- The State Bank of Vietnam says it has licensed no forex trading platform and that forex floors fall outside permitted foreign-exchange activity
- Only SBV-licensed credit institutions may provide foreign-currency buying, selling and FX derivative services
- SBV told the National Assembly in 2025 that payments and transfers abroad for forex-floor trades are not permitted
- A CySEC, FSCA or Seychelles licence protects clients of that entity abroad and gives no Vietnamese authorisation or local complaint route
- Regulated leveraged products do exist onshore: VN30 and VN100 index futures and government bond futures on HNX under SSC supervision
- Police cases show deposits sent through e-wallets and personal accounts are the point where many Vietnamese investors lose money
- The direct answer: Vietnam has licensed no forex trading platform
- How Vietnam splits oversight between SBV, SSC and MOIT
- What the SBV has said, statement by statement
- Why an offshore licence does not change the answer
- VND deposits: where the money is actually lost
- Penalties and enforcement
- Regulated alternatives if you want market exposure
- Tax: not clearly addressed for offshore forex
- Time zone: ICT (UTC+7) and the evening overlap
- Scam patterns Vietnamese authorities keep flagging
- Checklist before you act on any trading offer in Vietnam
- Key takeaways
- Glossary
- Related reading
Affiliate disclosure: ForexTradeLab may earn a commission from qualifying partner links elsewhere on the site. This page contains no broker sign-up links for Vietnamese residents, and commercial relationships did not shape its conclusions. Read our affiliate disclosure.
The direct answer: Vietnam has licensed no forex trading platform#
No company holds a Vietnamese licence to run retail margin forex, onshore or offshore. The State Bank of Vietnam (SBV) has said so repeatedly, and in its May 2025 report to the National Assembly it added that paying or transferring money abroad for forex-floor trades is not a permitted transaction under foreign-exchange rules. That is why this page does not rank "best brokers" for Vietnam. There is no lawful shortlist to rank.
What about individuals? SBV leaders have said that investors on forex floors "unwittingly aid" unlawful activity and are not protected by law if defrauded. Some lawyers quoted in state media argue the rules target operators and payment flows rather than individual traders. Either way the practical position is the same: no licence, no legal protection, and a funding route the central bank says is not permitted.
How Vietnam splits oversight between SBV, SSC and MOIT#
Currency trading belongs to the SBV; exchange-traded derivatives belong to the securities and commodity regulators. Vietnamese readers searching for "sàn forex" often mix up these channels.
| Body | What it oversees | What it means for currency speculation |
|---|---|---|
| State Bank of Vietnam (SBV) | Monetary policy, the VND, foreign-exchange management under the Ordinance on Foreign Exchange (2005, amended 2013) | Only SBV-licensed credit institutions may buy, sell and provide FX derivatives; no forex platform licensed |
| State Securities Commission (SSC), under the Ministry of Finance | Securities companies, the Hanoi Stock Exchange (HNX) derivatives market | Index futures and government bond futures are regulated; no currency-pair contracts listed |
| Ministry of Industry and Trade (MOIT) | The Mercantile Exchange of Vietnam (MXV), licensed in 2010 | Commodity futures through MXV members; not a forex channel |
| Ministry of Public Security (MPS) | Criminal investigation of fraud and money laundering | Prosecutes scam platforms; can request domain blocks |
According to the SBV's March 2021 statement and the Government News report of December 2020, the rule is simple. Foreign-currency buying and selling and FX derivative services, in Vietnam and on international markets, must be provided by credit institutions licensed by the SBV. Other organisations need the SBV's written approval, and the SBV said it had granted none to any business other than existing credit institutions.
Example: a bank in Hanoi can sell US dollars to a student paying overseas tuition, because that is a licensed credit institution handling a permitted transaction. A website offering 1:500 leverage on EUR/USD to the same student is not a licensed credit institution, whatever licence it shows from another country.
Common mistake: assuming that because HNX futures are legal, "forex" on a trading app must be regulated too. They sit under different laws, and only one of them is licensed in Vietnam.
