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Experts say Vietnam’s domestic exchanges cannot simply “copy” international models to attract investors. Instead, they need to build clear advantages across products, liquidity, user experience, and—critically—tax and legal risk frameworks. Without these improvements, capital may continue to remain on foreign platforms.
Speaking at a panel organized by VBA, Mr. Le Sy Nguyen of Bitget Vietnam said attracting users from overseas exchanges requires addressing three major issues.
Le Vũ Hương Quỳnh from Tether added that liquidity is a prerequisite for attracting investors to Vietnam. Investors need confidence that assets can be converted to fiat currency when required.
She also noted that trading prices in Vietnam should remain close to international prices to avoid large differentials, which can make domestic exchanges more attractive.
In addition, Vietnam should study approaches such as the Philippines’ model, which goes beyond trading services by integrating remittance services to attract international partners.
Experts also emphasized the need for an ethical framework covering all actors, from exchanges to payment service providers, to prevent conflicts of interest.
From a marketing and market-entry perspective, Web3 Marketing Expert Hoàng Quảng Minh said Vietnam is still in a pilot phase, and many investors remain cautious. The biggest barriers are compliance and taxes, particularly concerns about how assets held overseas will be taxed or handled when transferred back.
He warned that overly strict or punitive regulations could push people toward evasion rather than participation through official channels. To attract more players, he suggested focusing on legitimate cash flows from major investors, including those from the traditional stock market, rather than relying only on small retail investors.
He also stressed that training is important for both investors and brokers so they understand how the market operates 24/7 amid volatility.
A key trust issue raised by participants was what happens if an exchange is hacked or if assets are lost, including who bears responsibility. Hoàng Quảng Minh said this is central to investor confidence.
“To me, exchanges must demonstrate the highest accountability through transparency and strict compliance. I expect Vietnam to establish mechanisms such as ‘deposit insurance’ for investors, similar to what exists in banking, to guarantee a certain level of compensation if something goes wrong. Responsibility lies not only with the exchange but also with partner service providers and the broker network.”
He added that investors also need to equip themselves with knowledge to understand risk, since profit in this market requires managing both greed and one’s own lack of understanding.
Mr. Le Trung Nghia, who manages blockchain-related content, said the issue is worrying because even advanced exchanges worldwide—despite being meticulous technically and in communications—are still vulnerable to attacks. He noted that hack incidents are common across the market.
As Vietnam moves from a “gray area” toward a “white area,” security will become a particular concern for investors. He pointed out that international exchanges generally cover compensation when incidents occur, but in Vietnam it remains unclear what mechanisms or measures exist to protect investors if something goes wrong.
According to Mr. Le Trung Nghia, the first step is for investors to comply with regulations to become official investors and be protected by law. He also urged government authorities to adopt preventative measures from the outset rather than waiting for problems to occur, arguing that Vietnam is a late entrant and should prioritize safety before further development.
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