The Crypto race heats up in Vietnam: Which 7 “giants” are joining and what moves are they making?
- duyenthu.vietdata
- 1 day ago
- 4 min read
After the pilot crypto market was allowed, a wave of registrations for legal entities, capital contributions and strategic cooperation agreements quickly took place. The list of the first "players" was fully present.
After Resolution No. 5/2025/NQ-CP dated September 9, 2025 of the Government was issued on the pilot implementation of the crypto asset market in Vietnam, a series of big names immediately took the initiative to join the game.
According to records, a series of enterprises such as Techcom Securities (TCBS), SSI, VPBabnk Securities, MB, HD Securities, VIX Securities, HVA Investment JSC have participated in establishing legal entities and contributing capital to organizations operating domestic digital asset trading floors.
Most recently, HD Securities JSC (HDS) - in which HDBank holds 30% of the capital - has just consulted shareholders on the plan to offer 365 million shares to existing shareholders to increase charter capital to more than VND 5,100 billion. Notably, HD Securities plans to spend VND 1,470 billion to contribute capital to a business operating in the field of crypto-asset trading floors with the expected name of HD Crypto Asset Trading Floor JSC. This activity will take place after the business increases its charter capital to VND 10,000 billion.
Before HDS announced its investment plan, many large securities companies had also invested in establishing businesses operating crypto-asset exchanges, ready to join the race. Among them, Vietnam Prosperity Crypto-asset Exchange Joint Stock Company (CAEX) was established with an initial charter capital of VND 25 billion.
CAEX is registered to operate in the field of providing services related to crypto-assets. In the shareholder structure, VPBank Securities Joint Stock Company (VPBankS) contributed 11% of capital, equivalent to VND 2.75 billion. The remaining capital of CAEX was contributed by LynkiD Joint Stock Company with 50% of the capital, and Future Land Investment Company Limited with 39% of the capital. The headquarters is located on the 4th floor, building No. 5 Dien Bien Phu, Ba Dinh Ward, Hanoi.
Previously, Vietnam Prosperity Bank (VPBank) - the parent company of VPBankS also said that it is completing the final procedures to participate in the pilot implementation of a crypto-asset trading floor. To implement, VPBank will mobilize blockchain, finance, cybersecurity experts and leading consulting units to implement the project.
At the end of August, VIX Crypto-asset Trading Floor JSC (VIXEX) was established on August 26 with a charter capital of VND 1,000 billion. Founding shareholders include VIX Securities JSC, contributing 15%, FTG Vietnam JSC, contributing 64.5% and 3C Communications - Computer - Control JSC contributing 20.5% of capital.
Previously, Techcom Crypto-asset Trading Floor JSC (TCEX) - a business related to the Techcombank - TCBS ecosystem was also established in May 2025. The company had an initial capital of 3 billion VND, then quickly increased its capital to 101 billion VND.
In fact, some companies have been preparing for this game for many years, typically SSI Securities when it established SSI Digital Technology Joint Stock Company (SSI Digital - SSID) since 2022. Recently, SSID and SSI Fund Management Company Limited signed a cooperation agreement with two digital asset companies Tether, U2U Network and Amazon Web Services (AWS) to promote the construction of a digital financial infrastructure ecosystem, Blockchain and cloud computing in Vietnam.
In addition to securities companies, the Military Commercial Joint Stock Bank (MB) also signed a Memorandum of Understanding (MOU) on technical cooperation with Dunamu - the operator of Upbit, the largest cryptocurrency platform in Korea. Through this MOU, Dunamu will be MB's main strategic partner. The two sides will cooperate closely, share technology and infrastructure to promote Vietnam's digital financial ecosystem.
Specifically, Dunamu will support MB in establishing a cryptocurrency exchange in Vietnam, and participate in building laws, systems and mechanisms to protect investors related to digital assets. In addition, Dunamu will also transfer the world's leading technology of Upbit (top 3 globally), providing comprehensive operational experience.
Not stopping there, a more unfamiliar name, HVA Investment JSC (HVA Group, code HVA), has also revealed a plan to deploy the DNEX Digital Asset Exchange in Da Nang with a cooperation capital scale of 10,000 billion VND. Accordingly, DNEX Digital Asset Exchange JSC was just established on September 9. Notably, the General Director of DNEX Digital Asset Exchange JSC is Mr. Nguyen Chi Cong, born in 1984 - a member of the Board of Directors of HVA.
The newly established company has a charter capital of 2 billion VND, with 3 founding shareholders: Fundgo Fund Management JSC, contributing 30% of the capital; Trustpay JSC, contributing 30% of the capital and Digital Asset Management Technology JSC contributing 40% of the capital. Two of the 3 shareholders are enterprises with Mr. Nguyen Chi Cong as director and legal representative.
On the other hand, there are still many enterprises that have shown their determination to participate in the new investment market segment. Although there is no word "floor", Hoa Binh Securities (HBS) contributed capital to VIMEXCHANGE Cryptocurrency and Crypto Asset Trading JSC last May. According to research, VIMEXCHANGE has a charter capital of 10,000 billion VND, of which HBS contributed 500 billion, equivalent to 5% of the capital. The largest shareholder is VIMEDITMEX Pharmaceutical Group JSC with 5,000 billion VND, accounting for 50% of the capital. In addition, there is also the participation of Bao Tin Manh Hai Jewelry Joint Stock Company and Hoa Binh Investment & Development Joint Stock Company.
The Vietnamese crypto asset market is in its first stage of development, and the list of organizations that want to participate is complete. Not only technology companies or blockchain startups, but also securities companies, commercial banks and enterprises are participating. Organizations are preparing for a long race in a new "playground" with the potential to shape the future of digital capital flows.
(Market times)