Tip: when a platform says it is "legal in Vietnam", ask which Vietnamese body licensed it and for what activity. For currency trading, the only credible answer is an SBV licence as a credit institution, and no forex platform holds one.
What the SBV has said, statement by statement#
The message has been consistent for at least six years: no forex floor is licensed, and investors carry the loss alone.
| Date | Source | Key point |
|---|---|---|
| 2 December 2020 | Deputy Governor Dao Minh Tu, Government press briefing (Vietnam Government News) | No forex floor licensed; investors may be aiding violations; defrauded investors are not protected by law. MOIT officials said the model showed signs of illegal multi-level selling |
| 3 March 2021 | SBV news article on crypto and illegal forex floors | Organisations operating as forex floors are "not in accordance with the law"; named the Lion Group scheme promising returns near 300% a year via a platform called Fx Trading Markets |
| May 2025 | SBV report to the National Assembly, reported by Thanh Nien on 5 May 2025 | Forex floors fall outside permitted FX activity; payments and transfers abroad for them are not permitted; banks directed to block such payments |
The 2020 briefing also carried a warning from MOIT that people who help these schemes could face criminal liability. Officials cited penalties of up to VND 5 billion and five years in prison. We report that as MOIT's statement at the briefing. We have not matched it to a specific Penal Code article.
Common mistake: reading an old statement and assuming the policy may have softened since. The 2025 report went further than 2020 by addressing payments directly.
Why an offshore licence does not change the answer#
A foreign licence protects clients of that specific company under that country's rules. It does not authorise the company to serve residents of Vietnam.
Take the two brands Vietnamese traders search for most. XM's retail entities are regulated by CySEC (Cyprus, EU/EEA clients), the DFSA (Dubai's DIFC), the FSCA (South Africa), FSC Belize, the FSA Seychelles and the CMA Kenya. Exness's retail entities hold licences from the FSCA (51024), the CMA Kenya (162), the FSA Seychelles (SD025), the FSC Mauritius (GB20025294) and the CBCS. None of those is a Vietnamese licence, and none can be one, because the SBV has licensed no forex platform.
What official and state sources say about these two names, as of 28 September 2026:
- XM: we found no SBV, SSC, MPS or government-portal notice naming XM.
- Exness: VietnamPlus, the Vietnam News Agency's outlet, reported on 21 September 2023 that the domain exness.vn had been blocked by the Vietnam Internet Network Information Center (VNNIC) at the police's request. On 9 November 2023, Báo Quảng Ninh reported that the Ho Chi Minh City Department of Information and Communications had halted an unlicensed international event that featured an Exness booth. We found no SBV notice naming Exness directly.
Being absent from a warning is not the same as being approved. Vietnam does not publish an authorised-forex-broker register, because there is nothing to register.
| Route | Status in Vietnam | Local protection | Main risk |
|---|---|---|---|
| Local "forex floor" or introducing group | Unlawful, per SBV | None | Fraud, frozen deposits, criminal exposure for promoters |
| Offshore-licensed broker marketed to Vietnamese residents | No Vietnamese licence; payments abroad for it not permitted | None in Vietnam; foreign rules apply only if you are a valid client of that entity | Leverage losses, blocked payments, no local complaint route |
| HNX index or bond futures via an SSC-licensed securities company | Regulated | SSC supervision, VSDC clearing | Leverage losses on index moves |
| MXV commodity futures via an MXV member | Regulated under MOIT | MOIT and MXV rules | Leverage and global commodity volatility |
| Foreign currency at a licensed bank for a genuine need | Lawful | SBV banking supervision | Exchange-rate cost only; not speculation |
Tip: if a broker's own terms exclude Vietnam, or its onboarding sends Vietnamese applicants to an offshore entity, read that as confirmation, not a loophole. Our legal-entity checklist explains how to read the contracting company in any broker agreement.
VND deposits: where the money is actually lost#
Most Vietnamese forex losses reported by police start at the deposit step, not the chart. Money goes to a personal bank account, a QR code or an e-wallet merchant account, and the "balance" shown afterwards is only a number on a screen.
