The government launches a pilot program for national exchanges with five approved companies, including affiliates of private banks and a major conglomerate.
According to Reuters, Vietnam has launched a pilot program to license local exchanges, with five companies having cleared the first round of selection. This was revealed in a Ministry of Finance document dated March 12. The government aims to regulate the domestic crypto market and block trading on foreign platforms.
The licensing pilot requires a minimum contributed capital of 10 trillion dong (approximately $400 million) and caps foreign ownership at 49%.
Among the five admitted companies are affiliates of three private banks – Techcombank, VPBank, and LPBank – along with VIX Securities and the Sun Group conglomerate. A government resolution issued in February had outlined a pilot program for locally operated digital asset exchanges, with a possible launch as early as March.
According to Chainalysis‘s Global Crypto Adoption Index, Vietnam ranks fourth worldwide, with Vietnamese users having moved approximately $200 billion in cryptocurrencies in the year ending June 2025.
Authorities are concerned about the widespread use of crypto and stablecoins, which is seen as capable of undermining capital flow controls. Vietnam already restricts cross-border transfers, and most households have few savings vehicles beyond gold and real estate.
The regulatory framework for cryptocurrencies in Vietnam had been formally recognized in early 2025, when the country passed a law officially recognizing digital and crypto assets, outlining a general framework for their management and for fostering innovation in the sector.
