Five companies are in the running to set up Vietnam’s first licensed crypto exchanges, Reuters reported, citing a Finance Ministry document.

Those named include affiliates linked to Techcombank, VPBank and LPBank, alongside VIX Securities and Sun Group.

Sun Group and VPBank said they had submitted applications, while the Finance Ministry did not comment on the list.

The applications come as Vietnam moves to test a domestic crypto exchange model and considers new restrictions on trading through foreign platforms.

The proposed changes would mark a significant shift for a market where many users still trade through offshore exchanges.

Vietnam placed fourth in Chainalysis’ 2025 Global Crypto Adoption Index.

Reuters also reported that trading tied to Vietnamese users topped US$200 billion in the 12 months to June.

Crypto is not accepted as legal payment in Vietnam, but trading activity remains strong.

Market participants say overseas platforms such as Binance, OKX and Bybit continue to dominate, while industry representatives argue that local exchanges could help build a more regulated domestic crypto market.

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