According to The Korea Herald, Dunamu Group is partnering with Military Commercial Joint Stock Bank (MB) to launch Vietnam’s first domestic digital asset exchange.
A Memorandum of Understanding (MoU) was signed between the two parties on Tuesday at the Vietnam-Korea Business Forum in Seoul, attended by business leaders from both countries.
“This agreement is significant as Dunamu exports its exchange operation model and technology from Korea overseas,” said a Dunamu representative.
As per the agreement, Dunamu will become MB’s important strategic partner, sharing technology and infrastructure, as well as providing legal compliance, investor protection, and human resource development advice.
This collaboration comes as Vietnam pushes to bring digital assets under formal regulatory control. The Digital Technology Industry Law, passed in July, legalized these assets and laid the foundation for a regulated market.
“Vietnam has great potential with over 20 million virtual asset owners, transaction volumes exceeding $800 billion, and ranking 5th in the world for blockchain capital flow,” said Dunamu CEO Oh Kyoung-suk. According to Dunamu, when this growth potential is combined with the Upbit model, it will not only build an exchange but also lay the foundation for Vietnam’s entire digital financial infrastructure based on trust.
MB’s Chairman of the Board of Directors, Luu Trung Thai, stated, “MB and Upbit will cooperate as trusted partners to promote the digital financial market in Vietnam.”
Dunamu Group (established in 2017) manages Upbit, South Korea’s largest centralized crypto exchange, ranking 3rd globally. Upbit holds about 80% of the market share in South Korea, serving 6 million customers, with a transaction volume of over $1.1 trillion in 2024 and managing over $80 billion in digital assets. Dunamu has not only made Upbit Korea’s leading exchange but also shaped the ecosystem and legal framework for crypto in the country.
In July, Dunamu’s Vice Chairman and Co-founder, Kim Hyoung-nyon, met with Prime Minister Pham Minh Chinh and committed to supporting the development of Vietnam’s digital economy. The Prime Minister appreciated Dunamu’s financial and technological capabilities and welcomed their investment plans in Vietnam, especially in the field of digital and crypto assets.
During the meeting, the Prime Minister encouraged Dunamu to expand its investments in Vietnam and suggested a close and effective collaboration between MB and Dunamu, contributing to the comprehensive strategic partnership between Vietnam and South Korea.
Prime Minister encourages Dunamu Group to expand its investments in Vietnam – Photo: VGP/Nhat Bac
Dunamu’s Vice Chairman and Co-founder, Kim Hyoung-nyon, affirmed the group’s commitment to sharing its expertise and actively cooperating with Vietnam in the field of digital currency and crypto assets as directed by the Prime Minister. Dunamu will provide the best solutions and services to ensure safety and transparency, thereby attracting Vietnamese and international investors.
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