Billion-dollar 'shark' VanEck wants to open a Bitcoin fund in Vietnam

On March 17, Mr. Jan van Eck, CEO of VanEck Asset Management Company - one of the largest investment management companies in the world, had a working session with the State Securities Commission (SSC) on digital assets. He said that a proactive but cautious step-by-step approach is a reasonable strategy for Vietnam to operate this market.

At the same time, the head of VanEck also raised the idea of ​​establishing a Bitcoin (BTC) investment fund or organization. Their partner is SSI Securities, with Mr. Nguyen Duy Hung as Chairman of the Board of Directors.

On the same day, Mr. Jan van Eck also had a meeting with Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu. The meeting aimed to transfer international experience and orientation for the development of the digital asset market in Vietnam.

During the discussion, he emphasized that VanEck's development is closely linked to the investment trend in ETFs. VanEck is not only a pioneer in building ETFs investing in cryptocurrencies such as Bitcoin (BTC), Ether (ETH), but also proactively transferring management experience and modern technology to partners in the region. He expects there to be high-level visits between the US and Vietnam in the coming months, thereby witnessing specific progress in this field.

Mr. Jan van Eck also expressed his excitement that Vietnam is standing on the threshold of blockchain technology and digital assets. He said that the positive changes in the US government's view on cryptocurrency management have opened up opportunities for connection between the two countries' management agencies, thereby helping Vietnam to consult and build a suitable legal framework.

Deputy Minister Nguyen Minh Vu highly appreciated VanEck's participation in the process of building a domestic digital asset market. He emphasized that Vietnam and the US currently have many bilateral contacts in both government and business aspects. The Deputy Minister said that he would forward Mr. Jan van Eck's comments and advice to relevant agencies, aiming to include them in the working program of the two countries' cooperation mechanisms.

Vietnam is working hard to standardize the legal framework for digital assets (including crypto assets). In a recent dispatch, the Prime Minister requested the Ministry of Finance to complete the dossier of a pilot resolution to manage digital assets. The resolution is expected to include content on allowing the pilot operation of a cryptocurrency exchange, helping investors have a legal place to exchange.

According to the Ministry of Finance, the exchange will be organized and operated by units licensed by the State. In addition, the operator will develop regulations to allow Vietnamese enterprises to issue digital assets to mobilize financial resources.

VanEck, founded 70 years ago, is considered a pioneer in investing in foreign growth stocks as well as gold in the US. As of the end of 2024, VanEck had about $113.8 billion in assets under management. They mainly issue ETF products, in addition to mutual funds and separately managed accounts for institutional investors.

The company was approved by the US for a BTC ETF called VanEck Bitcoin Trust ETF in early 2024. The fund currently holds nearly 14,020.9 BTC, equivalent to a net asset value of about $1.19 billion.