Paving the way for capital and talent to return
On September 9, 2025, Deputy Prime Minister Ho Duc Phoc signed and issued Resolution No. 5/2025/NQ-CP of the Government on the pilot implementation of the cryptocurrency asset market in Vietnam. This Resolution takes effect from the date of signing, the pilot implementation period is 5 years.
This resolution attracted special attention from the Blockchain community, when it brought a legal corridor for the long-standing investment activity in the "grey zone" for the first time.
Regarding the legal corridor for digital assets and cryptocurrency assets, Mr. Mai Huy Tuan - CEO of SSI Digital Technology Joint Stock Company (SSI Digital - SSID) shared the legal corridor for the digital asset and cryptocurrency market in Vietnam that has been awaited by the investment community for a long time. Many key personnel behind the world's leading technology products today are Vietnamese. That makes him expect that, when the domestic legal framework is gradually completed, this talented force will have the opportunity to return and contribute to the country instead of just contributing abroad.
He emphasized that Vietnam can completely become a bridge between the domestic and international markets. Startups, investment funds, digital asset exchanges and major financial institutions around the world are all interested, but they are waiting for a clear and transparent legal framework from the Vietnamese Government. Once the legal framework is issued, there will certainly be a wave of cooperation and strong connections between global financial institutions and the Vietnamese startup ecosystem.
To build a sustainable digital asset ecosystem, there must be connection. Each startup can be strong in just a small piece, but when combined, it will create a comprehensive picture. Like a phone, some make the case, some make the chip, some make the camera - everything must be connected to make a finished product. The same goes for digital finance, only when all parties share and cooperate together can the combined strength be created, said Mr. Tuan.
Building market confidence
Talking about market liquidity, Mr. Thuat Nguyen - co-founder of Kyros Ventures commented: The most important driving force is liquidity: if domestic exchanges cannot have liquidity equivalent to international exchanges, it will be very difficult to retain investors.
The next key factor is to protect investors. According to his experience, platforms in Korea have a very strict control mechanism, preventing transaction manipulation, high safety and support for users. Thanks to that, even domestic exchanges in Korea have at times achieved liquidity exceeding large international exchanges. Vietnam needs to learn this model to create a trading floor where investors feel secure, protected, and have support from authorities when an incident occurs.
He emphasized that if the Vietnamese market still allows users to mainly trade on foreign platforms, in the long run we will lose the advantage. To retain domestic value, it is necessary for Vietnamese customers to trade on Vietnamese exchanges. In addition to centralized exchanges, Vietnam also needs to consider decentralized exchanges (DeFi) - an inevitable, transparent trend, operating 24/7 and without intermediaries. Currently, many groups of Vietnamese engineers have built famous DeFi products in the world, but do not dare to be headquartered in Vietnam due to the lack of appropriate legal mechanisms.
According to him, developing this ecosystem requires a long process, but if there is a correct orientation, Vietnam can completely become a leading destination in the field of digital assets.
Immediately after Resolution 5/2025/NQ-CP was issued, the financial market recorded many mixed movements.
Some blockchain units have suddenly tightened their operations. Coin98 Wallet - the flagship product of startup Ninety Eight - announced the temporary suspension of service provision for users who are citizens or residents in Vietnam from September 10 to comply with new legal regulations. At the same time, domestic users could not access KyberSwap, a decentralized trading platform (DEX) of Vietnamese origin, while international users still used it normally.
On the other hand, banks and securities companies are excited. VPBank said it is completing procedures to participate in the pilot implementation of a cryptocurrency asset exchange, with VPBank Securities Company (VPBankS) taking the leading role. Previously, MB signed a memorandum of understanding on cooperation with Dunamu Group (Korea) to develop domestic digital asset exchanges. The race is also heating up in the securities company group, with the participation of SSI, Techcombank Securities, VIX and many other enterprises.
Notably, HVA Investment Joint Stock Company (HVA Group, stock code: HVA) has just announced a plan to establish a DNEX digital asset exchange with a cooperative capital of about VND10,000 billion, mobilized from strategic investors such as Onus Finance UAB, APSC, Pacific Bridge Capital, SFVN and Vemanti Group. The roadmap consists of three phases: completing legal procedures, trial operation within the framework of sandbox and commercial exploitation from 20252026. HVA also plans to cooperate with Hanagold in the field of gold and gemstones and establish an ETH Treasury with a maximum scale of VND 1,000 billion to reserve and exploit ETH.
