Vietnam Pivots to Domestic Crypto: 5 Giants Set for Pilot Amid Global Ban

Vietnam Plans to Ban Overseas Crypto Trading

Vietnam is preparing to introduce a pilot framework for locally licensed cryptocurrency exchanges, signaling a shift toward tighter oversight of a rapidly growing yet largely unregulated market. As part of this move, authorities are also drafting regulations that may prohibit Vietnamese users from trading on overseas platforms such as Binance, OKX, and Bybit, reflecting efforts to bring crypto activity under domestic control and better manage capital flows.

The policy direction comes amid significant crypto activity in Vietnam, which ranks among the world’s leading markets with transaction volumes exceeding $200 billion, despite cryptocurrencies not being legally recognized as a form of currency. This disconnect has raised concerns among regulators, particularly around capital outflows, as crypto provides an alternative channel that operates beyond the country’s tightly regulated financial system.

In parallel, five major domestic players have emerged as initial qualified applicants for crypto licenses, including affiliates of Techcombank, VPBank, LPBank, VIX Securities, and Sun Group. Their participation highlights growing interest from established financial and corporate institutions in entering the digital asset space, as the government moves to formalize and supervise the market more closely.

The development of locally licensed exchanges is expected to play a key role in retaining economic value within Vietnam. By encouraging users to transact on domestic platforms instead of offshore exchanges, regulators aim to capture transaction fees, improve transparency, and strengthen oversight of digital asset flows, contributing to the broader development of the country’s digital financial ecosystem.

Taken together, these measures reflect a strategic shift toward tighter control over a fast-growing sector while promoting domestic alternatives. The effectiveness of this approach will depend on how quickly Vietnam can establish a clear and comprehensive legal framework capable of balancing market growth with regulatory oversight.

Vietnam, US Deepen Tech Ties In AI, Chips

Vietnam and the United States are strengthening technology and investment ties, with a recent forum in Los Angeles bringing together more than 100 stakeholders to expand collaboration in artificial intelligence, semiconductors, and renewable energy. The initiative reflects Vietnam’s broader strategy to position itself within the global high-tech supply chain, particularly by targeting practical segments rather than competing at the frontier of advanced semiconductor manufacturing.

Organized by the National Innovation Centre and the Global Electronics Association, the forum highlights Vietnam’s growing role as an emerging destination for high-tech investment. By convening industry leaders, policymakers, and investors, the event underscores efforts to attract global capital and expertise while reinforcing Vietnam’s position as a viable alternative in increasingly diversified supply chains.

Discussions at the forum focused on how Vietnam can capture opportunities arising from global supply chain realignment. Rather than competing directly in advanced chip fabrication, the country is strategically prioritizing areas such as assembly, testing, and packaging, where it can leverage its existing manufacturing base and cost advantages to secure a realistic and competitive position in the semiconductor value chain.

To support this positioning, Vietnam has already begun implementing policy incentives aimed at attracting investment in strategic technology sectors. These include land-use exemptions and subsidies of up to 50% for semiconductor research and development, reflecting a pragmatic approach to strengthening its role in applied innovation and midstream manufacturing activities.

At the same time, the country is actively expanding international partnerships to accelerate capability building. Cooperation agreements were signed with organizations such as EXCEL Services Corporation and Azurich Investment Fund, while Vietnamese delegations engaged with major global players including NVIDIA, Meta, OpenAI, Marvell, and Stanford University. These engagements are intended to deepen knowledge transfer, foster innovation, and integrate Vietnam more closely into global technology ecosystems.

However, the discussions also highlighted several structural challenges that need to be addressed to sustain long-term growth. Vietnam continues to face gaps in skilled labor, core technological capabilities, energy reliability, and the transparency of its investment environment. Addressing these constraints will be critical to ensuring that current momentum translates into durable competitiveness within the global high-tech landscape.

Ho Chi Minh City Launches Upgraded Technology Exchange Platform

Ho Chi Minh City has launched an upgraded Technology Exchange Platform, marking a shift from a traditional information-sharing portal to a fully functional, transaction-driven marketplace. The new platform enables real technology transactions to be recorded, monitored, and evaluated, introducing greater transparency and measurable outcomes while helping authorities better assess market performance.

At the core of this transformation is a redesigned system built on three key pillars, including tradable technology products, a modern digital platform, and an improved operating model that supports end-to-end transactions. By integrating these components, the platform moves beyond simple listings to facilitate the full lifecycle of technology exchange, from discovery to execution and post-transaction tracking.

A significant enhancement lies in the platform’s ability to track and manage transactions in real time. Unlike its previous version, which primarily focused on information dissemination, the upgraded system provides structured data and oversight, allowing for clearer visibility into market activity and enabling a more formalized and accountable technology marketplace.

The platform also introduces a structured approach to technology classification and ecosystem participation. Technologies are categorized into intellectual property, research results, know-how, and equipment, with active involvement from businesses, universities, and research institutions. This integration is designed to strengthen connections across the innovation ecosystem and support more effective matching between supply and demand.

