Sun Group is the latest business to enter the market through Vietnam Digital Assets JSC, a legal entity established on January 21, 2026, with headquarters at Sun Ancora building in Hai Ba Trung Ward, Hanoi.

The group has not officially commented on the project. However, the National Business Registration Portal shows the company has an initial charter capital of VND1,000 billion, with Sun Group holding a controlling 64 percent stake.

The remaining shareholders include Innovation IT Services Co., Ltd. (35 percent) and PetroVietnam Securities (1 percent).

Earlier, several banks and securities firms had announced plans to build platforms for trading digital assets.

Most recently, CAEX, a member of the VPBank ecosystem, stated said it has prepared all necessary resources to meet requirements for joining the pilot program for crypto asset exchange services under Government Resolution No. 05/2025/NQ-CP. The company is also finalizing steps to increase its charter capital to VND10,000 billion.

CAEX is backed by members of the VPBank ecosystem, including VPBank Securities and LynkiD. In addition to domestic shareholders, CAEX has established strategic partnerships with global industry leaders in exchange operations, liquidity, and custody.

Nguyen Hong Trung, Chair and CEO of CAEX, said: "We have prepared the technological infrastructure, developed a team of experts, and finalized international cooperation frameworks. CAEX prioritizes safety, security, and a seamless experience for investors."

Other companies are also preparing to operate digital asset-related platforms including Vimexchange, TCEX under Techcombank, VIXEX (backed by VIX Securities), SSI Digital, HD Exchange (backed by HDBank Securities), Dolphinex, and DNEX.

Among them, Vimexchange and CAEX are the two firms meeting the initial minimum charter capital requirement of VND10,000 billion under Resolution 05/2025/NQ-CP.

For Vimexchange, the largest shareholder is Vimeditmex Pharmaceutical, holding 50 percent of the charter capital. The remaining shareholders include Hoa Binh Securities (HBS), Bao Tin Manh Hai Jewelry JSC, and Hoa Binh Investment & Development JSC.

Not for everyone

Beyond these players, more companies may enter the digital asset market. MB Bank is also preparing to join the market by partnering with Dunamu, a leading South Korean firm.

In previous remarks, Luu Trung Thai, president of MB, expressed caution about the trend. While recognizing the market’s potential, the bank plans to participate as a service provider for digital asset exchanges through international cooperation.

Apart from the minimum capital requirement of VND10,000 billion, the market carries significant technological risks, making success far from guaranteed, which is a reason why MB is taking a cautious approach.

“Safety comes first. We must ensure maximum security, even if 100 percent certainty is impossible,” Thai said.

He cited South Korea as an example, where about 30 licensed firms provide trading services, but only two are considered truly successful.

“The challenge lies in technology and security. But precisely because it is difficult, we want to pursue it. If it were easy, everyone could do it, and there would be no competitive advantage,” he added.

According to Thai, enthusiasm for digital assets stems from the fact that a significant volume of Vietnamese-owned crypto is already being traded on international platforms. This raises the question of why such assets are not managed domestically and formalized as part of the economy.

“We should understand that trading digital assets is a real demand among Vietnamese people, while digital assets owned by Vietnamese are currently being managed by other platforms. So why shouldn’t they be managed by Vietnamese entities? Why not legitimize these assets and turn them into a resource?

“That is why there is widespread excitement, but that very excitement also shows that not everyone can provide these services, given the extremely high technological requirements,” Thai said

Many want a piece of that "cake," but it is not easily acquired.

Vietnamese firms, he noted, are unlikely to meet the required standards without international partnerships, particularly in fields such as security and system reliability.

In practice, digital asset platforms must process transactions at speeds far exceeding those of traditional banking systems, while maintaining extremely high levels of safety and security. This makes collaboration with experienced global partners essential.

Thus, a cautious approach - finding the best partners and learning from their technology - is necessary to operate in a standard way, rather than simply "chasing trends" and overestimating one's own capabilities.

Duy Anh