October 2026.
The routes in use, and their risks
Crypto use in Vietnam is widespread. The Investor cited a VinaCapital estimate of about 17 million Vietnamese trading crypto, with annual volume above $100 billion, largely on offshore exchanges. Businesses use the same channels. The table sets out what each involves for a company. It is not a recommendation.
| Route | How it works | What you receive | Main risks |
|---|---|---|---|
| Offshore exchange | Deposit USDT, sell it, withdraw | Usually dong through a P2P buyer, or a foreign currency balance abroad | Unlicensed provider under Resolution 05; Decree 284 fines; officials say such platforms will be blocked |
| P2P buyer | Another user pays you dong by bank transfer for your USDT | Dong from a third party's account | Funds from strangers, frozen accounts, no record that matches an invoice |
| OTC dealer or agent | A dealer quotes a price for a block and pays out | Dong, cash or dollars abroad | Unlicensed provider; cash and third-party payments break the paper trail |
| Licensed pilot platform | Sell through a provider licensed by the Ministry of Finance | Dong | No license reported issued on the sources we checked; whether USDT will be listed is unknown |
| Foreign affiliate | A company registered abroad receives and converts stablecoins under its own law, then pays the Vietnamese company in USD | USD in the Vietnamese company's foreign currency account | Transfer pricing and tax rules; the affiliate must be a real business with its own contracts |
Sources: The Investor, 26 March 2026; Resolution No. 05/2025/NQ-CP and Decree No. 284/2026/ND-CP as summarized above. Compiled by the Helm Editorial Team, as published on 29 October 2026.
P2P (peer to peer) means trading directly with another user, with the platform acting only as a marketplace. OTC (over the counter) means a dealer that trades blocks directly with clients. The P2P route is the one most likely to cause harm to a company. A buyer pays from its own account, which may be unconnected to the trade, and if the money is later reported as the proceeds of fraud, the receiving account can be frozen while the bank investigates. Decree 284 also gives banks explicit grounds to refuse transactions.
Getting US dollars into the company's account lawfully
Most Vietnamese companies that are offered stablecoins want dollars in their own account, because their suppliers invoice in dollars. The lawful way to get there is usually not a conversion at all.
| Situation | Route that fits the rules |
|---|---|
| A foreign customer wants to pay in USDT | Ask for payment in USD by SWIFT to the company's foreign currency account in Vietnam, against the export invoice |
| A group sells through a company in Singapore, Hong Kong or the US | The foreign company receives and converts stablecoins under its own country's law, and pays the Vietnamese company in USD under a contract |
| The company already holds stablecoins | Take legal advice on whether and where it may sell them; a licensed pilot platform will pay out in dong |
| The company needs dollars to pay a Chinese supplier | Buy dollars from a Vietnamese bank against the import contract and invoice, which Decree 70 permits for current transactions |
Source: Helm Editorial Team, from Decree No. 70/2014/ND-CP and the Ordinance on Foreign Exchange, as published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments. A foreign customer paying a Vietnamese bank by SWIFT gives the company a bank record that matches its export invoice and customs declaration, which a stablecoin receipt cannot. Our guide on how to receive USD in Vietnam sets out what to give the payer, and importers can read our guide on paying Chinese suppliers from Vietnam.
Records and tax points
If a company does hold or convert stablecoins, its records must explain every step, because there is no Vietnamese bank record of the sale. The checklist below is what auditors and banks ask for in practice.
| Record | Why you need it |
|---|---|
| The invoice or contract that explains why the company received or holds the stablecoins | Links the tokens to a sale, a service or an investment |
| The blockchain transaction record: hash, network, sending and receiving addresses | Shows the tokens arrived in a wallet the company controls |
| The provider's trade confirmation | Shows the rate, the fee and the amount received |
| The bank statement showing the proceeds arriving | Closes the chain from invoice to the company's account |
| Board approval for holding or trading crypto assets | Shows who authorized the activity |
| Written legal advice on the route used | Shows the company considered Resolution 05 and Decree 284 |
Typical records compiled by the Helm Editorial Team, as published on 29 October 2026.
A transaction hash is the unique identifier of a blockchain transfer, which anyone can look up on a public block explorer. On tax, Resolution No. 05/2025/NQ-CP states that crypto asset transactions are taxed as for securities until new rules are issued. How that applies to a company's corporate income tax and accounts is a question for your tax adviser; this guide does not give tax advice.
Where Helm fits, and where it does not
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm works with companies registered in Vietnam, and a Helm account can receive USDC and USDT and convert them to USD inside the account. For a Vietnamese company, that feature is not a route around the rules in this guide. An account abroad falls under the SBV permission rule in Article 23 of the Ordinance, export proceeds must still arrive in a foreign currency account in Vietnam, and trading crypto assets outside a licensed provider carries the sanctions in Decree No. 284/2026/ND-CP. Use the stablecoin features only where Vietnamese counsel has confirmed in writing that they are open to the company.
