By ChainCatcher
Vietnam has emerged as a goldmine for global industries, thanks to its demographic growth potential, relatively relaxed regulatory policies, and low operational costs. The explosive success of the play-to-earn game Axie Infinity in 2021 further spotlighted Vietnam as a pivotal player in the Web3 ecosystem. Many now believe Vietnam could drive the next crypto bull run, shifting the industry’s focus from established hubs like South Korea and Japan to emerging Southeast Asian markets.
Binance’s Vietnam Surge: $20 Billion Monthly Trading Volume
In August 2023, The Wall Street Journal revealed that Vietnam ranked among Binance’s top five markets by trading volume. Internal data showed Vietnamese traders conducted approximately $200 billion in transactions on Binance in May 2023 alone, with derivatives accounting for 90% of the activity. This positioned Vietnam as Binance’s fourth-largest market, trailing only China, South Korea, and Turkey.
Local media outlets like Coin68 and Coin98 Insights quickly highlighted this milestone, underscoring Vietnam’s growing influence in the crypto sector.
Why Vietnam? Key Drivers of Crypto Adoption
High Crypto Adoption Rates:
- Vietnam topped Chainalysis’ Global Crypto Adoption Index in 2021 and 2022.
- Over 16.6 million Vietnamese (20% of the population) hold crypto, with 31% owning Bitcoin.
Demographic Advantages:
- Vietnam’s population exceeds 100 million, with a youth-dominated age structure (18–34 years old).
- Mobile internet penetration facilitates easy Web3 onboarding.
Economic Factors:
- Low labor costs attract blockchain startups. A 10-person Web3 firm with $5 million funding can operate 18 years in Vietnam vs. 2.9 years in the U.S.
- Inflation hedging and speculative trading fuel crypto demand.
Regulatory Gray Zone:
- While the State Bank of Vietnam bans crypto transactions via banks, the government explores blockchain pilots.
- No clear regulations yet, fostering a de facto tolerance for crypto activities.
👉 Discover how Vietnam compares to other crypto hubs
Vietnam’s Crypto Exchange Landscape: Dominated by Global Players
International Exchanges
| Platform | Key Features for Vietnamese Users | Market Share |
|-------------------|-----------------------------------------------------------|--------------|
| Binance | VND support, 350+ tokens, low fees (0.1%) | ~70% |
| OKX | Vietnamese UI, VND trading since 2018 | ~5% |
| Bybit | No KYC, zero spot fees, dedicated Vietnamese support | ~10% |
| MEXC | 1,500+ assets, known for listing innovative projects | ~5% |
Local Platforms
- Remitano: P2P trading, favored by early adopters.
- BitcoinVN: OTC-focused, supports VND and multiple fiat gateways.
Despite local options, global giants like Binance lead due to superior liquidity, security, and multilingual support.
How Vietnamese Users Choose Exchanges
- Security: Trust in established brands like Binance.
- Localization: Vietnamese-language UI and VND support.
- Asset Diversity: Platforms offering 100+ tokens gain traction.
- Low Fees: Competitive derivatives and spot trading costs.
👉 Explore top-rated exchanges for Vietnamese traders
FAQs
Q: Is crypto legal in Vietnam?
A: Crypto operates in a gray zone—bank transactions are banned, but peer-to-peer trading thrives.
Q: Which exchange do Vietnamese prefer?
A: Binance dominates (~70% traffic), followed by Bybit and Remitano.
Q: What’s the average investment size?
A: Roughly $100 per user, with a strong preference for high-risk futures trading.
Q: Will regulation impact growth?
A: Clarity could initially disrupt but may institutionalize crypto long-term.
Vietnam’s crypto market combines youthful energy, low barriers, and speculative fervor. For global exchanges and Web3 projects, now is the time to engage—while adapting to local preferences like Facebook-centric marketing and community-driven growth.
ChainCatcher reminds readers to assess risks carefully. This content is informational, not financial advice.