The Ministry of Public Security's update of 3 April 2026 on the Mr. Pips case shows the pattern. Between June 2020 and September 2022, 150 victims sent nearly VND 214 billion into accounts at the e-wallet company Ngân Lượng to fund forex platforms including GKFX, ASX, ACX and HonorFX. Hanoi police say businessman Nguyễn Hòa Bình (Shark Bình) helped launder the money. Investigators have seized cash, gold and property worth more than VND 900 billion. The police asked victims to come forward to support restitution through the criminal process.
The SBV said in 2025 that it had instructed credit institutions to block payments for illegal transactions, including forex floors. A deposit route that works today can be blocked tomorrow.
Crypto is not a workaround. The SBV's 2021 statement repeated that Bitcoin and similar virtual currencies are not a lawful means of payment in Vietnam.
Example (hypothetical): a trader in Da Nang is told to transfer VND 50 million to an account in a private individual's name, and a matching balance appears on the platform. When she asks to withdraw, she is told to pay a "tax" or "unlock fee" first. That is the classic sequence described in police warnings.
Common mistake: treating a smooth first withdrawal as proof of legitimacy. Small early payouts are a standard way to build trust before larger deposits.
Penalties and enforcement#
The administrative sanctions decree for banking, Decree 88/2019/ND-CP (amended by Decree 143/2021/ND-CP), fines trading or providing foreign exchange or exchange-rate derivatives "not in accordance with the law" at VND 200–250 million. That provision is aimed at those conducting the business. Serious cases go to criminal law. In the case against Nguyễn Hòa Bình, Hanoi police brought charges of fraud, accounting violations and tax evasion in October 2025, and have since investigated money laundering linked to the Mr. Pips forex platforms.
Enforcement is shared: the SBV sets the legal frame, police investigate, communications authorities block domains, and city departments can halt promotional events.
Tip: check the current consolidated text of any decree on the government's legal database before relying on a fine amount, because sanction decrees are amended periodically.
Regulated alternatives if you want market exposure#
If your goal is to trade leveraged markets lawfully from Vietnam, the onshore route is exchange-traded derivatives, not currency pairs.
- HNX derivatives. The Hanoi Stock Exchange lists VN30 and VN100 index futures and government bond futures. Its derivatives page reports monthly trading, for example the August 2026 update reporting VN30 index futures trading up 12.81%. You trade through a securities company licensed by the SSC for derivatives brokerage, and positions are margined and cleared through the Vietnam Securities Depository and Clearing Corporation (VSDC).
- MXV commodity futures. The Mercantile Exchange of Vietnam was licensed by MOIT under licence No. 4596/GP-BCT on 1 September 2010. Decree 51/2018/ND-CP later let it connect with major international commodity exchanges. Access is through MXV member firms, which you can check on MXV's website.
- Genuine currency needs. Tuition, travel and import payments go through licensed banks. This is conversion, not trading.
Regulated does not mean safe. Futures are leveraged and margin calls are real. Regulation gives you a supervised intermediary, clearing and a complaint route; it does not remove market risk.
Example: a margined index-futures position controls a contract worth several times the margin posted. A move against you equal to a small percentage of the index can wipe out a large share of that margin in one session. Ask your securities company for the current margin rate and contract specifications before trading.
Common mistake: jumping straight from forex apps to futures with the same position size. Start with the exchange's contract specifications and our risk management guide.
Tax: not clearly addressed for offshore forex#
We found no official Vietnamese guidance on how individuals should declare gains from offshore forex platforms. A 2023 VietnamPlus report noted that the state does not collect personal income tax on this activity because it is not controlled, but that is a press observation, not a tax ruling. HNX derivatives are handled through securities companies under their own tax rules. Keep full records and speak to a Vietnamese tax adviser. For how other countries handle this, see our forex tax comparison.
