Vietnamese Banks Prepare to Enter the Crypto Asset Market
August 26, 2025 | HÀ NỘI — The Vietnamese banking sector is gearing up to join the rapidly evolving crypto asset market as new legal frameworks and regulations promise to clear longstanding ambiguities surrounding digital assets. This move comes amid growing government efforts to establish a formal legal corridor for crypto assets, opening fresh opportunities for financial institutions in the country.
Legal Clarity with New Digital Technology Legislation
A key development is the upcoming enforcement of the Law on Digital Technology Industry, which will take effect from January 1, 2026. This legislation is widely regarded as a significant milestone, aiming to resolve years of uncertainty related to crypto asset regulation. It also includes protections for individuals holding crypto assets, thereby fostering a safer investment environment.
Complementing this, the Ministry of Finance in Vietnam has been drafting a resolution that pilots the issuance and trading of crypto assets within the country. Expected to be formalized this month, the draft stipulates that organizations operating digital asset trading platforms must command a minimum capital of VNĐ10 trillion (approximately $425 million). Furthermore, at least 35 percent of this capital must be held collectively by two or more entities from five key sectors: banking, securities, fund management, insurance, and technology companies. The remaining 65 percent must be owned by organizations rather than individuals.
Insights from Industry Authorities
Tô Trần Hòa, Deputy Director of the Securities Market Development Department under the State Securities Commission, emphasized the novelty and complexity of the crypto asset exchange market. He pointed out that financial institutions within the identified five sectors possess the necessary systems, expertise, and capability to quickly support and scale the market without extensive preliminary testing.
Currently, 21 Vietnamese banks already meet the VNĐ10 trillion charter capital requirement, placing them in a strong position to partake in this emerging market.
Banks Express Growing Interest and Strategic Plans
Several major Vietnamese banks have publicly expressed their readiness and enthusiasm to pilot crypto asset exchanges upon the establishment of clear legal parameters.
Military Bank (MB) has taken a pioneering step by signing a memorandum of understanding (MOU) with South Korea’s Dunamu Group—the operator of Upbit, South Korea’s largest cryptocurrency exchange—to collaborate on establishing a cryptocurrency exchange in Vietnam. MB’s Vice Chairman, Vũ Thành Trung, highlighted that with over 2,000 technology engineers and significant investments in digital platforms, MB is well-equipped to expand its ecosystem to include digital assets. This expansion would allow MB’s 33 million customers to access a broader financial ecosystem offering not just traditional banking services but also fund certificates, stocks, bonds, and digital assets.
Similarly, Techcombank has acknowledged digital assets as a key strategic priority. At its recent annual general meeting, Chairman Hồ Hùng Anh confirmed that Techcombank plans to participate in owning a crypto asset exchange if market conditions and regulations permit.
VPBank is also preparing to enter the digital asset market. Its General Director, Nguyễn Đức Vinh, stated that while the market carries novel risks, the bank is conducting thorough assessments and engaging with potential partners while awaiting regulatory approval. VPBank commits to informing shareholders when more concrete plans are finalized.
Strong Crypto Asset Interest among Vietnamese Population
Vietnam shows robust engagement in digital assets, with approximately 17 million people—around 17.4 percent of the population—owning crypto assets as of 2024, ranking the country seventh globally. The flow of crypto assets into Vietnam is estimated at $100-120 billion, with roughly 20 million individuals involved. Vietnamese investors earned about $1.2 billion in profits from cryptocurrencies in 2023 alone, placing them third worldwide after the United States and the United Kingdom.
Outlook and Cautions for the Future
Industry experts suggest that the emergence of legal clarity combined with active involvement from major banks marks a new developmental phase for Vietnam’s digital asset market. However, they caution that participation in this field requires careful assessment, long-term planning, and robust risk management to fully leverage opportunities while safeguarding against potential downsides.
As legal frameworks and market infrastructure continue to develop, Vietnam’s banking sector stands at the forefront of a transformational shift in how financial services integrate with cutting-edge digital technologies.
— BIZHUB/VNS