The recent sharp decline in many cryptocurrencies is significantly impacting Vietnamese investors and raising questions about the upcoming launch of Vietnam’s first official cryptocurrency exchange, slated for the third quarter of 2026.
Bitcoin's downturn
As of the morning of June 11, Bitcoin was hovering around the US$62,000 mark, representing a decline of over 20 percent compared to a month ago and 50 percent from its peak in October 2025. Other major cryptocurrencies are following a similar downward trend.
Analysts suggest this slump may continue, driven by capital outflows from Bitcoin ETFs as investors shift funds toward Artificial Intelligence (AI) stocks. Furthermore, a general aversion to risk amid global economic and geopolitical instability has exacerbated the sell-off.
According to data from Chainalysis, the scale of the cryptocurrency market in Vietnam remains robust. From July 2024 to June 2025, total transaction value reached an estimated US$220 billion–US$230 billion, or over $600 million daily, ranking Vietnam among the largest markets in the Asia-Pacific region, behind only India and South Korea.
While some long-term investors view this as an opportunity to accumulate assets at lower prices, many who bought at higher levels or utilized high-leverage trading (margin, futures) are facing immense financial pressure. Experts, including Director Nguyen The Minh of Investment Banking at An Binh Securities, noted that while other channels like the stock market are also experiencing declines, the strategy of narrowing portfolios is more pronounced in the crypto sector due to its inherently higher volatility.
Vietnam moves closer to opening first official cryptocurrency exchange
Despite the global market's somber tone, anticipation remains high for the operational debut of Vietnam’s first regulated cryptocurrency exchange.
On June 5, at the 2026 "New Products and Market Development Orientation" conference, To Tran Hoa, Standing Deputy Head of the Crypto Asset Exchange Management Board under the State Securities Commission (SSC), reported that the SSC has advised the Ministry of Finance regarding licensing applications for crypto exchanges.
According to Bui Hoang Hai, Vice Chairman of the State Securities Commission, crypto assets, particularly the tokenization of real-world assets, are evolving from theoretical concepts into a key pillar of the digital economy. As the Government advances the development of the digital financial market through a legal framework and the pilot implementation of a crypto asset market under Resolution No. 05/2025/NQ-CP, Vietnam is presented with a significant opportunity to attract international investment, unlock innovative business models, and strengthen its position as a regional fintech hub.
Five enterprises have already received official correspondence regarding the completion of the first phase of the approval process. The next steps for these firms are rigorous, requiring:
* Infrastructure: Developing IT systems that meet Level 4 information security standards.
* Capital: Contributing a minimum charter capital of VND10 trillion.
The timeline for market launch depends on the readiness of these enterprises, particularly their ability to meet stringent capital requirements and cybersecurity benchmarks.
Previously, Deputy Minister of Finance Nguyen Duc Chi indicated at the "Digital Trust in Finance 2026" forum that the first activities of an official cryptocurrency market in Vietnam are expected to commence as early as the third quarter of 2026.
Asked whether the current market downturn could reduce liquidity for Vietnam’s cryptocurrency exchange during its initial phase of operation, Tran Xuan Tien, Secretary General of the Ho Chi Minh City Blockchain Association, said that strong price volatility is one of the factors that makes the crypto asset market attractive to investors.
According to him, some investors believe that Vietnam is taking an overly cautious approach to developing a crypto asset exchange. However, he emphasized that such caution is necessary because the market carries significant risks, while not all investors have sufficient knowledge or experience when participating. Looking at international markets, major exchanges also began with modest and carefully managed steps.
Under the proposed regulations, foreign investors will be allowed to open accounts and trade normally on the market. Domestic investors, however, will be limited to those who already own crypto assets; new investors will not be permitted to open accounts and participate during this initial phase. In addition, all listed transactions and trading activities will be conducted in Vietnamese dong.
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