Helm fits more directly in two cases:
- A trading affiliate outside Vietnam, in a country whose law allows it, that receives USDC or USDT from customers, converts them to USD in its own name and pays the Vietnamese factory in USD by SWIFT, with the rate, fee and expected arrival shown before sending. The Vietnamese company then receives export proceeds in its own foreign currency account in Vietnam.
- A foreign buyer of Vietnamese goods that pays its suppliers in Vietnam in USD from USD account details in its own name.
Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment. Each account has a named account manager, and review questions are answered in writing within one business day.
A checklist for Vietnamese companies
- Do not accept USDT or USDC as payment for goods or services; the SBV does not treat them as lawful payment.
- Invoice foreign customers in USD and ask for payment by SWIFT to the company's foreign currency account in Vietnam.
- If the company already holds stablecoins, get written Vietnamese legal advice before selling them.
- Do not sell company stablecoins to P2P buyers, agents or offshore exchanges; Decree 284 fines trading outside licensed providers.
- Watch for the first Ministry of Finance license; the six-month transition for domestic investors starts from it.
- Keep the invoice, transaction hash, trade confirmation and bank statement for every token the company receives or sells.
- Agree the tax treatment with your adviser before any conversion.
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Open accountQuestions
Can a Vietnamese company legally convert USDT to US dollars?
Not through a licensed route today. The pilot market under Resolution No. 05/2025/NQ-CP settles only in dong, no license had been reported issued on the sources we checked, and Decree No. 284/2026/ND-CP fines domestic investors who trade outside licensed providers. Take Vietnamese legal advice first.
Is USDT legal in Vietnam?
Holding crypto assets is recognized under the Law on Digital Technology Industry from 1 January 2026, but the SBV has stated that virtual currencies are not lawful payment instruments. Trading is meant to move to providers licensed under the pilot, in dong.
Can a Vietnamese company accept USDT as payment from a foreign customer?
It should not. The SBV does not accept virtual currencies as lawful payment, and Decree No. 70/2014/ND-CP requires export proceeds to be deposited into foreign currency accounts at authorized banks in Vietnam. Ask the customer to pay in USD by SWIFT instead.
What is Resolution 05/2025/NQ-CP?
It is the Government resolution of 9 September 2025 that created a five-year pilot crypto-asset market in Vietnam. Services may be provided only by Vietnamese enterprises licensed by the Ministry of Finance, and all offering, issuance, trading and payment must be in dong.
What fines apply for trading crypto on unlicensed exchanges in Vietnam?
Decree No. 284/2026/ND-CP, in force from 1 September 2026, sets a fine of VND 30 million to VND 50 million in Article 9 for a domestic investor that trades crypto assets other than through a provider licensed by the Ministry of Finance.
Has Vietnam licensed a crypto exchange yet?
The Investor reported in March 2026 that the Ministry of Finance had shortlisted five applicants for pilot licenses. On the sources we could check on 29 October 2026, we found no report that a license had been issued.
Can a licensed Vietnamese crypto platform pay out US dollars?
No. Resolution No. 05/2025/NQ-CP requires all offering, issuance, trading and payment of crypto assets to be in Vietnamese dong, so a sale on a licensed platform produces dong.
Can a Vietnamese company convert USDT into a USD account abroad?
Opening a foreign currency account abroad needs SBV permission under Article 23 of the Ordinance on Foreign Exchange, and selling crypto assets outside a licensed provider raises the Decree 284 question. Take legal advice before using any provider abroad.
How are crypto transactions taxed in Vietnam?
Resolution No. 05/2025/NQ-CP states that crypto asset transactions are taxed as for securities until new rules are issued. A company should agree the corporate tax and accounting treatment with its adviser before any conversion.
References
- Vietnam Law Magazine: Government resolves to facilitate crypto asset market operation (Resolution No. 05/2025/NQ-CP, 19 September 2025)
- Allen & Gledhill: Vietnam establishes digital technology framework and launches crypto asset market pilot program (9 October 2025)
- LuatVietnam: Decree No. 284/2026/ND-CP on penalties for administrative violations regarding crypto assets and the crypto-asset market
- Tilleke & Gibbins: Vietnam's new crypto sanctions to impact offshore exchanges (27 July 2026)
- The Investor: Vietnam to block unlicensed crypto platforms, shift trading to domestic exchanges (26 March 2026)
- Ordinance No. 06/2013/UBTVQH13 amending the Ordinance on Foreign Exchange (English)
- Vietnam Law Magazine: Digital currencies not recognized as legal tender in Vietnam
- Government of Vietnam: Decree No. 70/2014/ND-CP guiding the Ordinance on Foreign Exchange
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.