Race for 10 Trillion VND: Where Vietnamese Crypto Exchanges Stand
In the race to establish Vietnam’s first regulated cryptocurrency exchanges, a clear rift in capital scale and product readiness has emerged among the top five contenders. Measured against a benchmark target of 10 trillion VND (approx. $400 million USD), CAEX, SCEX, VIXEX, Vietnam Digital Asset Corporation, and TCEX are navigating drastically different development trajectories.
Capital Mobilization vs. Product Execution
While registered capital offers a measure of financial backing, it does not guarantee a fully deployed technical or risk-management infrastructure. Conversely, releasing a simulated retail product early does not automatically mean a platform meets strict regulatory requirements for real-asset custody and compliance.
The chart below details the progress of each contender as of September 2026:
| Platform Name | Capital Raised / Target | Ecosystem & Strategic Partners | Product & System Status |
| CAEX | Near 10 Trillion VND | VPBank Ecosystem, VPBankS, LynkiD, OKX Ventures, HashKey Capital | Infrastructure under development; no public test net released |
| SCEX | 5 Trillion VND | Capital expanded >700x in under one year | Publicly launched SCEX Simulator platform |
| VIXEX | 1 Trillion VND | FTG Vietnam (64.5%), VIX Securities (15%), 3C Company (20.5%) | No public trading interface or test environment |
| Vietnam Digital Assets | 1 Trillion VND | Sun Group (64%), IT Enterprise (35%), Securities Firm (1%) | Official branding and pilot product undisclosed |
| TCEX | 101 Billion VND | TCBS executives, TCBS (9.9%), Techcom Capital (1.1%) | Infrastructure in review; no public interface released |
CAEX: Capital Scale Leader Awaits Technical Reveal
The Vietnam Prosperity Cryptocurrency Exchange Joint Stock Company (CAEX) currently leads the fundraising race, nearing its 10 trillion VND goal. Supported by the VPBank ecosystem alongside international backing from OKX Ventures and HashKey Capital, CAEX demonstrates the most substantial resource mobilization capacity among all applicants.
However, CAEX has not yet publicly opened its trading website, mobile application, or public testnet. While the company reports developing its order-matching, wallet custody, and compliance infrastructure with international partners, specific technical metrics remain undisclosed.
SCEX: Rapid Capital Growth and Early Simulated Deployment
SCEX has taken the lead in market-facing deployment. After founding in September 2025 with an initial charter capital of 6.8 billion VND, the platform scaled its capitalization to 5 trillion VND in under twelve months.
SCEX stands as the sole contender to deploy a functional public simulator, SCEX Simulator. Within 48 hours of launch, the platform registered over 22,000 accounts. However, because funds on the platform remain virtual, the system has yet to demonstrate operational compliance with live fiat custody, real-time liquidity matching, or anti-money laundering (AML) requirements.
VIXEX & Vietnam Digital Assets: The 1 Trillion VND Tier
Both VIXEX and Vietnam Digital Asset Joint Stock Company maintain registered capital levels of 1 trillion VND—leaving a 9 trillion VND gap relative to the 10 trillion VND reference mark.
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VIXEX combines traditional securities resources with technology partners, but has yet to roll out a public pilot product.
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Vietnam Digital Assets benefits from Sun Group’s majority stake, laying a foundation for future capital calls, though official exchange branding and test environments remain unannounced.
TCEX: Smallest Capital Base Among Major Contenders
With a charter capital of 101 billion VND, TCEX trails the field in capitalization, sitting nearly 99% short of the 10 trillion VND benchmark.
Although key shareholders include figures from the Techcom ecosystem, Techcombank itself holds no direct equity in the platform. TCEX is currently participating in regulatory review processes and technical preparation, but has not yet opened a public test interface.
Conclusion
The competition to launch Vietnam’s premier digital asset exchange has entered a decisive phase. While CAEX leads in capital reserves and institutional backing, SCEX has taken early initiative in user onboarding via simulation. Moving forward, each contender’s viability will depend on securing full funding allocations, finalizing core engine architecture, and satisfying official sandbox regulations.