Revealing the Plans of Several Vietnamese Banks with Cryptocurrency

According to statistics, the capital flow from blockchain into Vietnam in the period 2023-2024 reaches over 105 billion USD, approximately 4 times higher than the total FDI capital during the same period. Profits from this market in 2023 reached nearly 1.2 billion USD. A report by Triple-A also indicates that more than 20% of the Vietnamese population owns digital currency, placing Vietnam among the top 3 countries in the world in terms of crypto acceptance, which is 3-4 times higher than the global average. However, trading and owning crypto are currently not protected by law, posing many risks for individual investors.

The Government Tightens Management, Banks Get Involved To control the market, the government is promoting the legalization of cryptocurrency assets and piloting the establishment of domestic exchanges. The goal is to protect people from fraud, create a transparent investment channel, and combat tax evasion. This is also why many banks have started to pay attention to this field. On August 12, the Military Commercial Bank (MB) signed a memorandum of understanding with Dunamu – the operator of the Upbit exchange ( in South Korea ). Both sides will cooperate in technology infrastructure, operational experience, and legal framework consulting, while Dunamu will support the establishment of a cryptocurrency exchange in Vietnam according to FATF international standards. Wave of Participation from the Private Banking Sector Not only MB, but many large private banks are also joining the fray. At this year's shareholders' meeting, Techcombank Chairman Ho Hung Anh emphasized: "Participating in blockchain and building digital asset exchanges is an inevitable trend in the digital transformation strategy of financial institutions." Previously, VPBank CEO Nguyen Duc Vinh also admitted that although this sector is still new and risky, "financial institutions cannot stand on the sidelines." On the contrary, state-owned banks like BIDV appear cautious, only wanting to participate in the role of a payment bank and policy development, rather than directly operating the exchange.