Vietnamese firms are racing to secure licences for the country’s first domestic cryptocurrency exchanges as Hanoi moves to restrict trading on foreign platforms.

A government resolution issued in February calls for a pilot program for locally run digital asset exchanges, with a rollout possible as soon as March.

A March 12 Finance Ministry document showed that five companies cleared an initial screening round, Reuters reported. These include affiliates of three private banks in the country including Techcombank, VPBank and LPBank, along with VIX Securities and the Sun Group conglomerate.

The move could reshape a market that has grown fast with little formal oversight. Vietnam has ranked fourth in Chainalysis’ latest Global Crypto Adoption Index, with Vietnamese users having moved an estimated $200 billion in crypto in the year through June 2025.

Officials are concerned that heavy use of crypto and stablecoins could weaken control over capital flows. Vietnam already limits cross-border transfers, and many households have few places to put savings beyond gold and property.

That has helped drive gold prices above global levels and fueled waves of housing speculation, the report points out. Vietnam passed a landmark law officially recognizing digital and crypto assets early last year, outlining a broad framework for managing crypto and fostering innovation in the sector.