Licensing Regulations for Crowdfunding Platforms at the IFC Vietnam (2026)

I. Regulations on organizations providing crowdfunding platforms

1. A crowdfunding platform provider (hereinafter referred to as the platform provider) is a securities business organization licensed by the Executive Agency to operate.

2. A platform provider is an enterprise that performs and provides one or a number of the following services and activities:

a) Organizing crowdfunding platforms for innovative startup enterprises at the International Financial Centre;

b) Consulting on crowdfunding activities for innovative startup enterprises;

c) Managing shareholder registers of innovative startup enterprises. Innovative startup enterprises may only manage their shareholder registers through a single platform provider.

II. Conditions for granting License to provide crowdfunding platform

1. The member is a securities business organization.

2. Having operational processes regarding the provision of crowdfunding platforms, supervision of crowdfunding activities, and management of shareholder registers.

3. The information technology system must meet standards for safety, stability, cybersecurity, and the capability to supervise crowdfunding.

III. Dossier, sequence, and procedures for granting License to provide crowdfunding platform

1. The dossier for granting a License to provide crowdfunding platform includes:

a) Request form for granting of license to provide crowdfunding platform;

b) Establishment and operation license of the Member;

c) Operational processes specified at Clause 2, Article 52 of this Decree; d) Documents proving the information technology system meets regulations at Clause 3, Article 52 of this Decree.

2. The dossier specified at Clause 1 of this Article must be made in writing in 01 original set; in case documents in the dossier are copies, they must be copies from the original register or certified copies. The dossier shall be submitted and returned directly at the Executive Agency, sent via postal service, or via the electronic environment within the Financial Centre according to legal regulations.

3. Within 07 working days from the date of receiving the dossier mentioned at Clause 2 of this Article, the Executive Agency shall request supplementation in case the documents specified at Clause 1 of this Article have not been fully received.

4. Within 30 days from the date of receiving full documents specified at Clause 1 of this Article, the Executive Agency shall grant the License to provide crowdfunding platform; in case of refusal, it must reply in writing and clearly state the reason.

IV. Revocation of License to provide crowdfunding platform

1. A crowdfunding platform provider shall have its License to provide crowdfunding platform revoked by the Executive Agency in the following cases: a) There is a written request for revocation of the License to provide crowdfunding platform from the crowdfunding platform provider; b) Dissolution, bankruptcy, consolidation, division, or merger according to legal regulations.

2. Within 05 working days from the date of receiving the written request specified at Point a, Clause 1 of this Article, the Executive Agency shall issue a written reply regarding the revocation of the License to provide crowdfunding platform of the crowdfunding platform provider.

3. Within 05 working days from the date of receiving the notice regarding dissolution, bankruptcy, consolidation, division, or merger of the crowdfunding platform provider, the Executive Agency shall revoke the License to provide crowdfunding platform of the crowdfunding platform provider.

4. When having the License to provide crowdfunding platform revoked by the Executive Agency, the crowdfunding platform provider must comply with the following regulations:

a) Immediately terminate all activities stated in the License to provide crowdfunding platform and announce on the website of that organization;

b) Perform the transfer of customers' assets to a platform provider selected by the customers or designated by the Executive Agency to receive and manage customers' assets within 45 days from the date of revocation of the License to provide crowdfunding platform;

c) Report to the Executive Agency after completing the obligation to transfer customers' assets according to regulations at Point b of this Clause.

5. The Executive Agency shall regulate the revocation of the License to provide crowdfunding platform and disclose information regarding the revocation of the License to provide crowdfunding platform.

V. Conclusion

In summary, the regulations on crowdfunding platform providers at the International Financial Centre are not merely administrative procedures but are necessary "technical barriers" to screen for reputable operating units. The requirement that the provider must be a Securities Business Member with a strict supervision system demonstrates that the top priority of the management agency is risk management and protection of investors' rights. Especially, the streamlined dossier processing procedure within 30 days and transparent regulations on asset transfer upon license revocation are bright spots, creating trust for market participants. Financial institutions intending to participate in this potential Fintech sector need to carefully prepare their technology infrastructure and operational processes to meet the rigorous standards of the Executive Agency.

The information contained in this article is general and intended only to provide information on legal regulations. DB Legal will not be responsible for any use or application of this information for any business purpose. For in-depth advice on specific cases, please contact us.

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