Five domestic exchanges are expected to be licensed for the pilot trading of digital assets. — AFP/VNA Photo

HÀ NỘI — Trust, credibility and clarity are the keystones for Việt Nam as it charts a bold path towards launching digital asset exchanges. Should the country get this right, it could transform its currently fragmented trading environment into a globally competitive financial hub.

With over 17 million Vietnamese holding digital assets and blockchain investment inflows surpassing US$105 billion in 2023–24 — a sum described as merely ‘the tip of the iceberg’ — the appetite for a legitimate, transparent marketplace is undeniable.

Yet until now, Việt Nam has lacked a digital asset exchange that is recognised by law,…