Hanoi-based Military Bank and the Korean company Dunamu reached an agreement to launch Vietnam’s first exchange for digital assets.
Business leaders from both countries convened at a business forum in Seoul on Tuesday to finalize a memorandum of understanding, according to the Korea Herald. Dunamu is the operator of South Korea’s largest cryptocurrency platform Upbit.
The partnership represents one of the first major exports of Korea’s cryptocurrency exchange model to a state-backed initiative. MB Bank, founded in 1994 as a subsidiary of Vietnam’s Ministry of National Defence, is among the nation’s five largest lenders, with 33 million customers and $50 billion in assets under management.
Crypto diplomacy
Under the terms of the agreement, Dunamu will provide infrastructure, technology, and guidance to Military Bank (MB). MB will be responsible for managing and establishing the exchange for customers in Vietnam.
In July of this year, Dunamu Vice Chair and co-founder Kim Hyoung-nyon met with Prime Minister Pham Minh Chinh and reaffirmed the company’s commitment to supporting Vietnam’s digital economy.
Blooming potential
Vietnam is one of the most active crypto markets globally, with more than 20 million Vietnamese citizens holding cryptocurrencies. Blockchain data firm Chainalysis ranked the country fifth overall in its 2024 Global Crypto Adoption Index.
This move to establish an exchange comes as Vietnam accelerates efforts to govern and importantly, catch-up in the global integration into the digital economy. In July, the National Assembly, the highest parliamentary body in the country, passed legislation which effectively legalized digital assets and created a framework for a regulated market.
“When this growth potential meets the Upbit model it will be a chance to build not just an exchange but Vietnam’s entire digital financial infrastructure on a foundation of trust,” Dunamu CEO Oh Kyoung-suk told the Korea Herald.
Details of the exchange, including its name and potential launch date, have not yet been announced.
