Vietnam Digital Asset Exchange Race: VIX, VPB Advance as SSI, HSC Exit

Overview

Nearly one year after Vietnam’s pilot program for digital asset exchanges began under Resolution 05, the competitive landscape is sharpening. CAEX, backed by VPBank Securities (VPB), has met the VND 10,000 billion capital requirement, while SCEX has raised capital to VND 5,000 billion. In contrast, major securities firms like SSI, HSC, and Vietcap have exited or paused their plans. New penalties for digital asset violations take effect from September 1, 2026.

Key Facts

• Resolution 05/2025/NQ-CP was issued on September 9, 2025, with a five-year pilot period.
• CAEX increased its charter capital from VND 25 billion to VND 10,000 billion in April 2026.
• VPBank Securities (VPB) contributed VND 1,100 billion to CAEX, holding an 11% stake.
• SCEX raised its charter capital from VND 360 billion to VND 5,000 billion in August 2026, a nearly 14-fold increase.
• Vietcap stopped its exchange project in August 2025 due to the high capital requirement.
• HSC and SSI have also withdrawn or paused their participation in 2026.
• Decree 284/2026/NĐ-CP introduces penalties up to VND 200 million for organizations and VND 100 million for individuals from September 1, 2026.

What Happened

After nearly a year of the pilot program for digital asset exchanges under Resolution 05, the market is seeing clear winners and losers. CAEX, a company established to operate a digital asset exchange, has successfully raised its charter capital to VND 10,000 billion, meeting the minimum requirement. VPBank Securities (VPB) contributed VND 1,100 billion, representing an 11% stake, alongside other shareholders like LynkiD and Future Land.

SCEX, another applicant, has also made significant progress by increasing its capital from VND 360 billion to VND 5,000 billion in August 2026, reaching halfway to the required threshold. Meanwhile, several major securities firms have decided to step back. Vietcap halted its project in August 2025, citing the excessive capital requirement and uncertainty. HSC and SSI have also withdrawn or paused their plans in 2026, according to company statements.

Market Context

VIX, listed on HOSE, closed at VND 14,000 on September 4, 2026, reflecting steady trading. VPB, also on HOSE, rose 3.15% to VND 28 with high volume. The digital asset exchange pilot is a new regulatory frontier in Vietnam, and the participation of securities firms like VPB and VIX (through its subsidiary VIXEX) signals strategic diversification. However, the withdrawal of major players like SSI and HSC suggests that the high capital barrier and regulatory uncertainty are deterring some incumbents.

Strategic Significance

For long-term investors, the progress of CAEX and SCEX indicates that the digital asset exchange market is consolidating around well-capitalized players with institutional backing. VPB’s investment in CAEX aligns with its broader fintech strategy, potentially creating synergies with its securities arm. VIX’s involvement through VIXEX could provide exposure to a new asset class, but the company must also meet stringent requirements. The upcoming penalties under Decree 284 signal a maturing regulatory framework, which could attract institutional investors seeking clarity.

What to Watch

• Further capital increases by SCEX to reach the VND 10,000 billion threshold.
• Official licensing decisions from the Ministry of Finance for the five applicants.
• Operational launches of approved exchanges and initial trading volumes.
• Enforcement of Decree 284 penalties and their impact on market participants.
• Any additional regulatory guidance on digital asset classification and taxation.