Stablecoin Payroll in Vietnam

Enable stablecoin-denominated compensation for teams in Vietnam while complying with Vietnamese labor, payments, tax, and social-insurance rules.

Highlights

• Not legal tender: Crypto is not a lawful means of payment in Vietnam; only instruments recognized under the Non-Cash Payments Decree 52/2024/NĐ-CP (bank cards, e-wallets, etc.) are permitted for payments. Virtual currencies are excluded. 
• Pay in VND, optionally add crypto component: Employee wages should be set and accounted for in Vietnamese đồng (VND) (cash or bank transfer). Any crypto element should be treated as an additional, agreed benefit with a clear VND equivalent at payment time.
• Clear payroll records: Use the SBV exchange rate to convert any foreign-currency amounts for tax/accounting where applicable. 
• Evolving framework: Vietnam is building its first comprehensive law on digital assets; until fully in force, crypto remains outside recognized payment instruments and requires conservative treatment in payroll.
  

Navigating Stablecoin Payroll in Vietnam

Vietnam’s fintech sector is expanding, but crypto’s payment function is tightly restricted. Decree 52/2024/NĐ-CP (effective July 1, 2024) governs non-cash payment instruments and systems and does not include virtual currencies as recognized payment instruments. 

The State Bank of Vietnam (SBV) has repeatedly stated that Bitcoin/virtual currencies are not legal tender or a permitted means of payment. Structure compensation so that payroll, statutory deductions, and filings are handled in VND, with any stablecoin portion treated as a supplemental, contractually agreed benefit. 

Employment Types & Treatment

Regular Employees

• Currency & form of pay: Wages are paid in cash or via the employee’s bank account (i.e., recognized non-cash instruments). Your employment contract can reference a stablecoin component, but payroll calculation, payment execution, and payslip amounts should be expressed in VND with the stablecoin’s VND equivalent at payment time. 
• Payslips & timing: Pay on time and show VND gross, deductions, net, plus a notation of any separately delivered stablecoin amount and its VND value at the moment of payment. (Labor Code framework + Decree 145 guidance on forms of payment.) 
• Statutory deductions: Personal income tax (PIT) and compulsory social insurances (SI/HI/UI) should be calculated and remitted in VND; use SBV rates for any conversions in your accounting.

Contractors / Freelancers

• Invoices in VND equivalent: If a contractor is paid in stablecoins, ensure the invoice states the VND equivalent at the time of payment for tax purposes; VAT and PIT obligations depend on the service and residency status. (General tax conversion rule to VND applies to foreign-currency turnover.

Stablecoin Tax & Accounting Framework (Vietnam)

• Crypto ≠ recognized payment instrument: Under Decree 52/2024/NĐ-CP, recognized instruments are bank cards (debit/credit/prepaid), e-wallets, and similar; virtual currencies are not recognized for payment. Treat any crypto component as non-cash benefit valued in VND at receipt.
• Employee income: The VND value of any benefit paid to an employee (including an agreed crypto component) is part of taxable employment income for PIT and the base for social-insurance calculation per local rules. (Apply SBV rate for any conversions.) 
• Holding/disposing crypto: Vietnam’s comprehensive digital-asset framework is in progress; until fully enacted, there is no special capital-gains regime for crypto. Follow conservative accounting and disclose VND equivalents.

Payroll Compliance Process (Vietnam)

1. Classify the worker (employee vs. contractor).
2. Draft/Amend contracts: Set base salary in VND; if adding a stablecoin element, describe it as a separate benefit with the VND valuation method (rate source and timestamp). 
3. Calculate payroll in VND: Compute gross → deductions → net in VND.
4. Deliver stablecoin (optional): Transfer the agreed token amount outside the regulated payment-instrument rails; record its VND value at transfer time.
5. Payslip: Show VND components and clearly note the stablecoin amount + VND equivalent.
6. File & remit: PIT and social-insurance contributions in VND via recognized channels; use SBV exchange rate where conversion arises.
7. Retain evidence: Contract clauses, conversion screenshots, SBV rate references, and transfer proofs.

Regulatory & Compliance Framework (Key Sources)

• Non-Cash Payments: Decree 52/2024/NĐ-CP (effective 01/07/2024)—governs accounts, e-wallets, payment services; virtual currencies excluded from recognized instruments. (Government Portal + National Legal Database).
• Crypto not legal tender: SBV / VietnamPlus statements—Bitcoin and other virtual currencies are not legal tender nor a permitted means of payment. 
• Labor & wage payment form: Labor Code (2019) + Decree 145/2020/NĐ-CP—wages paid in cash or via bank account; use these as the legal basis to keep payroll in VND.
• Conversion to VND for tax/accounting: Enterprise income/tax rules require foreign-currency turnover to be converted to VND at SBV rates—a principle commonly applied to ensure correct VND accounting.
• Policy direction on digital assets: Vietnam’s official press/legal magazine notes the emerging law-level framework for digital assets (recognition path and investor protection focus).