Vietnam’s VPBank Enters Crypto Exchange Race as Regulation Nears

Vietnam’s banking giants move fast on digital assets as Hanoi formalizes crypto rules

Vietnam’s push to bring cryptocurrencies into the regulated financial system is accelerating—and global investors are watching closely. Vietnam Prosperity Commercial Bank is the latest heavyweight lender to announce plans for a digital asset exchange, signaling that Southeast Asia’s fast-growing crypto market is entering a new, more institutional phase.

Vietnam Prosperity Commercial Bank, listed on the Ho Chi Minh Stock Exchange under the ticker VPB, confirmed it is among five financial institutions selected for Vietnam’s pilot program to establish the country’s first licensed cryptocurrency exchanges. The move follows closely after Techcombank disclosed its own application, highlighting a rapidly intensifying race among top-tier Vietnamese banks.

Speaking at an investor briefing on January 28, VPBank’s Standing Deputy CEO Luu Thi Thao said the bank has been working since late 2025 with domestic and international partners to set up a joint-stock exchange operator named CAEX. According to management, the trading platform’s technology, cybersecurity systems, and blockchain-specialized personnel are already in place, allowing operations to begin immediately once the regulatory framework is finalized.

For international readers, the significance lies in timing. Vietnam is one of the world’s most active crypto markets by retail participation, yet until now has operated largely in a legal grey zone. From January 1, 2026, the Law on Digital Technology Industry officially recognizes cryptocurrencies, making Vietnam the 46th country globally to legalize digital assets. This shift opens the door for banks—rather than offshore platforms—to dominate domestic crypto trading, custody, and structured products.

VPBank’s crypto ambitions are backed by strong financial momentum. The bank expects consolidated assets to reach roughly VND 1.26 quadrillion in 2025, up more than 36% year-on-year, while pre-tax profit is projected to rise 53% to VND 30.6 trillion. Growth has been driven by its broader ecosystem, including consumer finance arm FE Credit, insurer OPES, and securities unit VPBankS, whose IPO raised nearly VND 13 trillion in fresh capital. That balance sheet strength matters in a licensing regime that demands high charter capital, institutional shareholders, and robust system security—conditions that may limit initial approvals to only around five exchanges.

Beyond crypto, VPBank is also positioning itself for Vietnam’s forthcoming gold market liberalization as Decree 24 is amended to reduce state monopolies. The bank plans to offer not just physical gold trading but also gold-linked structured deposits, certificates, and forward contracts, underscoring a broader strategy to capture alternative assets within a regulated banking framework.

A key strategic edge for VPBank is its expanded ability to tap foreign capital. After acquiring GPBank under a special restructuring mechanism, the lender is permitted to raise foreign ownership to as much as 49%, giving it greater flexibility to partner with global technology providers and financial institutions in digital assets. That contrasts with many regional peers still constrained by tighter ownership caps.

Regulators, however, are signaling that legalization does not mean leniency. Vietnam is drafting stricter enforcement tools, including higher fines, asset confiscation, and potential criminal liability for serious violations. From mid-2026, a 0.1% personal income tax on each digital asset transaction—mirroring securities trading tax—will also come into effect, reshaping trading economics.

The bigger question for global investors is whether Vietnam can balance innovation with discipline. If successful, the country could emerge as Southeast Asia’s first major market where crypto trading is led by regulated banks rather than offshore exchanges—a model that may redefine how emerging markets integrate digital assets into mainstream finance.

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Source: Vietnam Insider