By facilitating these connections, the initiative aims to address a longstanding gap between research and real-world application. The platform is expected to improve the success rate of technology transfer and commercialization, contributing to a more efficient pathway for bringing research outputs to market.

Early signs of traction have already emerged, with multiple technology transfer and cooperation agreements signed during the launch event. These initial deals highlight strong market interest and suggest that the platform is beginning to function as an active marketplace, directly linking technology providers with potential adopters.

Taken together, the upgraded platform reflects a structural shift in the city’s approach to innovation, moving from simply connecting stakeholders to enabling tangible transactions. By formalizing the technology market with greater transparency and measurable performance, Ho Chi Minh City is positioning itself as a potential hub for technology transfer and commercialization, with long-term impact dependent on sustained engagement from both enterprises and research institutions.

Vietnam-Based Startup Smartsolar Raises $1.3m In Debt Funding

Vietnam-based startup SmartSolar has secured $1.3 million in debt funding to expand access to rooftop solar solutions for SMEs facing rising electricity costs. The funding highlights a broader shift in Vietnam’s energy transition, where the primary challenge is no longer technological capability but access to financing, particularly for businesses that struggle with high upfront investment requirements.

The company positions itself not merely as a solar installer but as a financing platform, enabling SMEs to adopt solar energy without significant capital expenditure. This approach directly addresses one of the most critical barriers to adoption across Southeast Asia, where strong solar potential exists but uptake remains limited, especially among smaller businesses lacking access to affordable financing.

SmartSolar’s model is already delivering tangible financial benefits to its customers. On average, clients are able to reduce electricity costs by approximately 20%, typically saving between VND 5 million and VND 10 million per month, with some high-usage customers achieving savings of up to VND 100 million. These outcomes reinforce the commercial viability of the model while also supporting measurable impact in energy cost reduction.

The shift from equity to debt financing marks a transition into a more disciplined phase of growth. After initially building its platform with equity capital, the company is now leveraging debt to scale operations more efficiently, reflecting a broader trend among climate and energy startups toward capital-efficient expansion strategies.

This approach has received strong validation from international lenders, including SECO Startup Fund and SKR Reisen, signaling confidence in a model that combines financial sustainability with environmental impact. The participation of such institutions underscores growing interest in impact-driven businesses capable of delivering both returns and measurable climate outcomes in markets like Vietnam.

Looking ahead, SmartSolar plans to deepen its presence in Southern Vietnam while exploring expansion opportunities in regional markets such as Thailand, Cambodia, and the Philippines. If successfully executed, this model could serve as a blueprint for other climate and infrastructure startups in emerging markets, demonstrating how financing innovation can unlock broader adoption of clean energy solutions.

From Influencer to Exit: How Skinetiq Reached a $38 Million Acquisition

Hannah Nguyen has transformed Skinetiq from a content-driven beauty community into a scalable consumer business, culminating in the sale of a 75% stake to Marico in a deal valuing the company at approximately $38 million. The transaction reflects a broader shift in Vietnam’s consumer landscape, where digital-first brands are increasingly attracting interest from established FMCG players seeking to stay relevant with younger consumers.

At the core of Skinetiq’s growth is a tightly integrated content to commerce to brand flywheel. The company leveraged content and product recommendations to build trust with its audience, effectively converting engagement into sales and repeat purchases. This model demonstrates how creator-led distribution can evolve into a structured business system capable of delivering consistent revenue.

A key inflection point in Skinetiq’s development was its transition from distributing third-party products to building its own brands. Early investment in its in-house label, Candid, enabled the company to generate the majority of its revenue from owned products, strengthening margins and reducing dependence on external suppliers. This shift reflects a broader playbook in which content-driven businesses move toward product ownership to capture greater long-term value.

Despite operating in a challenging market characterized by widespread counterfeit issues, Skinetiq achieved strong financial performance, reaching approximately $16.5 million in revenue with an EBITDA margin of around 25%. These fundamentals highlight the company’s ability to build a resilient and profitable model, reinforcing the importance of unit economics in scaling consumer brands.

Over time, Skinetiq also reduced its reliance on its founder’s personal brand. Only about 30% of revenue now comes from Nguyen’s own channels, signaling a transition toward a more scalable and transferable business model. This reduced founder dependency was a critical factor in enabling the acquisition, as it increases the company’s sustainability beyond its original creator-led origins.

For Marico, the acquisition provides immediate access to digital-native capabilities, including social commerce and influencer-led growth strategies that are difficult to replicate internally. The deal underscores a growing trend among incumbents to acquire rather than build such capabilities, as traditional FMCG models face increasing pressure to adapt to fast-moving beauty trends and the rise of social-driven consumption.

Genesia Ventures is an early-stage venture capital firm operating in Japan and Southeast Asia, with a strong belief in the long-term potential of Vietnam’s digital economy. Beyond providing capital, the fund actively supports startups through strategic guidance and connections to a broader regional network.