HVA gets ahead in digital assets

HVA plans to submit to its General Meeting of Shareholders a proposal to establish and operate the DNEX Digital Asset Exchange in Da Nang.

Big Ambitions

DNEX Digital Asset Exchange JSC (DNEX Exchange for short) was officially registered on September 9, with its headquarters located at MISA Building, Da Nang City. The company’s registered activities cover management consulting, excluding legal, financial, accounting, and auditing consulting.

DNEX Exchange has three founding shareholders: Fundgo Fund Management JSC, contributing 30% of capital; Trustpay JSC, contributing 30%; and Digital Asset Management Technology JSC, contributing 40%. Fundgo and Trustpay are both enterprises directed by Mr. Nguyen Chi Cong, a member of HVA’s Board of Directors, who serves as General Director and legal representative. Trustpay was founded in September 2009, and Mr. Vuong Le Vinh Nhan, Chairman of HVA’s Board, previously served as its legal representative.

Under its proposed plan, DNEX Exchange will be based in Da Nang, in line with the city’s development strategy to become an international financial hub. The project is expected to have a total capital scale of about VND 10 trillion, mobilized from strategic investors in stages.

As the lead unit, HVA will be responsible for planning, coordinating implementation, and connecting with partners. Announced strategic partners include Onus Finance UAB, Alpha Securities JSC (APSC), Pacific Bridge Capital, SFVN Investment JSC, and Vemanti Group.

What About Financial Capacity?

According to Article 8 of Resolution 05/2025 on licensing conditions for operating a digital asset exchange, key requirements include: contributed charter capital in Vietnamese dong of at least VND 10 trillion; at least 65% of the charter capital contributed by institutional shareholders; and at least 35% of capital held by at least two institutions such as commercial banks, securities firms, fund management companies, insurance firms, or technology companies.

Given these conditions, DNEX Exchange will not be eligible to apply for a license until it reaches the minimum charter capital threshold of VND 10 trillion. Meanwhile, HVA—the “lead unit”—currently has relatively modest charter capital of VND 136.5 billion and a market capitalization of more than VND 303 billion. Fundgo, where HVA is a member, has a committed investment fund of USD 150 million (equivalent to VND 3.96 trillion at an exchange rate of VND 26,385/USD). However, this still falls far short of the capital requirements for a licensed digital asset exchange.

Regarding shareholder eligibility, DNEX’s current structure includes two technology companies. Fundgo operates as a venture capital fund manager for startups, but it does not appear on the Ministry of Finance’s official list of licensed fund management companies nor in the Securities and Exchange Commission of Vietnam’s registry. It remains unclear whether Resolution 05/NQ-CP requires fund management entities to be officially licensed or whether simple business registration suffices.

Overall, HVA will have significant financial challenges in providing digital asset exchange services, particularly when compared to big competitors like SSI, VIX, MB, or TCB, which already have substantial ecosystems, as well as blockchain experts like Matrix1. Even larger enterprises began with lesser capital bases than the VND 10 trillion benchmark. As a result, establishing enough financial preparedness, as well as assuring legal compliance and transparency, building strong technical infrastructure, and cultivating talented human resources, will be critical to gaining user trust and fostering a viable digital asset market.

For HVA, in a nascent market where legal frameworks are still evolving, its foundation as a financial investment management company with the ETHCapital application may offer certain advantages. On the other hand, it also risks confusion in delivering pilot products in the digital asset sector, potentially hindering early user adoption and visibility. With market forecasts suggesting that only three to five companies will ultimately receive licenses, Vietnam’s digital asset landscape will demand that players demonstrate real capacity and clear competitive strategies to succeed in this capital-intensive technology race.