A new major contender, backed by the ecosystem of Vietnamese billionaire Nguyen Thi Phuong Thao, has officially entered the race to establish a formal digital asset exchange in Vietnam. This move immediately follows a significant fundraising plan by an affiliated securities firm, signaling an aggressive push into the newly opening regulated crypto market.
HDEX Established with Massive Capital Ambitions
On September 25, 2025, HD Digital Asset Exchange JSC (HDEX) was officially established with an initial charter capital of billion. The company is strategically headquartered in Ho Chi Minh City.
The shareholder structure of HDEX reveals its roots deep within the billionaire’s corporate network: HD Securities (HDBS), an affiliate of HDBank, holds a stake. The remaining is held by Galaxy Pay Co., Ltd. and Galaxy Technology Services JSC.
These two Galaxy entities are members of Galaxy Holdings (Galaxy Digital Holdings Co., Ltd.), the digital technology group under Sovico Group. Notably, Galaxy Holdings was initially led by Ms. Nguyen Thi Phuong Thao herself until July 4, 2025, when Mr. Huynh Kim Tuoc—a specialist with over years of experience in digital transformation and technology, and who helped lay the groundwork for Google and YouTube in Vietnam—was appointed Chairman and CEO. Mr. Tuoc also chairs the Board of Directors at HDEX.
Securities Arm Signals Trillion Capitalization Plan
The formation of HDEX comes just days after HDBS announced an ambitious plan to seek shareholder approval for raising over trillion by offering more than million shares to existing shareholders.
Crucially, the capital utilization plan earmarks approximately trillion to be invested into a digital asset exchange company—strongly indicating HDEX. This company is projected to ultimately raise its charter capital to a massive trillion ( million).
This substantial capital target is directly linked to recent regulatory developments.
Regulatory Framework Drives Institutional Entry
The timing of this investment rush is propelled by a new legal framework. Resolution 05/2025/NQ-CP, issued by the Government on September 9, 2025, permits the pilot implementation of a digital asset market in Vietnam.
This resolution sets strict requirements for operating an exchange, including: A minimum charter capital of trillion. At least of the capital must be held by a minimum of two institutions, such as banks, securities companies, fund managers, or insurance firms.
This mandate explains the necessity for HDEX’s massive capital increase plan and the strategic involvement of affiliated financial institutions like HDBS and HDBank.
The Race to Formalize Crypto Trading
The Sovico/HDBank ecosystem is not alone. Vietnam’s digital asset exchange market is attracting major financial players, signaling a nationwide effort to transition crypto trading from informal, international platforms to a regulated, domestic financial market.
Other prominent names entering the fray include CAEX, backed by VPBankS, VIXEX, backed by VIX Securities, TCEX, linked to TCBS and MB Bank’s cooperation with Korea’s Dunamu (operator of the Upbit exchange).
The participation of these major institutions is a bullish sign for the formal integration of digital assets into Vietnam’s financial system. According to Chainalysis, crypto inflows to Vietnam reached over billion between June 2024 and July 2025. VinaCapital estimates that approximately million Vietnamese own crypto assets, though most currently trade on international platforms. This institutional push aims to capture and regulate that immense volume domestically.
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Source: Vietnam Insider