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Leading South Korean cryptocurrency exchange Bithumb has announced plans to expand into the Vietnamese market through a strategic partnership memorandum with SSI Digital, a subsidiary specializing in blockchain and AI of SSI. The agreement was signed in March but has only now been officially announced, marking a new step in the wave of international exchanges strengthening their presence in the rapidly growing cryptocurrency market in Vietnam.
According to the announcement, the two parties will jointly build a digital asset trading platform for domestic users, focusing on developing wallet storage systems, custody services, security, risk management, legal compliance, and product development. If approved by Vietnamese financial regulators, Bithumb may consider strategic investment in the crypto exchange project developed by SSID. A Bithumb representative emphasized that the top priority is to strictly comply with the legal framework in Vietnam and build a safe and transparent virtual asset trading infrastructure for users.
This move comes as Vietnam is considered one of the most vibrant cryptocurrency markets in the world. A report by Chainalysis indicates that the country currently has about 17 million digital asset holders. In the Global Crypto Adoption Index 2025, Vietnam ranks fourth globally, only behind India, the United States, and Pakistan. Chainalysis notes that cryptocurrency in Vietnam has become “everyday financial infrastructure,” widely used in remittances, blockchain games, and personal savings.
In fact, Bithumb is not the first international exchange targeting Vietnam. Previously, their competitor Dunamu – the company operating the Upbit exchange – also signed a memorandum of understanding with Military Bank to support the establishment of a cryptocurrency exchange in Vietnam, including technology transfer and security infrastructure. The consecutive moves from major South Korean players indicate that Vietnam is emerging as a new battleground for the crypto industry in Asia, especially as the domestic legal framework is gradually being completed.
Conversely, Bithumb is still in the restructuring phase after some internal incidents. The exchange recently postponed its IPO plans to 2028 instead of the target of the second half of 2025. Previously, the company caused controversy due to a “fat-finger” incident when an employee accidentally distributed 620,000 BTC to customers, raising concerns about risk management processes. Therefore, expanding into Vietnam with a commitment to strict legal compliance is seen as a strategic move to restore market confidence and seek new growth momentum.
