The Vietnamese Government’s issuance of Resolution 05/2025/NQ-CP on piloting the digital asset market in the next 5 years has quickly attracted the attention of the finance and technology sector. Many domestic “giants” have joined the race, demonstrating their ambition to shape the future of digital finance in Vietnam. Below is a comprehensive picture of the 6 most prominent businesses in this race.
🌐 TCEX – Techcom (Techcombank) Crypto Asset Exchange
Established : May 5, 2025, initial Capital of 3 billion VND , increased to 101 billion VND after only 3 months.
Head office : Techcombank Building, 6 Quang Trung, Hanoi.
Legal representative : Mr. Nguyen Xuan Minh (Chairman of TCBS, TechcomCapital).
Current function : Providing data, price lists from international exchanges; direct trading service not yet opened .
Outstanding features : Backed by Techcombank, strong financial potential; cautious strategy, laying the foundation for long-term progress.
----------------
🌐 VIXEX – VIX Cryptocurrency Exchange
Established : August 26, 2025, charter Capital 1,000 billion VND .
Head office : 22nd floor, 52 Le Dai Hanh, Hanoi.
Legal representative : Mr. Nguyen Van Hieu (General Director).
Founding shareholder structure :
VIX Securities Corporation: ~15% (~150 billion VND).
FTG Vietnam: ~64.5%.
3C Computer - Communication - Control Joint Stock Company: ~20.5%.
Outstanding features : Largest charter Capital in the "newcomer" group, has a solid securities foundation, potential to become a pillar floor when the digital asset market is legalized.
----------------
🌐 DNEX – Danang Digital Asset Exchange
Established : September 9, 2025, initial charter Capital of only 2 billion VND .
Head office : MISA Building, Da Nang City.
Legal representative : Mr. Nguyen Chi Cong (born 1984).
Founding shareholder structure :
Fundgo: ~30%.
Trustpay: ~30%.
Digital Asset Management Technology JSC (predecessor Onus): ~40%.
Plan : Mobilize up to 10,000 billion VND from strategic investors to build infrastructure.
Outstanding features : Great ambition, backed by familiar fintech/crypto companies like Onus; despite small Capital , the orientation is to develop into a digital asset center in the Central region.
----------------
🌐 VPBank / VPBankS – Towards a digital asset exchange
Implementing member : VPBank Securities Company (VPBankS).
Medium-term strategy 2026–2030 :
Join the opening of a crypto asset exchange .
Develop digital assets, gold, and commodities products.
Applying AI and blockchain to upgrade trading platforms.
Closely connected with the parent bank VPBank ecosystem.
Current status : No specific charter Capital announced for digital asset exchange; no official operating license yet.
Outstanding features : Being a large bank with a strong financial and securities ecosystem and abundant Capital potential, VPBank will likely be one of the pioneers when the pilot market is put into operation.
----------------
🌐 MB / MBBank – Participate in the pilot digital asset exchange
Implementing member : Military Bank (MBBank), expected through subsidiaries.
Recent moves :
Mentioned by the Chairman of the Vietnam Blockchain & Digital Asset Association (VBA) as one of the 5 selected pilot units .
Signed MoU with Dunamu (Upbit – Korea) for technical cooperation, governance and investor protection.
Expected services : Trading popular digital assets such as BTC, ETH, stablecoins (USDT/ USDC) and about 50 other cryptocurrencies if licensed.
Outstanding features : Backed by one of the largest banks in Vietnam, direct cooperation with international exchange Upbit → technological and operational advantages.
----------------
🌐 SSI / SSI Digital (SSID) – The role of connecting Capital & technology
Implementing member : SSI Digital Ventures (SSID), a subsidiary of SSI.
Capital & Strategy : Committed to invest 200 million USD in blockchain, Web3, fintech startups in Vietnam.
International cooperation : Partnering with Tether, AWS and U2U Network to develop blockchain infrastructure, cloud computing and digital asset ecosystem.
Legal status : SSI Chairman said that the plan to open a digital asset exchange is still under research and has not been officially announced → SSI prioritizes transparency and compliance with the legal framework.
Outstanding features : SSI not only focuses on trading, but also builds a bridge between traditional Capital markets and digital assets , taking advantage of being a top financial institution in Vietnam.
The emergence of TCEX, VIXEX, DNEX, VPBank, MB and SSI shows that Vietnam is entering an “acceleration period” in the field of digital assets. Each enterprise has its own strategy – from piloting, transparency, international integration to banking integration and infrastructure investment. When placed in the same ecosystem, these Shard promise to create a safe, transparent and internationally competitive digital asset market. If successful, Vietnam can completely become the digital financial center of Southeast Asia in the next decade.
