South Korean crypto exchange Bithumb eyes pilot project in Vietnam, leveraging the country’s burgeoning digital asset market.
Recently, Business Korea reported that Bithumb is advancing plans to participate in a pilot cryptocurrency exchange project in Vietnam. This move underscores Vietnam’s growing appeal as a crypto hub.
Citing Vietnam Investment Review, Business Korea highlights Vietnam’s 17 million crypto holders and a market value exceeding $100 billion. Triple-A’s report further reveals Vietnam’s 17.4% crypto ownership rate, surpassing the global average of 6.8%.
“South Korean firms are strategically positioning themselves to lead in this emerging market,” noted an industry insider.
This initiative follows Vietnam’s Resolution No. 05/2025/NQ-CP, issued on September 9, 2025, which permits the establishment and operation of pilot crypto exchanges over the next five years.
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Since the legalization of cryptocurrencies in June 2023, Vietnam has accelerated regulatory frameworks for the sector, according to Business Korea.
Bithumb plans to invest in the project through equity participation, adhering to the 49% foreign ownership cap mandated by Vietnamese regulations.
A South Korean financial official told Business Korea, “Bithumb has been quietly pursuing this venture for months… They’ll likely partner with local financial institutions and banks through equity investment.”
In August, Dunamu signed an MoU with MB Bank.
Bithumb’s rival, Dunamu (operator of Upbit), has also entered the fray by signing an MoU with MB Bank during the Korea-Vietnam Business Forum. Dunamu will support MB Bank in establishing an exchange, developing legal frameworks, and ensuring investor protection.
Market Overview and Key Players
Beyond Dunamu and Bithumb, South Korea’s BDACS has partnered with IDGX (IDG Capital Vietnam) to develop digital asset trading and custody infrastructure.
Domestic players like Techcombank’s TCEX, VIXEX (backed by VIX Securities), and CAEX (with VPBank Securities) are also gearing up for the competitive landscape.
Dunamu, backed by Kakao Corp, dominates South Korea’s crypto market with Upbit’s 75-80% share. In 2024, Upbit’s trading volume surpassed $1.1 trillion, with daily peaks of $3-5 billion. Dunamu reported $838.7 million in operating profit for 2024.
In contrast, Bithumb, the second-largest exchange, faces volatility with a 20-30% market share, relying on fee waivers to compete. Despite daily volumes exceeding $1.8 billion, its 2024 profit was just $93.7 million, hindered by complex ownership and legal challenges.
The entry of these Korean giants into Vietnam’s nearly 100-million-strong market signals intense competition. The clash between Dunamu’s peak performance and Bithumb’s seasoned yet challenged approach will reshape Vietnam’s digital asset landscape.
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