Time zone: ICT (UTC+7) and the evening overlap#
Vietnam runs on Indochina Time, UTC+7, all year with no daylight saving. That shifts global FX sessions against the local clock twice a year:
| Period | London–New York overlap in Vietnam |
|---|---|
| Late March to late October (UK and US summer time) | about 19:00–23:00 ICT |
| Late October to late March (winter time) | about 20:00–00:00 ICT |
HNX derivatives trade during Vietnamese daytime, so an onshore futures trader never needs the late-night window that offshore forex promoters highlight. The global currency market closes over the weekend and reopens early on Monday morning Vietnam time. For session mechanics, see forex market hours and liquidity and slippage.
Scam patterns Vietnamese authorities keep flagging#
The warning signs in official Vietnamese statements are consistent: guaranteed high returns, referral commissions and deposits into personal accounts.
- Promised returns of tens or hundreds of percent a year. The SBV called this unrealistic and a sign of fraud.
- Commissions for recruiting other investors, which MOIT linked to illegal multi-level selling.
- Deposits to individuals, e-wallet merchant accounts or QR codes that change each time.
- "Experts" or "mentors" in social-media and messaging groups who move you from education to deposits.
- Withdrawal "fees", "taxes" or "verification deposits" before any payout.
- Vietnamese-language sites on .vn domains that reappear under new names after being blocked.
For more patterns, read forex scam warning signs and our guide to pig-butchering investment scams.
Checklist before you act on any trading offer in Vietnam#
- Ask which Vietnamese authority licensed the provider, and for which activity.
- For currency trading, accept only an SBV-licensed credit institution for a genuine need.
- For leveraged trading, use an SSC-licensed securities company (HNX) or an MXV member.
- Never send money to a personal account, a changing QR code or an e-wallet merchant for trading.
- Do not convert VND to crypto to fund a trading platform.
- Treat promised returns, referral commissions and withdrawal fees as red flags.
- Report suspected fraud to the police and keep every transfer record.
- Get tax advice before trading any product.
Key takeaways#
- The SBV has licensed no forex platform, and says transfers abroad for forex-floor trades are not permitted.
- Foreign licences held by XM, Exness or any other group do not create Vietnamese authorisation.
- No official source names XM; state media reported an Exness domain block and a halted event in 2023.
- Onshore regulated leverage exists through HNX index and bond futures and MXV commodity futures.
- Most reported losses start with deposits to personal accounts or e-wallets.
Glossary#
- Sàn forex (forex floor): the Vietnamese term for an online forex trading platform; the SBV says none is licensed.
- Credit institution (tổ chức tín dụng): a bank or similar lender licensed by the SBV; the only type of firm allowed to provide FX services.
- Ordinance on Foreign Exchange: the 2005 law, amended in 2013, that sets Vietnam's foreign-exchange rules.
- HNX: the Hanoi Stock Exchange, which runs Vietnam's derivatives market.
- VSDC: the Vietnam Securities Depository and Clearing Corporation, which clears derivatives trades.
- MXV: the Mercantile Exchange of Vietnam, the MOIT-licensed commodity exchange.
- VNNIC: the Vietnam Internet Network Information Center, which manages .vn domains.
- ICT: Indochina Time, UTC+7.
Risk warning: Forex, CFDs and futures are leveraged. Losses can build quickly and can exceed your expectations. Most retail CFD accounts lose money. Regulation does not remove market risk. This page is educational only and is not legal, tax or investment advice. Vietnamese residents should not open accounts with unlicensed forex platforms.
For readers outside Vietnam: the Licensed Brokers directory shows which regulator supervises each broker entity. It does not make any of them lawful for Vietnamese residents. The Broker Quiz helps readers in countries where retail forex is permitted think through what matters to them.
Comments 2
Small deposit options are critical for Vietnamese traders since average income makes even $100 a significant investment. The $5 minimum deposit brokers listed here are the most practical starting points. Good focus.
MoMo and ZaloPay support for deposits would be incredible. Currently I have to use bank transfer or Skrill and both have delays. Any broker that integrates Vietnamese e-wallets will dominate this market.
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