Vietnam’s National Assembly has passed a sweeping new law legalizing digital assets and offering powerful incentives for high-tech industries, marking a significant shift in the country’s digital and economic policy.

The Law on Digital Technology Industry, approved Saturday with near-unanimous support — 441 out of 445 lawmakers voting in favor — will take effect on January 1, 2026. It positions Vietnam among the first nations to regulate digital assets through purpose-built legislation rather than adapting financial regulations.

The law defines digital assets as products “created, issued, transferred and authenticated using blockchain technology,” formally recognizing them under civil property law. It categorizes them into virtual assets, crypto assets, and other digital types — explicitly excluding securities and digital representations of fiat currency.

Beyond digital assets, the law aims to transform Vietnam into a regional tech hub. It sets a national goal of reaching 150,000 digital tech companies by 2035, with strong government backing through tax breaks, import duty exemptions, and land rental waivers.

Semiconductors, artificial intelligence, and digital infrastructure are top priorities. Projects investing over $160 million in chipmaking or $80 million in data centers will qualify for enhanced benefits, including 15-year corporate tax rates as low as 10% and five-year personal income tax exemptions for foreign experts.