Moves ahead of the pilot launch of digital asset exchange

That was the statement from Nguyen Hong Trung, Chairman of the Board and Chief Executive Officer of CAEX, a company within the VPBank ecosystem.

One company declares itself “ready for the pilot”

Just days before the February 28 deadline for the pilot launch of a digital asset exchange, Vietnam Prosperity Digital Asset Exchange JSC (CAEX) — part of the financial ecosystem of Vietnam Prosperity Joint Stock Commercial Bank (VPBank, HoSE: VPB) — announced that it has mobilized all necessary resources to meet the requirements for participating in the pilot program for digital asset exchange services under Government Resolution No. 05/2025/NQ-CP.

CAEX was established with the ambition of becoming a professional digital asset trading platform, expanding modern and legitimate investment channels for Vietnamese investors in the digital economy era. It represents a strategic component in VPBank’s differentiated expansion ecosystem, complementing its banking, consumer finance, securities, and insurance arms to deliver comprehensive financial services.

CAEX’s shareholders include entities within the VPBank ecosystem, notably VPBank Securities (VPBankS, HoSE: VPX) and LynkiD JSC. In addition to domestic shareholders, CAEX has entered strategic partnerships with leading global players in exchange operations, liquidity provision, and custody services. Shareholders are completing the final steps to raise the company’s charter capital to VND 10 trillion to satisfy pilot eligibility requirements.

On the technology front, CAEX and its global partners have collaborated to develop and operate technical infrastructure, security systems, compliance mechanisms, and risk governance frameworks aligned with the highest international standards, while also securing liquidity connections.

Nguyen Hong Trung emphasized: “We are fully prepared in terms of technology infrastructure, expert personnel, and international cooperation frameworks to ensure readiness for official launch. CAEX prioritizes safety, security, and a seamless user experience, offering diverse investment options.”

Through cooperation with both domestic and international partners — particularly institutions operating under strict compliance models — CAEX aims to meet international standards in operations, security, and risk management, protect investors’ legitimate rights and interests, and contribute to building a transparent, secure, and sustainable digital asset ecosystem in Vietnam.

Activity Intensifies Ahead of February 28

CAEX is not alone. As the deadline approaches, multiple market players have accelerated preparations.

On February 11, Vietnam Loc Phat Digital Asset Exchange JSC (LPEX) drew attention after raising its charter capital sharply from VND 6.8 billion to VND 360 billion — more than a 50-fold increase. The capital injection came entirely from private investors, signaling strong determination ahead of “D-Day.”

Beyond capital increases, at least two industry players have recently reshuffled senior leadership, reflecting urgent strategic and personnel adjustments. To meet legal requirements, major financial institutions have quickly established subsidiaries or affiliates dedicated to registering for the pilot, including:

• VIXEX, backed by VIX Securities;
• SSI, with strategic participation from SSI Securities;
• TCEX, funded by Techcombank Securities (TCBS);
• Military Bank (MB, MBB), which is widely expected to join the race.

However, in terms of capital scale, Vimexchange JSC — founded in June 2025 — remains the only company to have reached the VND 10 trillion charter capital threshold so far. Its shareholder structure includes Vimedimex Pharmaceutical Group (50%), Hoa Binh Securities (2%), Bao Tin Manh Hai Gold & Jewelry (10%), Hoa Binh Investment & Development (10%), Bien Tien Sa (6%), Vietnam Investment Development Group (5%), Vimedimex Pharmaceutical 2 (15%), and International Fund Management (2%).

According to the Ministry of Finance, seven companies have submitted applications for digital asset exchange licenses, but there is no updated information yet on how many have met the VND 10 trillion capital requirement.

Under Government Resolution 23, the digital asset trading market must be piloted before February 28, 2026. Resolution 05/2025/NQ-CP sets strict licensing conditions, including:

• Minimum charter capital of VND 10 trillion
• Vietnamese legal entity status
• Participation of banks, securities firms, or technology conglomerates

Le Bao Nguyen, Deputy CEO of SSID, noted that the resolution reflects a cautious approach. The VND 10 trillion capital requirement, he said, is designed to safeguard investor assets.

“With that level of capital and risk exposure, massive investments in technology infrastructure are required. This will be a game for financial institutions, not startups. Only large institutions possess the necessary technology, capital base, and customer networks to lead,” he said.

SSID is reportedly recruiting personnel from international organizations to transfer know-how and build standardized processes and technology frameworks. Nguyen added that being first does not necessarily guarantee success; the key is balancing opportunity and risk.

Some institutions entering the market also emphasize service provision rather than proprietary investment.

MB Chairman Luu Trung Thai described digital assets as a challenging field in which not every enterprise can easily succeed. MB’s approach, he said, is to focus on technological robustness. The bank will not invest directly in digital assets but will participate as a service provider, partnering with South Korea’s Dunamu Group.

He further stressed that without international cooperation, Vietnamese enterprises would lack sufficient capacity to deliver digital asset trading services, particularly regarding safety and security requirements.

As February 28 approaches, Vietnam’s digital asset landscape is entering a decisive phase — one defined not only by capital injections, but by technology readiness, governance standards, and the ability to manage risk in a tightly regulated new market.