Vietnam Military Bank Partners with Dunamu to Launch First State-Backed Crypto Exchange

Vietnam is building its first government-backed cryptocurrency exchange through a partnership between the state-controlled Military Bank and South Korea’s Dunamu, the company behind Upbit exchange.

The deal marks a major step for Vietnam’s plan to become a regional crypto leader.

Partnership Details

Military Bank and Dunamu signed their agreement on August 12, 2025 during the Vietnam-Korea Business Forum in Seoul. The partnership brings together Vietnam’s largest defense-linked bank with the operator of South Korea’s biggest crypto exchange.

Military Bank serves 33 million customers and operates under Vietnam’s Ministry of National Defense. This government connection makes the new exchange an official state initiative rather than a private venture.

Dunamu operates Upbit, which ranks fourth globally among crypto exchanges. Upbit handles $3.94 billion in daily trading volume and controls 69% of South Korea’s crypto market.

Under their agreement, Dunamu will provide the technology, security systems, and compliance guidance. Military Bank will handle local operations, customer relations, and regulatory matters in Vietnam.

Vietnam’s Crypto Market Size

Vietnam already has a massive crypto user base. The country has 20 million crypto holders, representing about 21% of its population. Annual crypto trading volume reaches $800 billion, placing Vietnam fifth globally for blockchain capital flows.

This growth happened quickly. Seven years ago, only 260,000 Vietnamese people used cryptocurrencies. The number jumped to over 20 million users today, making Vietnam one of the world’s top countries for crypto adoption.

Vietnamese workers abroad send home over $16 billion yearly through remittances. Cryptocurrencies offer faster and cheaper money transfers compared to traditional banks, driving adoption in rural areas with limited banking access.

New Legal Framework

Vietnam’s crypto exchange launch builds on recent legal changes. The country passed the Digital Technology Industry Law in June 2025, which officially recognizes digital assets. The law takes effect January 1, 2026.

The legislation splits digital assets into two categories: Virtual Assets (game tokens and loyalty points) and Crypto Assets (Bitcoin, Ethereum, and similar currencies). Both types are separate from securities, stablecoins, and central bank digital currencies.

This legal framework allows partnerships like the Dunamu-Military Bank deal to operate openly. Vietnam joins a small group of countries that have created comprehensive crypto regulations rather than leaving the industry in legal gray areas.

The law also includes tax incentives for AI and semiconductor companies, R&D subsidies for chip design, and workforce development programs for digital skills.

Government’s Digital Strategy

The crypto exchange fits into Vietnam’s broader digital transformation plan. The government launched NDAChain in July 2025, a national blockchain platform for healthcare, logistics, and education sectors.

NDAChain operates on 49 validator nodes managed by government agencies and major corporations. The system will integrate with the National Data Center by late 2025 and expand to local governments and universities in 2026.

Prime Minister Pham Minh Chinh wants Vietnam to become a regional blockchain leader. The government created the Vietnam Academy of Blockchain and AI Innovation in 2024 with plans to train one million people in blockchain technologies.

Dunamu co-founder Kim Hyoung-nyon met with Prime Minister Chinh and pledged the company’s support for Vietnam’s digital economy goals. This high-level government engagement shows official backing for the crypto exchange project.

Regional Competition

The Vietnam exchange could change Southeast Asia’s crypto landscape. Currently, many Vietnamese traders use international platforms like Binance and OKX. A domestic exchange would keep trading volume and economic benefits within Vietnam.

The partnership combines Dunamu’s proven exchange model with Military Bank’s local expertise and government connections. This approach could become a template for other Southeast Asian countries developing their own crypto markets.

Vietnam’s crypto market size already rivals much wealthier nations. The country consistently ranked first worldwide for crypto adoption in 2021 and 2022, according to Chainalysis research.

The timing positions Vietnam ahead of regulatory developments in other countries. While many nations still debate crypto rules, Vietnam is building infrastructure for a regulated digital asset market.

What’s Next

The exchange will launch after Vietnam’s new crypto law takes effect in January 2026. Dunamu and Military Bank are using the preparation time to build systems and train staff.

Military Bank Chairman Luu Trung Thai said the partnership will “promote Vietnam’s digital financial market” as trusted partners. Dunamu CEO Oh Kyung-seok stated the goal goes beyond building an exchange to creating “Vietnam’s entire digital financial infrastructure.”

Vietnam’s crypto exchange represents the country’s commitment to digital innovation and financial modernization. With strong fundamentals in place, the partnership positions Vietnam as a serious player in the global crypto market.