[Vietnam's Central Bank Expects Credit Growth to Drive Liquidity into the Cryptocurrency Market] According to Cointelegraph citing Reuters, the State Bank of Vietnam (Vietnam's Central Bank) expects the credit growth rate to reach around 20% by 2025. With the increasing adoption of cryptocurrencies in the region, this move could lead to liquidity flowing into the global cryptocurrency market. Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam, stated on Friday that further interest rate cuts are needed to promote economic growth and mitigate uncertainties caused by U.S. tariff hikes. As part of a broader regulatory framework for technology, the Vietnamese government legalized cryptocurrencies in June, categorizing them into virtual assets representing tokenized real-world products and crypto assets such as Bitcoin and Ethereum. However, under the new cryptocurrency regulatory framework and the five-year sandbox pilot program launched in September, the government has prohibited the issuance of on-chain fiat-backed assets, including stablecoins and securities.