2025-12-30 20:24:04

The Vietnamese crypto ecosystem has recently experienced a new wave of competition. Following FPT's announcement to enter the digital asset exchange infrastructure sector, six other organizations including TCEX and CAEX have also unveiled their strategic plans, with more players brewing in the background. In a short period, over seven major participants have entered this market, making the landscape highly competitive.

The current competitive landscape can be roughly divided into three tiers. The first tier consists of cross-industry giants, with FPT as a representative — possessing technological expertise, resource reserves, and ample financial backing. The second tier includes financial sector players, such as TCEX with its Techcom Bank background, CAEX with its Vietnam Prosperity background, and SSI Digital under SSI Securities. These institutions mainly benefit from existing compliance credentials and financial channels. The third tier comprises emerging local exchanges, such as HD Exchange and LPEX, which are more flexible but have limited overall resources.

How strong is FPT’s competitiveness? Its core advantage lies in its "technology + ecosystem + cooperation" triangular combination. On the technical front, FPT has been cultivating in the IT field for many years, with a rich talent pool and extensive R&D experience. Developing technological platforms for digital asset exchanges is just the starting point; their ability to iterate and upgrade continuously surpasses other financial-background players. In comparison, many traditional financial institutions have relatively limited flexibility in technological innovation.

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SlowLearnerWang

· 14h ago

Oh, you only realize now that things are so competitive over in Vietnam?

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HashBrownies

· 14h ago

Vietnam exchanges are competing fiercely, it seems like everyone is betting on FPT's technical foundation. FPT is indeed impressive, but the finance team isn't to be underestimated either. The competition is heating up, retail investors stand to benefit. How will the third tier fight back? Lacking resources and technology, it's really tough. Having compliance and licensing is still an advantage for the finance team. What’s next for FPT’s iteration and upgrades? That’s the real highlight. Who will ultimately survive? The money-burning game has begun. The Vietnam market is becoming interesting now, worth watching. Technology is indeed a moat, but the market has the final say.

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OnchainSniper

· 14h ago

Speaking of FPT's recent moves, they are truly brilliant. The traditional finance folks simply can't keep up. --- Vietnam is getting lively, but it seems that ultimately, technical expertise will speak the loudest. --- However, with seven companies rushing in together, is there enough market share to go around? --- FPT is fully committed. Those with a financial background only have the advantage of compliance; technological iterations will eventually outpace them. --- Emerging exchanges are highly flexible, but without resources or technology, how can they compete? That's just the way it is. --- I'm optimistic about this round of reshuffling. Concentrating resources at the top is the inevitable trend.

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OnchainDetectiveBing

· 14h ago

Another exchange battle, is Vietnam about to wipe out someone? FPT's technical foundation is indeed solid, while traditional finance folks are still dragging their feet. With more players, the competition becomes even fiercer. Who will survive in the end is really hard to say. It's getting intense, how are small exchanges supposed to play? If FPT can truly develop the ecosystem, others might be crushed. In this round of funding and money-burning war, the tech side still wins in the end. With so many local exchanges in Vietnam, will liquidity be too fragmented? What’s the use of the third-tier's flexibility? Without money, it's all pointless. Lack of technological innovation and limited financial qualifications are of little use. I'm optimistic about this round of competition, but it feels like another round of淘汰 (elimination) is needed to stabilize.

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Ramen_Until_Rich

· 14h ago

FPT's recent moves are okay, but the compliance advantage of financial players really shouldn't be underestimated. The tier division is very clear, but who will ultimately succeed depends on who can survive the longest. Vietnam is about to heat up? We’ll have to wait until users truly flood in to see. Being technically strong guarantees a win? History tells us that’s not necessarily the case. TCEX having bank backing is indeed impressive; it seems FPT might get bottlenecked. Another round of money-burning war, and in the end, it's still the capital side that wins. What does it mean when 7 companies act simultaneously? The market has recognized the trend. Is compliance qualification really that crucial for exchanges? I have some doubts.

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rug_connoisseur

· 14h ago

The competition among Vietnamese exchanges is really intense this time, but to be honest, FPT is still the most capable. FPT's technical expertise didn't come easily; the other traditional financial players can't shake their ingrained habits. Seven players are rushing in together, trying to see who can survive until the end. Is there enough funding? That's the real test. The tier differentiation is actually a ticking time bomb—can the third tier really hold up?

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CryptoMotivator

· 14h ago

Wait a moment, seven companies are rushing in together? Vietnam is about to make a big move, FPT's technical foundation is indeed strong. --- Financial players rely on licenses to survive, but in the end, it still depends on who has stronger technology. FPT has the advantage here. --- Speaking of which, local exchange resources are so limited, how can they compete with the giants? --- FPT's combined tactics are really fierce—ecosystem + technology + partnerships. Others are a bit outmatched. --- The Vietnam exchange war has begun. Only a few will probably survive. --- Highly flexible? Limited resource reserves? The third tier is basically sentenced to death. --- To put it simply, it's still about technology. Those in finance who want to build a crypto exchange probably need to learn from how FPT does it. --- This round of competition is getting more intense. Small players really have little room to survive. --- Interesting. When traditional financial institutions encounter purely technical companies, they indeed tend to suffer setbacks.

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