Key Takeaways:
- South Korea’s Dunamu (Upbit operator) and Vietnam’s Military Bank sign MoU to launch the nation’s first domestic crypto exchange.
- The union of Upbit and MB offers the worldwide exchange model of the first one and the national banking network and regulatory fit of the latter.
- A thriving crypto market in Vietnam: 20M holders, 800B USD yearly trading volume, 5th in the world blockchain capital flows.
Vietnam’s digital finance market is on the brink of a seismic shift. A new alliance between South Korea’s leading exchange operator Dunamu and Vietnam’s Military Bank (MB) is set to create the country’s first officially recognized crypto trading platform, a move that could redefine the nation’s position in the global blockchain economy.
Read More: Vietnam Legalizes Crypto: Landmark Law to Regulate Digital Assets and Spark Web3 Boom
A First for Vietnam’s Digital Asset Landscape
The memorandum of understanding (MoU), signed on August 12 during the Vietnam–Korea Economic Forum in Seoul, signals a rare state-linked venture in the cryptocurrency sector. Dunamu, operator of Upbit, South Korea’s largest and the world’s third-largest crypto exchange by trading volume, will act as MB’s strategic partner in building the platform.
Dunamu under the agreement will:
- Provide its enhanced trading platform and security.
- Direct MB into compliance with the regulations and investor protection.
- Exchange expertise in operations of share, management of assets and training of talent.
With more than 33 million customers and almost 50 billion dollars in assets, MB Bank is one of the five largest banks in Vietnam; thus, it offers a significant amount of reputation and nationwide coverage.
Read More: Vietnam Moves National Crypto Exchange Pilot Forward with Bybit’s Technical Support
Why Vietnam Is a Prime Target for Crypto Expansion
Competitive market able to compete with the top global commerce powers. The startling figures in Vietnam, cited by Dunamu CEO Oh Kyung-seok in a recent industry presentation, include 20 million digital asset holders, over $800 billion in annual crypto trade volumes, and a leading five position in the amount of blockchain-related capital that flows there.
These indicators made Vietnam lead most Western markets in terms of the rate of crypto adoption. In tandem with the new law on Digital Technology Industry recently passed and due to come into action in January 2026, the climate is now proving increasingly open to official, regulated crypto activities.
Such a legal basis effectively resolves years of uncertainty, when the crypto activity in Vietnam was on the threshold of the legal status, in the “gray zone” that is active but not regulated.
Technology Meets Local Banking Power
Upbit’s proven exchange model is at the core of this collaboration. The platform processes over $1.1 trillion in trades annually and manages more than $11 billion in digital assets. This expertise is expected to give Vietnam’s first domestic exchange a competitive edge from day one.
MB Bank’s role will be equally critical. As a state-linked institution under the Ministry of National Defense, it carries regulatory credibility and has the infrastructure to support nationwide adoption. The combination of global-grade exchange technology and trusted local banking infrastructure could accelerate public acceptance and institutional participation.
Strategic Timing in a Global Context
The DunamuMB alliance is critical. Crypto markets are seeing new institutional interest across the world as regulatory clarity is driving in counterparty jurisdiction.
The actions of Vietnam reflect the tendencies of such countries as Japan and the UAE, where state initiatives have improved the confidence of investors and the stability of the market. Complying with the Upbit international model, Vietnam might be able to speed up the process of becoming a part of international systems of digital finance.
With the exchange up and running, its ecosystem may become the beginning of the wider and more comprehensive digital financial landscape in Vietnam, which can include crypto trade, tokenized financial services, and assets.
The aim, as Oh Kyung-seok phrased it, is not simply the determination to initiate an exchange, but to “build out Vietnam all digital financial infrastructure, on a base of trust.”
