The Vietnamese government has approved a pilot cryptocurrency exchange that encouraged activity among major banks and securities companies.
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. Additionally, securities brokers and commercial banks are preparing infrastructure to participate in the newly regulated digital asset market.
Securities Company Acquires Initiative
Vietnam’s resolution 05/2025 approves a pilot programme for crypto issuance, transaction and service delivery under government oversight. To qualify, businesses must hold at least $68 million (VND 10 trillion) in Charter Capital.
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Additionally, 65% must be owned by the organization, and at least 35% must be contributed by two or more commercial banks, brokerages, fund managers, insurance companies, or technology companies. These rules have encouraged rapid action from domestic financial institutions.
SSI Securities Corporation has positioned it early. In 2022, he founded SSI Digital Corporation and established $1.36 million (VND 200 billion) to develop the digital finance ecosystem. Additionally, SSI recently signed an agreement with Tether, U2U Network and Amazon Web Services to build blockchain and cloud infrastructure. These steps lay the foundation for tokenized asset services.
TechCom Securities (TCBS) also moved quickly. In May 2025, TechCom created a cryptocurrency asset exchange (TCEX) with its first $20 million (VND3 billion) of charter capital, which later rose to $690 million (VND1100 billion). Similarly, VIX Securities has donated $102 million (VND 1500 billion) to establish Vixex. As a result, Vixex quickly expanded to $6.8 million (1 trillion VND). These developments demonstrate an increase in broker engagement in the digital asset sector.
Banks strengthen digital infrastructure
Banks are pursuing partnerships as licensed exchanges must include key financial or technology shareholders. For example, the Military Commercial Joint Stock Bank (MB) is working with Upbit operator, South Korea’s Dunamu Group. Upbit is one of the world’s largest crypto exchanges, with trading volumes exceeding $1.1 trillion in 2024. Under the agreement, Dunamu will provide expertise in technology transfer, legal compliance guidance and investor protection.
Vietnam’s Prosperity Joint Equity Commercial Bank (VPBANK) has also confirmed its entry strategy. VPBank Securities (VPBanks) is leading efforts to build tokenized asset exchanges. Additionally, VPBanks is preparing IPOs 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
The combination of Vietnam’s strict licensing requirements and aggressive financial institutions sets the stage for a competitive crypto exchange environment. Securities companies and banks also invest in technology, partnerships and regulatory compliance.
Despite the hopes of Emerging as a major digital asset hub in Southeast Asia, the success of pilot programs depends on the institution’s ability to effectively monitor, investor protection, and balance innovation and risk management.
