Vietnam is moving to launch its first licensed crypto exchanges as part of a plan to reduce reliance on overseas platforms and better control capital flows.

According to a March 12 finance ministry document reviewed by Reuters, five companies passed an initial qualification round for Vietnam’s pilot crypto exchange program, including affiliates of Techcombank (TCEX), VPBank (CAEX), and LPBank (LPEX), as well as stockbroker VIX Securities and conglomerate Sun Group.

Vietnam plans a 0.1% personal income tax on crypto transactions via licensed platforms as part of a five-year pilot program that began in September 2025.

Licensed exchanges must meet capital requirements of 10 trillion VND ($380 million) and cap foreign…