Hanoi (VNA) – Vietnam wishes to learn from the models of advanced countries such as the Republic of Korea (RoK), which is known for its robust legal framework and the transparent, secure operation of digital asset exchanges, Minister of Finance Nguyen Van Thang has said.
At a reception for a delegation of Korean businesses led by Kim Hyoung-nyon, Executive Vice President of Dunamu, and Lee Eun-hung, Vice Chairman of Hana Financial Group (HFG), Minister Thang highlighted the meeting as an opportunity to discuss and explore new directions amid the rapid development of financial management technologies.
The Vietnamese Government and the Ministry of Finance are committed to encouraging innovation, especially in high-potential areas such as virtual assets, he noted, adding that efforts are underway to develop a clear and transparent legal framework to support enterprise development while ensuring market safety.
Under Vietnam’s strategic vision for 2045, the country aims to maintain annual GDP growth in the double digits and become a developed and high-income nation. Achieving this goal requires increased budget revenues and resources mobilisation, a significant portion of which may come from digital and virtual assets held by Vietnamese citizens and traded on both domestic and international platforms, placing Vietnam among the top global markets.
Kim shared that Dunamu operates Upbit, the largest cryptocurrency exchange in the RoK, accounting for 80% of market transactions and 90% of net profits, with peak daily transaction volumes reaching 32.3 billion USD. In addition to the RoK, Dunamu is licensed and operating in Singapore, Thailand, and Indonesia.
He pointed out the similarities between Vietnam’s and the RoK’s national ID systems, particularly in their transparency, which facilitates the collection of unique identification codes (UICs). However, both countries still face significant challenges in combating money laundering, a sensitive issue.
Kim said Dunamu, with its experience and investment in artificial intelligence and data analytics, could effectively support Vietnam’s anti-money laundering efforts.
Also at the meeting, Lee said HFG is a strategic partner of Vietnam’s financial sector, contributing to the development of bilateral financial cooperation. The group has a strong presence in Vietnam through subsidiaries and strategic investments in banking and securities.
Lee said that, like Dunamu, HFG will continue to be a strategic partner of the Military Bank (MB), contributing to the growth of Vietnam’s financial industry.
Minister Thang affirmed that his ministry has been tasked with coordinating with relevant agencies to assess the current situation and study international practices in managing digital assets, to complete the legal framework for crypto asset governance.
Given the RoK’s experience in digital finance, along with the expertise of Hana and Dunamu, the ministry proposed that both sides explore potential cooperation. The partnership could include areas such as the development of innovative blockchain-based financial products and services to meet growing investor demand, and the promotion of research and development of safe, transparent, and efficient solutions for the virtual asset market. Other areas include building a strong legal framework to ensure sustainable development and protect investors' rights.
ღ The ministry also suggested exploring the integration of virtual asset services into the traditional financial ecosystem to deliver a seamless user experience./.
