Vietnamese firms are racing to launch the country’s first licensed crypto exchanges as Hanoi moves to restrict trading on foreign platforms.
Authorities plan a pilot for locally operated digital asset exchanges this month, aiming to strengthen oversight of trading and manage capital flows.
Five companies have passed an initial qualification round, according to a finance ministry document reviewed this week.
Applicants include affiliates of Techcombank, VPBank, and LPBank, alongside VIX Securities and major conglomerate Sun Group.
Sun Group and VPBank confirmed their applications, while other firms have yet to publicly comment on the process.
Vietnam ranks as the world’s fourth-most active crypto market, with transactions exceeding $200 billion in the year to June, per Chainalysis data.
Officials are increasingly concerned about crypto-driven capital outflows, prompting draft rules to prohibit trading on overseas platforms.
Industry leaders say licensed domestic exchanges could retain fees locally and boost Vietnam’s digital financial ecosystem, despite ongoing regulatory gaps.
