Disclaimer: Independent legal research and planning aid. Not a representation of AIFC, AFSA, or VIFC, and not a legal opinion. Always check current versions, effective dates and Vietnamese counsel advice. AIFC permissions do not passport into Viet Nam.

Decisions & Risks

Open questions for regulators

No answers are assumed. All questions remain Open until a written response is received.

Jurisdiction

Q01Which VIFC body is competent to approve a tokenised commodity venue's Business Rules?

V01 V02

Open

Q02May VIFC bodies issue rules directly, or is a Government decree required for each new instrument?

V01

Open

Perimeter

Q03Does a commodity-backed token issued in VIFC fall under Resolution 05/2025, Decree 330/2025, both or neither?

V08 V03

Open

Q04If Resolution 05/2025 applies, may a non-Vietnamese issuer participate through a Vietnamese SPV?

V08

Open

Q05Does the 'foreign investors only' initial-offer rule apply to VIFC members?

V08

Open

Q06Is there any route for tokenised securities in VIFC?

V01 A30

Open

Custody

Q07Which licence is required to custody tokens for VIFC participants?

V08

Open

Q08Are client token holdings protected in custodian insolvency under Vietnamese law?

A26

Open

Payments

Q09Which currencies may be used to settle VIFC commodity token trades?

V04 V07

Open

Q10Is a bank-deposit settlement token permitted?

V04 V08

Open

Commodities

Q11Does Decree 330/2025 permit a DLT record as the contract or register?

V03

Open

Q12What delivery, warehouse and quality-certification standards apply to listed perishables?

V03

Open

Cross-border

Q13Is any recognition or cooperation arrangement with AFSA contemplated?

A17 V01

Open

Q14Will AIFC Court judgments or IAC awards be enforceable against VIFC members?

V05 A28

Open

Risk heatmap

Working assessment on a 1–3 scale; to be validated by counsel.

Risk	Likelihood	Impact	Score	Mitigation
Assuming an AIFC licence passports into Viet Nam	2	3	6	Licence matrix with local permissions only
Token misclassification	3	3	9	Dual-jurisdiction classification opinions before Gate 1
Token holder lacks legal title to goods	3	3	9	Warehouse receipt structure + joint title opinion
Airline / carrier contract consent absent	3	2	6	Written carrier letter; no reliance on air waybill transfer
Cold-chain failure and spoilage	2	3	6	Independent sensors, insurance, cash redemption
No legal settlement finality / clearing	2	3	6	Finality opinion; CCP or DvP design
FX or settlement-currency breach	2	3	6	Bank confirmation under Decree 329/2025
AML / sanctions exposure	2	3	6	Risk assessment, wallet screening, travel rule
Market rules adopted without valid authority	2	3	6	Delegated-power map; regulator approval in writing
Vietnam pilot restrictions (issuer nationality, foreign-only offers)	3	2	6	Written perimeter clarification (Q03–Q05)

Governance & approval track

Internal legal & compliance review
Steering committee approval
Informal regulator consultation
Formal submission
Written regulator decision
Controlled pilot under conditions

Legal deliverables

Licence mapP2-01
Venue rulebookP3-01
Clearing & finality frameworkP4-02
KYC / AML manualP3-03
Transaction termsP5-06
Verifier (quality oracle) agreementP5-02
Privacy impact assessmentP6-06