Vietnamese developer Sun Group has acquired a controlling stake in a new digital asset company. Vietnam Digital Asset JSC was registered in January with a charter capital of 1 trillion dong (approximately $38 million). The CEO is Ngo Thi Thanh Huyen.
Sun Group invested 640 billion dong ($24.35 million), obtaining 64% and becoming the largest shareholder. Other investors include ITS Co Ltd (35%) and PetroVietnam Securities (1%).
The company has announced a wide range of activities: brokerage services, digital asset trading, and plans to create its own crypto exchange.
The deal is taking place against the backdrop of active development of a legal framework for digital assets in Vietnam. The authorities have already launched a five-year pilot mechanism for market regulation, and the Ministry of Finance has begun accepting applications for licenses for crypto exchanges.
Interest in the segment is growing: projects supported by Techcombank, VPBank, and other players have announced their plans to enter the market.
High capital requirements remain a key barrier. To launch a crypto exchange, a charter capital of at least 10 trillion dong ($380.5 million) is required. With the current capital of 1 trillion dong, Vietnam Digital Asset JSC does not yet meet this threshold.
According to VinaCapital, about 17 million Vietnamese already trade digital assets, and the annual transaction volume exceeds $100 billion. Currently, the main activity is concentrated on foreign platforms such as Binance and Bybit.