Vietnam firms compete to launch first local crypto exchanges

Vietnam is moving to establish its first licensed cryptocurrency exchanges as authorities seek to regulate trading in one of the world’s most active crypto markets. The government plans to launch a pilot programme for locally operated digital-asset platforms, with five companies—including affiliates of Techcombank, VPBank, LPBank, VIX Securities, and Sun Group. Having passed an initial qualification round, according to a Finance Ministry document reported by Reuters.

Sun Group and VPBank have confirmed they have applied for licences, while the other firms have yet to respond to requests for comment. A Finance Ministry spokesperson said authorities are continuing to review the process but declined to comment on individual applicants.

Government’s move toward regulation

Earlier on January 20, 2026, Vietnam launched a pilot programme for licensed cryptocurrency exchanges as part of efforts to regulate its fast-growing digital asset market. The framework, overseen by the State Securities Commission with licensing rules set by the Ministry of Finance, is designed to run for five years and initially allows around five exchanges to operate under strict supervision, aiming to improve oversight, limit capital outflows, and strengthen consumer protection.

Key players competing for licences

Several important Vietnamese organisations are contesting cryptocurrency trading licences. The entry of Techcombank, one of the largest private banks in the country, suggests that traditional finance is starting to show more interest. Its strong background in digital banking could help with the incorporation of bitcoin services if approved.

In an effort to establish itself early in a market that it believes has long-term promise, VPBank has also verified its application. Several banks are hesitant to remain on the sidelines, as evidenced by LPBank’s participation as well, but nothing is known about its strategy.

Beyond banking, VIX Securities is applying its experience in trading and investor behaviour, while Sun Group, a major conglomerate, has also stepped in. Sun Group’s participation reflects how crypto is drawing attention from diverse sectors, not just financial institutions, as companies look to expand into digital finance.

World’s fourth-most active crypto market

Despite the lack of legal infrastructure up until now, Vietnam has become the fourth most active cryptocurrency market in the world, with yearly transactions topping $200 billion. As more individuals interact with digital assets, activity keeps increasing, and the emergence of licensed exchanges—which provide a controlled environment—is anticipated to provide additional momentum.

In contrast to economies where institutions predominate, a large portion of this increase is driven by retail investors. A substantial portion of participants are professionals, students, and small business owners who see cryptocurrency as a means of accumulating wealth. This broad participation has accelerated adoption, but it also emphasises the need for more regulation and education to shield people from dangers like fraud and financial loss.

Advantages of local exchanges

Domestic exchanges in Vietnam are being positioned as an alternative to global platforms. Supporters argue they provide stronger regulatory oversight, better security, and easier integration with local banking systems, while also keeping transaction fees and profits within the country.

However, there are still difficulties. At first, local exchanges could have trouble with liquidity and lack some of the sophisticated features provided by global platforms. Successful domestic exchanges might boost state revenue and foster the expansion of Vietnam’s digital economy, according to Phan Duc Trung, chairman of the Vietnam Blockchain and Digital Assets Association. Additionally, he issued a warning that the legal system is still lacking, especially in areas like risk management, taxation, and oversight.

Vietnam’s cryptocurrency market is expected to keep expanding, and future developments will likely be greatly influenced by regulations. If clear policies are implemented, the country might become a regional leader in digital finance.