The Vietnam Finance Ministry told reporters it has not received any company proposals to join the country’s digital asset trading pilot, Deputy Finance Minister Nguyen Duc Chi said at a Sunday briefing.
He gave the update after being asked how many applications had arrived and when the first licenses might be granted.
The government is moving ahead with rules for the pilot, but the ministry says the rollout will depend on firms meeting strict conditions and on coordination with other agencies.
Applications and timing
Chi said some companies are preparing to enter the market and are adding business lines to qualify. Still, no formal proposals have landed on the ministry’s desk. The pilot will accept no more than 5 participants, according to government limits.
The ministry hopes to license the first firms and start the pilot before 2026, but it cautioned that the exact schedule will hinge on how quickly businesses meet the required conditions.
Chi told the press that the ministry is speeding up its work so eligible firms can begin operations in Vietnam as soon as possible. He added that close teamwork between the ministry and businesses could shorten the process.
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Rule-making underway
After the government issued Resolution No. 05/2025/NQ-CP on piloting the digital asset market, the Finance Ministry set out a detailed implementation plan.
Its teams are drafting the decrees needed to let a digital asset trading market operate in pilot form.
Officials are working on tax rules, the fees that will apply to digital asset trades, and accounting standards for firms and market participants.
The ministry has also set up a process to work with other bodies. It is seeking input from the Ministry of Public Security and the State Bank of Vietnam. Those discussions aim to shape licensing steps and other rules needed for the pilot.
Legal framework and the government’s aim
Vietnam’s National Assembly approved the Law on Digital Technology Industry in July, making digital assets legal under Vietnamese law. On September 9, 2025, the government formally launched a five-year pilot of the crypto asset market with Resolution 05.
Officials say the move is meant to bring much crypto activity onshore and under formal oversight.
Analysts at VinaCapital say the plan is to move trading away from large informal channels that rely on offshore platforms. The goal is to create onshore markets that are taxable and fit into the wider financial system.
Market size and private interest
Estimates suggest that about 17 million Vietnamese people already trade cryptocurrencies. Annual transaction volume tied to digital assets is put at more than $100 billion.
Most of this activity currently occurs on offshore exchanges such as Binance and Bybit, as well as platforms in Singapore, South Korea, and Hong Kong.
Since the resolution was announced, several big firms in finance, securities, and banking have said they are preparing proposals to join the pilot. One notable deal came via a memorandum of understanding reached at a business forum in Seoul.
Dunamu, the company behind South Korea’s Upbit, and Military Bank of Vietnam agreed to work on building the country’s first local digital asset exchange.
Dunamu will supply the technology and platform know-how while MB Bank will take charge of local operations.
The Finance Ministry has made clear that drafting of rules and interagency talks will continue. The ministry will only issue licenses to firms that meet the set conditions.
The overall timetable will reflect how fast businesses can meet those rules and how quickly government units can finalise licensing steps.
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