Vietnamese companies are racing to obtain licenses for the country’s first domestic cryptocurrency exchanges as Hanoi moves to restrict trading on foreign platforms.
A government resolution issued in February calls for a pilot program for locally managed digital asset exchanges, which could launch as early as March.
A Finance Ministry document on March 12 showed that five companies passed an initial selection round, Reuters reported. These include subsidiaries of three private banks in the country, including Techcombank, VPBank and LPBank, along with VIX Securities and conglomerate Sun Group.
The move could reshape a market that has grown rapidly with little formal oversight. Vietnam ranks fourth in Chainalysis’ latest Global Cryptocurrency Adoption Index, and Vietnamese users have moved an estimated $200 billion worth of crypto in the year to June 2025.
Officials are concerned that the intensive use of cryptocurrencies and stablecoins could weaken control over capital flows. Vietnam already limits cross-border transfers and many households have few places to store their savings beyond gold and property.
That has helped push gold prices above global levels and fueled waves of real estate speculation, the report notes. Vietnam passed a landmark law officially recognizing digital and crypto assets early last year, outlining a broad framework to manage cryptocurrencies and foster innovation in the sector.
