Vietnam’s top officials are embracing crypto in a push to make it part of the country’s financial system.
Military Bank (MB), one of the largest state-owned banks in Vietnam, controlled by the Ministry of National Defence, has signed an MOU with Dunamu—the operator of South Korea’s largest cryptocurrency exchange, Upbit.
Under the agreement, Dunamu will provide technology and expertise to assist MB in creating a domestic cryptocurrency exchange. This represents a state-backed initiative to develop Vietnam’s digital finance market.
“MB và Upbit sẽ làm đối tác tin cậy, cùng nhau phát triển thị trường tài chính số Việt Nam,” said Lưu Trung Thái, Chairman of Military Bank.
Vietnam’s New Legal Framework for Digital Assets
Vietnam has been steadily progressing on the regulatory front:
- In 2021, the State Bank of Vietnam (SBV) announced plans to establish a legal framework for digital assets, including tokenized products built on blockchain.
- By March 2025, the Ministry of Finance had launched a pilot program to license and oversee cryptocurrency exchanges. This initiative positions MB’s exchange as an early candidate for licensing—aiming to foster investment, innovation, and consumer protection, according to Pham Tien Dung, Deputy Governor of the SBV. (Crypto Briefing, VietNamNet News, LinkedIn)
A Strategic Move for Vietnam’s Crypto Industry
Vietnam currently has home-grown exchanges like Nami.Exchange and Ginero, but none hold a national license. If approved, MB’s platform would become the first government-trusted crypto exchange in Vietnam, bolstered by the internationally proven exchange infrastructure of Upbit.
Why It Matters
This move signals that Vietnam intends to be a leading player in the regulated digital asset economy, not just another market entrant.
With nearly 100 million people and among the highest crypto adoption rates globally, Vietnam is well-positioned to emerge as a key crypto hub in Southeast Asia. Government-backed, regulated platforms like MB’s could become templates for future institutional adoption.
