Vietnam's G-Group, Ninety Eight set up joint venture to provide digital asset services
Vietnamese tech conglomerate G-Group and global Web3 firm Ninety Eight have formed a strategic joint venture named G98 to provide digital asset services. The venture combines G-Group’s domestic tech infrastructure, financial products, and cybersecurity expertise with Ninety Eight’s global Web3 technical capabilities and partner network.
G98 will focus on building secure blockchain infrastructure, developing compliant digital asset products, and offering end-to-end services such as custody, monitoring, and enterprise system integration.
At launch, G98 signed a Memorandum of Understanding (MOU) with global stablecoin issuer Tether. This partnership will allow the two parties to share international best practices, technical expertise, and operational standards for blockchain solutions in Vietnam.
The venture aligns with Vietnam’s broader regulatory context. It supports the goals set out in Resolution 57-NQ/TW, which designates blockchain as a national strategic technology through 2030. It also coincides with the implementation of the Law on Digital Technology Industry, which officially recognized digital assets as of January 1, 2026.
Vietnam is now fast-tracking a formal regulatory framework, aiming to become one of the first Southeast Asian countries to pilot a state-sanctioned digital asset trading platform. In response to this opportunity, major financial players are mobilizing quickly. One Mount Group has announced plans to invest up to $500 million in a national blockchain network, while SSI Digital has already established a $26 million blockchain complex.
The formation of G98 signals a critical shift from informal, offshore crypto activity to a structured, “make in Vietnam” digital economy. By partnering with a global giant like Tether, G98 is positioning itself to meet the rigorous institutional standards, such as high charter capital and advanced cybersecurity, required by the government’s new pilot program. This joint venture effectively bridges the gap between local infrastructure and global Web3 innovation, reflecting Vietnam’s ambition to become a regulated, transparent regional hub for digital assets.
Japanese investors return to Vietnam’s tech ecosystem after few years of caution
Investment levels in 2024–2025 have rebounded toward the previous 2021 peak, signaling a clear end to the cautious "wait-and-see" approach that had characterized recent years. Japanese capital is now increasingly concentrated in priority sectors such as insurtech, e-commerce, fintech, enterprise software, and AI-driven platforms. This renewed interest is already visible through notable investments in Vietnamese startups, including the insurtech firm Saladin, led by SBI Ven Capital, and the apparel brand Coolmate, supported by the Cool Japan Fund.
In the food and beverage sector, investors are backing operators that embed digital systems, such as automated front-end operations and payment integration, into their daily business, highlighting a growing trend toward tech-enabled F&B. Strategic partnerships are also deepening, exemplified by the collaboration between Sumitomo Corporation and Rikkeisoft, which aims to provide global IT services. On a policy level, Tokyo is prioritizing Southeast Asia for economic and technological cooperation, with Vietnam serving as a focal point for AI, IT, and infrastructure development.
Japan is backing not only startups, but also venture platforms. Japanese institutions are committing capital to regional VC funds with long-term horizons. A notable example is the Japan Investment Corporation’s LP commitment to Genesia Venture Fund IV, which reinforces Vietnam’s importance in Japan’s broader innovation and economic cooperation agenda. Additionally, Japanese venture funds such as Genesia Ventures are signing cooperation agreements with local banks like OCB to provide tailored financial products to startups. On a regional scale, Japanese firms like Global Brain are using regional hubs to proactively lead deep-tech investments across Southeast Asia, including Vietnam.
This re-engagement represents a shift from purely culinary or manufacturing-driven strategies to a “digital infrastructure-first” approach. Japanese investors are no longer just looking for brand appeal; they are seeking scalable platforms that leverage Vietnam’s young, digitally native population and under-penetrated service markets. By integrating their advanced technology with local market knowledge, Japanese firms are helping to bridge the funding gap and build a more robust, internationally competitive startup ecosystem in Vietnam.
Vietnam’s IPO Market Eyes Revival in 2026
Unlike 2025, which was heavily dominated by securities firms, the 2026 IPO pipeline is expected to be significantly more diversified. Sectors such as retail, consumption, agriculture, healthcare, and food and beverage are expected to feature prominently, reflecting a broader market base and stronger sector representation.
This positive shift is underpinned by new regulatory support. Decree 245/2025/ND-CP has significantly streamlined the IPO process by reducing the time between listing approval and the start of trading from 90 days down to just 30 days. Additionally, companies can now submit offering and listing applications simultaneously to the State Securities Commission and the stock exchange. This dual submission mechanism reduces administrative delays and lowers costs for issuers.
Investor interest is also rising, particularly in infrastructure and retail. The successful IPO of Gelex Infrastructure JSC, which was oversubscribed on December 31, 2025, highlights strong demand for shares in industrial park and infrastructure development firms. Looking ahead, major listings anticipated for 2026 include Hoang Anh Gia Lai International Investment JSC (expected in Q2) and Dien May Xanh, a retail subsidiary of Mobile World Investment Corporation.
