As Upbit, Bithumb, and BDACS jostle for early-mover advantage, Vietnam’s regulatory sandbox may well determine the next phase of Korea’s digital finance ambitions in Southeast Asia.
According to Chainalysis, investment capital flowing into Vietnam’s blockchain sector from 2023 to 2024 is expected to exceed $105 billion, with estimated profits of $1.2 billion.
A separate report by Triple-A, a Singapore-licensed crypto payment provider, noted that more than 17 million Vietnamese (17% of the population) own digital assets, far above the global average of around 7%. For three consecutive years, Vietnam has ranked among the world’s top five nations for cryptocurrency adoption.
The momentum received a major boost with Resolution No. 05/2025/NQ-CP, signed by Deputy Prime Minister Ho Duc Phoc, which greenlighted a five-year pilot program for digital asset exchanges starting Sept. 9, 2025. If no replacement law is introduced, the framework will remain in effect thereafter.
The resolution outlines participation for service providers, issuers, investors — both domestic and foreign — under guiding principles of caution, transparency, safety, and efficiency.
At a training session hosted in August by the Vietnam Blockchain and Digital Asset Association (VBA), officials said five local institutions — SSI Securities, Techcom Securities, VIX Securities, MB Bank, and VP Bank — are expected to secure pilot licenses.
Under such backdrop, Dunamu, operator of Korea’s largest crypto exchange Upbit, signed an MOU with MB Bank on Aug. 12 during the Vietnam–Korea Economic Forum, coinciding with General Secretary To Lam’s state visit to Seoul.
Under the deal, Dunamu will support MB in building a licensed exchange, developing legal frameworks, investor protection systems, and training professionals.
“More than 20 million people own cryptocurrencies here, with annual trading volume topping $8 trillion and blockchain capital ranking in the global top five,” said Oh Kyung-seok, CEO of Dunamu. “Vietnam has massive potential. Combined with Upbit’s model, we can help shape a trusted digital financial infrastructure.”
While Dunamu has previously attempted overseas expansion via Upbit APAC, regulatory hurdles restricted full-scale investment. Current branches in Singapore, Indonesia, and Thailand operate as local partnerships, with Korea providing branding and technology. Analysts believe the MB Bank partnership is a stepping stone for deeper penetration into Vietnam.
Rival exchange Bithumb, Korea’s second-largest, is also eyeing Vietnam’s pilot program. The firm recently struck a global cooperation deal with U.S.-based fintech World Liberty Financial (WLF), co-founded by two sons of former U.S. President Donald Trump.
Although Bithumb publicly stated it has “no official information” on its Vietnam entry, financial sector sources said the company has been preparing for months to establish a joint venture or equity partnership, in line with Vietnam’s cap on foreign ownership at 49%.
Blockchain fintech BDACS, which partnered with Woori Bank to issue the KRW1 stablecoin pegged 1:1 to the Korean won, also announced plans to enter Vietnam.
On Sept. 23, BDACS signed a strategic deal with IDGX, a subsidiary of IDG Capital Vietnam, to build international-standard infrastructure for trading and custody. The project — expected to launch within the year under Vietnam’s regulatory sandbox — will integrate exchanges, custody services, and payment systems, creating a digital asset financial hub.
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