Crypto-assets have become a significant part of Vietnam’s financial life, with more than 21.2 million holders and capital inflows estimated at USD 220 billion in 2025. In response, the State has promulgated Resolution No. 05/2025/NQ-CP on piloting the crypto-asset market, the Law on Digital Technology Industry No. 71/2025/QH15, and the Law on Tax Administration No. 108/2025/QH15, establishing tax obligations for this class of assets. However, these instruments mainly set out the basis for calculating tax, without yet building a dedicated tax-risk-management mechanism suited to the decentralized, cross-border, and relatively anonymous nature of crypto-assets. This article identifies the specific groups of tax risk involved, assesses the extent to which Vietnamese law addresses them, benchmarks against international experience, and on that basis proposes solutions, using a normative-analysis framework, comparative law, and the OECD’s compliance-risk-management theory combined with risk-based-regulation theory. The findings show that Vietnamese law still lacks a mechanism for structured data reporting by crypto-asset service providers, lacks specialized risk criteria, and lacks blockchain-analytics capacity – factors that the United States, the EU, Germany, Singapore, and South Korea all treat as pivotal. Accordingly, the article recommends a periodic and standardized reporting obligation for licensed virtual-asset service providers, the development of crypto-specific risk indicators, and investment in interoperable blockchain-analytics capacity. It further proposes a phased roadmap under which Vietnam first consolidates domestic reporting infrastructure and then considers accession to the Crypto-Asset Reporting Framework to address cross-border information gaps. In the author’s view, without these tools the new tax legal framework will struggle to be effective, because legal norms are only a necessary condition, whereas risk-handling capacity is the sufficient one.