Another key development is Vietnam’s upgraded market classification. The FTSE Russell’s reclassification of Vietnam to Secondary Emerging Market status will take effect in September 2026. This upgrade is expected to attract more than $1.6 billion in passive inflows and boost market liquidity by 10–15%, offering increased exposure for global investors.
In tandem with these changes, the new listing processes are also designed to improve corporate governance and financial transparency standards, ultimately providing better protection for investors and raising overall market quality.
The 2026 outlook represents a “structural repositioning” of the Vietnamese stock market. The convergence of favorable macro conditions, regulatory reforms, and international recognition is creating a sustainable environment for larger, high-quality IPOs.
While 2025 showed signs of recovery through large financial sector deals, 2026 aims to broaden the market’s depth and appeal to institutional investors seeking exposure to Vietnam’s ongoing urbanization and stable economic growth.
Pilot digital asset exchanges to be licensed
Vietnam has officially begun piloting the licensing of organizations providing digital asset trading services. On January 20, the Ministry of Finance issued Decision No. 96/QĐ-BTC, announcing three new administrative procedures: licensing, adjusting, and revoking operating permits. Application submissions have already started. This move is a concrete step following Prime Minister Pham Minh Chinh’s directive to complete pilot licensing for digital asset exchanges before January 15, 2026.
This initiative marks the beginning of a limited pilot phase, which will be restricted to five companies. The aim is to test operational models within controllable risk limits before any broader implementation.
To qualify for a license, applicants must meet high entry barriers, including a minimum charter capital requirement of VND 10 trillion (equivalent to $400 million). Additionally, at least 65% of an exchange’s charter capital must be held by institutions, with required contributions coming specifically from banks, securities firms, or insurers.
Participating firms must also meet stringent operational standards. They are required to demonstrate two consecutive years of profitability, and their IT systems must comply with level-4 safety standards, measured on a five-level national scale.
Oversight of the pilot exchanges will be coordinated across multiple agencies. A new regulatory model has been established, involving the Ministry of Finance (for operations), the State Bank of Vietnam (for managing capital flows and anti-money laundering), and the Ministry of Public Security (for handling cybercrime). In addition, the State Securities Commission (SSC) has formed a specialized Cryptoasset Trading Market Management Board to oversee the governance of this emerging sector.
The launch of these pilot exchanges signals a major shift in Vietnam’s regulatory philosophy, moving from legal ambiguity to a tightly controlled sandbox environment. By imposing extremely high capital requirements and mandating institutional ownership, the government is prioritizing market stability and investor protection over rapid, unregulated growth.
This “controlled pilot” approach allows Vietnam to integrate digital assets into the broader economy as a legitimate capital mobilization channel while proactively addressing international compliance standards for anti-money laundering.
Vietnam Launches International Financial Centre in Da Nang
Vietnam has officially launched the International Financial Centre (IFC) in Da Nang, marking a strategic step toward modernizing its economy. The IFC is designed as a modern financial hub integrated with an innovation ecosystem, focusing on digital technology and sustainable finance. It also serves as a controlled "sandbox" environment for testing and piloting emerging financial products, including digital assets, cryptocurrencies, and digital payments.
The Vietnam IFC operates under a unified model as a single legal entity across two key locations: Da Nang and Ho Chi Minh City. This ensures that standards, regulations, and licensing criteria are applied uniformly at both sites. Beyond traditional banking services, the center will promote a range of specialized financial offerings such as supply chain financing, third-party financial services, and non-deposit-taking lending institutions.
Strategically located, the Da Nang IFC spans approximately 300 hectares and benefits from rapid access to international airports and seaports. It is supported by robust 5G network coverage and high-speed data systems located at Software Park No. 2. To streamline access and compliance, an official digital portal has also been launched to provide one-stop services for member registration, licensing, and visa support, while ensuring adherence to anti-money laundering and tax regulations.
Institutional governance of the IFC is overseen by a Governing Council chaired by Standing Deputy Prime Minister Nguyen Hoa Binh, ensuring the center’s development stays aligned with national priorities.
The launch of the IFC in Da Nang signals Vietnam’s strategic move to modernize its economy by creating a specialized “innovation-first” financial node. By positioning Da Nang as a testing ground for digital assets and fintech while Ho Chi Minh City serves as the primary capital market hub, the government is building a complementary system designed to attract global capital without internal competition. This move validates Vietnam’s long-term commitment to institutional reform, aiming to elevate the country’s status in the global financial system through transparency, high-tech infrastructure, and a clear regulatory sandbox for emerging technologies.
