South Korea's leading cryptocurrency exchange intends to expand its operations to Vietnam
Dunamu Expands into Vietnam's Digital Asset Sector
South Korean tech giant, Dunamu, has announced its plans for a long-term investment and expansion in Vietnam's digital asset sector. The company, known for its dominant position in South Korea's cryptocurrency market, aims to leverage its expertise and resources to support Vietnam's growing digital asset market [1][2][3].
Key developments in this strategic move include:
- In mid-2025, Kim Hyoung-nyon, Executive Vice President of Dunamu, visited Vietnam to meet with government and Ministry of Finance leaders, signalling Dunamu’s commitment to invest strategically in the country’s digital asset ecosystem [1][3].
- The Vietnamese government is keen to study South Korea’s expertise—including Dunamu’s—in transparent and secure digital asset management to create a clear legal framework effective from January 1, 2026, under Law No. 71/2025/QH15, which legally recognizes digital assets as assets under Vietnamese law [2][3].
- Discussions with Vietnamese authorities emphasize collaboration on creating safe, efficient, and integrated virtual asset services that bridge with traditional financial systems, ensuring market safety and investor protection [2][3].
Vietnam views digital assets as a key growth area tied to its long-term economic development strategy to become a developed, high-income nation by 2045, with digital assets contributing significantly to capital mobilization [3]. Dunamu’s core asset, its Upbit exchange, dominates South Korea’s crypto market and operates in multiple Asian countries. Dunamu’s experience with high transaction volumes and secure exchange operations provides strategic value to Vietnam’s nascent market [1][3][5].
Future implications of this investment could include:
- Enhanced collaboration between Vietnamese and Korean firms could accelerate the growth of Vietnam’s digital asset industry, fostering innovation in financial technology and digital services.
- Establishing a sound legal framework inspired by South Korea's model will likely increase market transparency and safety, potentially attracting further foreign investment.
- Integrating digital assets into Vietnam’s traditional financial ecosystem may facilitate a seamless user experience and broaden adoption by mainstream consumers and businesses.
- Dunamu’s continued investment and presence could position Vietnam as a significant regional hub for digital assets and blockchain innovation.
Notably, Dunamu intends to collaborate with local partners, including MB Bank, in Vietnam. Upbit, a part of Dunamu, has an estimated 80% market share in South Korea's cryptocurrency market, and the total digital assets under management by Upbit exceeded $80 billion in 2024 [1][6]. This investment could mark a potential step forward in Vietnam's journey to develop a more comprehensive and regulated digital asset market.
The interest of leading global tech investors, like Dunamu, underscores Vietnam's appeal as a promising destination for digital asset growth and innovation [4]. Prime Minister Pham Minh Chinh met with Kim Hyoung-nyon, vice chairman of Dunamu, and Lee Eunhung, vice chairman of Hana Financial Group, on July 29, further signalling Vietnam's openness to foreign investment and partnerships in the digital asset sector [5].
- Dunamu, with its expertise in finance and technology, aims to use its experience from the South Korean cryptocurrency market to support Vietnam's growing digital asset industry.
- The collaboration between Dunamu and local partners like MB Bank could accelerate growth in Vietnam's digital asset sector, foster financial technology innovation, and position Vietnam as a significant regional hub for digital assets and blockchain innovation.
