South Korean cryptocurrency exchange Bithumb has entered Vietnam’s digital asset market through a partnership with SSI Digital Technology Joint Stock Company, known as SSID, a subsidiary of SSI Securities. The agreement outlines a joint plan to establish and operate a regulated crypto exchange in the country.
The memorandum of understanding was signed on March 2 at SSI’s Hanoi branch. Bithumb Chief Executive Officer Lee Jae-won and SSID Chief Executive Officer Nguyen Khac Hai attended the signing, alongside SSI Securities Chairman Nguyen Duy Hung.
Bithumb confirmed the deal on May 7, stating that the partnership will focus on building a full-scale digital asset trading platform tailored to Vietnam’s regulatory framework.
Cooperation spans infrastructure and compliance
The agreement covers multiple layers of exchange development. Both companies plan to collaborate on technology architecture, wallet and custody systems, cybersecurity, and risk management. The partnership also includes regulatory compliance support, business development, and institutional services.
Bithumb will contribute its experience in exchange operations and cybersecurity systems. SSI Securities and SSID will provide local expertise, financial networks, and market access within Vietnam.
A Bithumb official said,
“Cooperation with SSID is the result of recognition for Bithumb's exchange operating capabilities and transparency,” and added, “We will make it our top priority to thoroughly comply with the regulatory environment of Vietnam's financial authorities and cooperate to build a safe digital asset trading infrastructure.”
The companies also left open the possibility of a strategic equity investment. Bithumb may acquire a stake in an SSID-designated entity, subject to approval from Vietnamese regulators.
Vietnam builds regulatory framework for crypto
The move comes as Vietnam continues to develop a formal legal structure for digital assets. Authorities have worked on licensing rules for virtual asset service providers, with expectations that a regulated market structure will emerge in the coming years.
Recent policy efforts indicate a shift toward domestic oversight. A pilot licensing regime under the Ministry of Finance and the State Securities Commission introduced strict requirements for exchange operators. Applicants must be locally incorporated companies with significant capital backing, governance standards, and cybersecurity systems.
The regulatory push reflects an attempt to move trading activity from offshore platforms to locally supervised entities. That shift has drawn interest from both domestic financial institutions and international crypto firms.
Competitive pressure builds among regional players
Bithumb’s expansion aligns with broader regional competition. Other South Korean firms have also explored Vietnam’s market. Dunamu, the operator of Upbit, signed a separate agreement with Vietnam’s Military Bank to support exchange development through technology transfer.
Local institutions have also entered the race. Companies such as SSI, VIX, MBBank, Techcombank, and VPBank have all been linked to digital asset exchange initiatives under the pilot framework.
International investment groups have begun backing these efforts. OKX Ventures and HashKey Capital supported CAEX, a platform connected to VPBank, as it prepared to meet regulatory requirements.
These developments place Vietnam at the center of Southeast Asia’s evolving crypto infrastructure, with multiple entities seeking early positioning in a regulated environment.
Market demand drives expansion
Vietnam remains one of the most active crypto markets globally. Vietnam investment review report shows the number of digital asset users in the country at around 17 million. Chainalysis ranked Vietnam fourth in its 2025 Global Crypto Adoption Index, behind India, the United States, and Pakistan.
The scale of adoption has created demand for domestic trading infrastructure. Authorities have responded with policies aimed at formalizing the sector while maintaining oversight of capital flows and financial stability.
Bithumb’s partnership reflects that demand. The company aims to build a platform that aligns with local regulations rather than operate through offshore channels.
Strategic timing amid internal challenges
The Vietnam expansion comes during a period of internal scrutiny for Bithumb. The company recently delayed its planned initial public offering to 2028, after initially targeting 2025.
It also faced criticism earlier this year after an operational error resulted in the accidental distribution of 620,000 BTC to users. The incident raised questions about internal controls and risk management systems.
The SSID partnership places emphasis on compliance and security. The company has framed the deal around regulatory alignment and infrastructure stability.
Next steps depend on approval
The future of the project depends on regulatory approval in Vietnam. Authorities continue to finalize rules for digital asset exchanges, and any equity investment by Bithumb will require official clearance.
The agreement establishes a framework rather than an immediate launch. Both sides will proceed with development plans while monitoring regulatory developments.
Bithumb stated that its focus will remain on compliance and secure system design as it advances the partnership in Vietnam.
Tanya Petrusenko
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