Nguyen Duy Hung, chairman of SSI Securities Corporation, articulated a notable evolution in his perspective on digital assets during an extraordinary general meeting of shareholders held recently. Five years ago, Hung viewed Bitcoin and similar cryptocurrencies as potentially worthless; however, he now recognizes the broader significance of digital assets beyond mere “coins” or “virtual money.” He described them as a technology rooted in decentralization, with blockchain technology functioning as a shared ledger that can ultimately replace traditional record-keeping methods.
During his address, Hung emphasized the importance of connecting with the interests of younger generations, who are increasingly turning their attention to digital assets rather than traditional equities. He asserted that these young individuals will likely become burgeoning entrepreneurs in the market within the next five to ten years. Thus, SSI aims to position itself as a pioneer in the realm of digital finance.
Hung highlighted the necessity for supportive regulations to foster growth in the digital asset market. He noted that while SSI is prepared with the necessary technology and infrastructure, the foundation for sustainable development hinges on a comprehensive and consistent legal framework. He underscored the goal of the digital asset market as one that empowers young Vietnamese developers to sell their tech products on global exchanges and attract foreign currency back to Vietnam. He cautioned against merely investing in international tokens, as this often results in capital being funneled out of the country.
Hung likened SSI and other early participants to “fire starters” igniting the eventual growth of a robust digital asset market, akin to that of equities or real estate—an endeavor that he anticipated would take years and multiple generations of innovators.
The regulatory landscape is changing in Vietnam, with recent developments signaling a move towards the legalization of digital assets. The National Assembly passed the Law on Digital Technology Industry in July, which defines crypto assets as digital assets validated through encryption or similar technologies. Following this, on September 9, 2025, the Vietnamese government issued Resolution 05, launching a five-year pilot for the country’s crypto asset market.
Experts from VinaCapital revealed that the government’s intentions are to transition Vietnam’s cryptocurrency activities from unregulated offshore markets to formal, taxable onshore systems integrated within the domestic financial framework. With estimates suggesting that approximately 17 million Vietnamese currently engage in cryptocurrency trading, the annual transaction volume is projected to exceed $100 billion, primarily taking place on offshore exchanges.
In response to the regulatory shift, major financial players, including Techcom Securities and SSI Securities, are rapidly developing digital platforms to tap into this emerging market. SSI established SSI Digital Technology JSC in 2022 and recently formed key partnerships with organizations like Tether and Amazon Web Services. Another notable entrant, Techcom Crypto Asset Exchange, was set up with initial capital of approximately $113,593 and expanded its funding rapidly.
Various institutions are joining the fray. VPBank Securities, in partnership with its parent company, has recently invested in establishing Vietnam Prosperity Crypto Asset Exchange, while HD Securities is pursuing substantial capital investment to launch a dedicated crypto asset exchange. In another significant move, Military Bank has teamed up with Dunamu, operator of South Korea’s leading crypto exchange, to enhance Vietnam’s digital finance landscape.
The burgeoning interest and investment in digital assets signal a crucial transformation in Vietnam’s financial ecosystem, indicating a promising future for the country’s digital economy as it aims to nurture homegrown talent and innovation in the digital asset arena.
