Vietnam’s private lender VPBank to enter crypto asset market
VPBank, a leading private lender in Vietnam, is finalizing procedures to launch a cryptocurrency asset trading platform under a pilot program freshly adopted by the Government.

Digital assets are categorized into two types: virtual assets and crypto assets. Photo courtesy of Dan tri (Intellectual) newspaper.
According to the bank, its subsidiary VPBank Securities (VPBankS) will take the lead in the bank’s crypto asset project. To implement this initiative, VPBank will mobilize blockchain, finance, and cybersecurity experts, along with top consulting firms, to bring the platform to life.
At the bank's 2025 AGM in April, CEO Nguyen Duc Vinh stated that the crypto asset market is a new and important sector, but one that carries significant risks. He emphasized the need for a clear legal framework and the involvement of organizations with strong foundations. Vinh also revealed that the bank has been conducting analysis and engaging with potential partners in preparation for entering this market.
Prior to VPBank, several other organizations had also begun exploring this sector. In August, military-run MBBank on August 12 signed an MoU with Dunamu - the operator of the Upbit exchange - to launch a crypto exchange in Vietnam. Under the deal, Dunamu will provide technology, legal consultancy, investor protection support, and workforce training.
In addition, securities companies such as Saigon Securities (SSI), VIX of VIX Securities, and TCBS of Techcombank Securities have invested in forming digital asset-related firms.
The entry of banks and securities firms with strong financial backgrounds into the crypto asset market underscores the sector’s potential. With ample resources (capital, manpower, etc.), these institutions are seen as capable of managing liquidity-related risks and operating anti-money laundering systems that have been established for years, according to a TCBS representative at a June event.
Founded in 1993, VPBank is currently the sixth-largest bank in Vietnam by total assets, with VND1,100 trillion ($41.66 billion). VPBankS - 99.9% owned by VPBank - operates in the securities sector and is expected to make an initial public offering (IPO) later this year.
Vietnam’s crypto asset market is piloted for a five-year period under a government resolution issued on Tuesday. According to the resolution, a company operating the crypto exchange must have a minimum charter capital of VND10 trillion ($378.75 million), with at least 35% of that capital held by at least two institutional investors, such as banks, securities firms, asset management companies, insurers, or tech enterprises. The remaining 65% must be held by organizations, not individuals. Foreign investors may own up to 49% of the capital.
Deputy Minister of Finance Nguyen Duc Chi noted that Vietnam will "definitely have more than one exchange" to ensure competition. However, the government will not issue licenses to too many exchanges during the pilot period due to challenges in evaluating them.
The Vietnam Blockchain Association (VBA) cited data from analytics firm Chainalysis indicating that blockchain-related capital inflows into Vietnam reached over $105 billion during 2023-2024, generating nearly $1.2 billion in profits in 2023. Additionally, a 2024 report by Triple-A showed that over 20% of Vietnam's population owns cryptocurrency.
Vietnam also ranks among the top three countries globally in terms of crypto adoption, with a penetration rate three to four times higher than the global average, according to Chainalysis.
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