Official endorsement + proactive promotion of regulation

Prime Minister Pham Minh Chinh personally met with Upbit and Hana, indicating this is not a 'passive response', but an active pursuit of change and the creation of a new crypto hub;

Previously contacted Binance and Bybit, now introducing advanced experiences from Korea, Vietnam is 'puzzle-piece' constructing its digital asset ecosystem.

Introducing the professional strengths of Upbit and Hana

Dunamu is one of the most successful compliant exchange operators globally;

Hana Group is a giant in traditional finance, capable of promoting compliance, risk control, custody, and AML system construction;

Combining with local commercial banks like MB Bank, may quickly promote local fiat currency inflow and outflow bridges, stablecoin development, and regulatory sandbox pilots.

The Vietnamese government has an urgent need for 'crypto economy'

The GDP target for 2025 is an 8% growth, traditional export manufacturing cannot stand alone, and the government urgently needs a digital economy engine;

Vietnam has a high proportion of young people, with strong acceptance of digital assets, providing a user base and innovative soil for the explosion of the crypto economy.
⚠️ Potential obstacles: regulatory implementation vs market reality

The law is still in a 'gray area', facing significant resistance to implementation

Digital assets have not yet been defined as 'legal property', which will affect fundamental issues such as judicial protection, tax collection, and financial compliance;

Even if pilot projects are launched, a complete set of supporting regulations is needed, including AML/KYC standards, investor suitability requirements, and foreign exchange management mechanisms.

Bureaucratic system + local execution = potential slowdown

The process from 'talks → drafting regulations → pilot approval → actual opening' often takes 1-2 years;

There are significant differences in local government execution capabilities, which may lead to situations where 'documents are approved, but platforms cannot be implemented'.

User mentality is immature, and there is a strong atmosphere of speculation.

Currently, the market still leans towards expectations of 'quick wealth', and if regulation tightens or pilot restrictions are too many, it may lead to retail investors leaving and projects losing ground in the short term;

The education system and user awareness are lagging behind, requiring a collaborative approach like Korea's 'finance + education + technology + regulation'.

📈 My judgment: bullish in the medium term, volatile in the short term

🚩 If Vietnam successfully promotes the pilot exchange and clarifies the initial regulatory framework by the end of 2025, it will become the 'new leader in Southeast Asia's crypto policy-friendly countries'.

Vietnam will enter a competitive battlefield for 'crypto fortress' against Singapore, UAE, and Hong Kong;

It will attract projects from Korea, Japan, and even Europe and the United States;

Local projects (such as M2E, blockchain games, payment types) will gain new life;

The holding rate of BTC and mainstream assets among Vietnamese users may surge, driving the growth of spot user base.

🧊 However, in the short term, due to unclear laws + strong market speculation, Vietnam still has several hurdles to overcome to become a true 'crypto center'.
Key depends on two points

Will it be possible to officially release the 'digital asset draft' or pilot scheme before October?

Will Upbit & Hana substantively participate in the 'joint venture exchange' or 'sandbox project'?

If these two matters can be realized, it will be solid good news, not just slogans.