Vietnam is constructing its first government-backed cryptocurrency change via a partnership between the state-controlled Army Financial institution and South Korea’s Dunamu, the corporate behind Upbit change.
The deal marks a serious step for Vietnam’s plan to develop into a regional crypto chief.
Partnership Particulars
Army Financial institution and Dunamu signed their settlement on August 12, 2025 in the course of the Vietnam-Korea Enterprise Discussion board in Seoul. The partnership brings collectively Vietnam’s largest defense-linked financial institution with the operator of South Korea’s largest crypto change.
Army Financial institution serves 33 million clients and operates underneath Vietnam’s Ministry of Nationwide Protection. This authorities connection makes the brand new change an official state initiative reasonably than a non-public enterprise.
Dunamu operates Upbit, which ranks fourth globally amongst crypto exchanges. Upbit handles $3.94 billion in every day buying and selling quantity and controls 69% of South Korea’s crypto market.
Below their settlement, Dunamu will present the know-how, safety programs, and compliance steerage. Army Financial institution will deal with native operations, buyer relations, and regulatory issues in Vietnam.
Vietnam’s Crypto Market Dimension
Vietnam already has a large crypto person base. The nation has 20 million crypto holders, representing about 21% of its inhabitants. Annual crypto buying and selling quantity reaches $800 billion, putting Vietnam fifth globally for blockchain capital flows.
This development occurred shortly. Seven years in the past, solely 260,000 Vietnamese individuals used cryptocurrencies. The quantity jumped to over 20 million customers at this time, making Vietnam one of many world’s high international locations for crypto adoption.
Vietnamese staff overseas ship residence over $16 billion yearly via remittances. Cryptocurrencies supply quicker and cheaper cash transfers in comparison with conventional banks, driving adoption in rural areas with restricted banking entry.
New Authorized Framework
Vietnam’s crypto change launch builds on current authorized adjustments. The nation handed the Digital Technology Industry Law in June 2025, which formally acknowledges digital property. The regulation takes impact January 1, 2026.
The laws splits digital property into two classes: Digital Property (recreation tokens and loyalty factors) and Crypto Property (Bitcoin, Ethereum, and comparable currencies). Each varieties are separate from securities, stablecoins, and central financial institution digital currencies.
This authorized framework permits partnerships just like the Dunamu-Army Financial institution deal to function brazenly. Vietnam joins a small group of nations which have created complete crypto rules reasonably than leaving the trade in authorized grey areas.
The regulation additionally consists of tax incentives for AI and semiconductor firms, R&D subsidies for chip design, and workforce improvement packages for digital abilities.
Authorities’s Digital Technique
The crypto change suits into Vietnam’s broader digital transformation plan. The federal government launched NDAChain in July 2025, a nationwide blockchain platform for healthcare, logistics, and schooling sectors.
NDAChain operates on 49 validator nodes managed by authorities businesses and main companies. The system will combine with the Nationwide Knowledge Heart by late 2025 and broaden to native governments and universities in 2026.
Prime Minister Pham Minh Chinh desires Vietnam to develop into a regional blockchain chief. The federal government created the Vietnam Academy of Blockchain and AI Innovation in 2024 with plans to coach a million individuals in blockchain applied sciences.
Dunamu co-founder Kim Hyoung-nyon met with Prime Minister Chinh and pledged the corporate’s help for Vietnam’s digital economic system objectives. This high-level authorities engagement reveals official backing for the crypto change mission.
Regional Competitors
The Vietnam change might change Southeast Asia’s crypto panorama. At present, many Vietnamese merchants use worldwide platforms like Binance and OKX. A home change would hold buying and selling quantity and financial advantages inside Vietnam.
The partnership combines Dunamu’s confirmed change mannequin with Army Financial institution’s native experience and authorities connections. This method might develop into a template for different Southeast Asian international locations growing their very own crypto markets.
Vietnam’s crypto market dimension already rivals a lot wealthier nations. The nation constantly ranked first worldwide for crypto adoption in 2021 and 2022, in response to Chainalysis research.
The timing positions Vietnam forward of regulatory developments in different international locations. Whereas many countries nonetheless debate crypto guidelines, Vietnam is constructing infrastructure for a regulated digital asset market.
What’s Subsequent
The change will launch after Vietnam’s new crypto regulation takes impact in January 2026. Dunamu and Army Financial institution are utilizing the preparation time to construct programs and prepare workers.
Army Financial institution Chairman Luu Trung Thai mentioned the partnership will “promote Vietnam’s digital monetary market” as trusted companions. Dunamu CEO Oh Kyung-seok acknowledged the aim goes past constructing an change to creating “Vietnam’s whole digital monetary infrastructure.”
Vietnam’s crypto change represents the nation’s dedication to digital innovation and monetary modernization. With sturdy fundamentals in place, the partnership positions Vietnam as a critical participant within the international crypto market.
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