Vietnam’s government has approved pilot cryptocurrency exchanges, which has prompted activity among major banks and securities firms.
Following the release of Resolution 05/2025, which sets strict capital and shareholder requirements, financial institutions are investing in technology and partnerships to comply with the new framework. In addition, securities brokers and commercial banks are preparing infrastructure to participate in the newly regulated digital asset market.
Securities Firms Take the Initiative
Vietnam’s Resolution 05/2025 authorizes a pilot program for crypto issuance, trading, and service provision under government oversight. Firms must hold at least $68 million (VND 10 trillion) in charter capital to qualify.
Furthermore, 65 percent must be owned by organizations, and at least 35 percent must be contributed by two or more commercial banks, securities companies, fund managers, insurers, or technology firms. These rules have prompted swift action from domestic financial institutions.
SSI Securities Corporation has positioned itself early. In 2022, it formed SSI Digital Corporation with $1.36 million (VND 200 billion) in capital to develop a digital finance ecosystem. In addition, SSI recently signed agreements with Tether, U2U Network, and Amazon Web Services to build blockchain and cloud infrastructure. These steps lay the groundwork for tokenized asset services.
Techcom Securities (TCBS) also moved quickly. In May 2025, it created Techcom Encrypted Asset Exchange (TCEX) with an initial $20 million (VND 3 billion) charter capital, later boosted to $690 million (VND 101 billion). Similarly, VIX Securities contributed $1.02 million (VND 150 billion) to establish VIXEX. As a result, VIXEX quickly expanded to $6.8 million (VND 1 trillion). These developments indicate a growing involvement of brokers in the digital asset sector.
Banks Strengthen Digital Infrastructure
Banks are pursuing partnerships because licensed exchanges must include major financial or tech shareholders. For example, Military Commercial Joint Stock Bank (MB) has teamed up with South Korea’s Dunamu Group, operator of Upbit. Upbit is one of the world’s largest crypto exchanges, with a 2024 trading volume exceeding $1.1 trillion. Under the agreement, Dunamu will provide technology transfer, legal compliance guidance, and investor protection expertise.
Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is also finalizing its entry strategy. VPBank Securities (VPBankS) spearheads efforts to build a tokenized asset exchange. In addition, VPBankS is preparing an IPO to raise capital from domestic and foreign investors. This step is part of the bank’s preparation to participate in the pilot crypto exchange program.
Outlook for Vietnam’s Digital Asset Market
Vietnam’s combination of strict licensing requirements and proactive financial institutions sets the stage for a competitive crypto exchange landscape. Securities firms and banks also invest in technology, partnerships, and regulatory compliance.
Despite hopes of emerging as a key digital asset hub in Southeast Asia, the pilot program’s success will depend on effective oversight, investor protection, and the ability of institutions to balance innovation with risk management.
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