Vietnam’s new digital asset laws mark a turning point for the country, positioning blockchain and tokenization as credible growth drivers to attract global capital and fuel the digital economy.

The Law on the Digital Technology Industry 2025 will officially take effect
on January 1, 2026, marking the first time Vietnam has legalized and provided a
clear definition of digital assets and representing a major milestone in its journey
towards building a digital economy. The new legal framework is also seen as an initial
foundation for digital assets to move out of a legal “gray area” and become a formal
capital channel for the economy.

Previously, under
Decision No. 1131/QD-TTg, digital assets were identified as one of eleven national
strategic technology groups. In parallel, Resolution No. 05/2025/NQ-CP on piloting
the crypto-asset market created a legal corridor, opening space for business models,
capital flows, and new applications centered on digital assets to be deployed in
a safe and transparent manner.

At the recent Vietnam
Corporate Governance Forum (VCG Forum 2025), experts agreed that digital assets
are no longer merely a speculative trend but are gradually taking shape as a component
of future economic infrastructure.

New growth drivers

To realize its aspiration
of becoming a developed country by 2045, Mr. Nguyen Duc Thuan, Chairman of the Vietnam
Association of Corporate Directors (VACD), said Vietnam needs to seek new growth
drivers and new markets, in which digital and crypto assets represent an important
element. In his view, digital assets are no longer just “virtual bubbles” but are
being shaped into a core part of the global digital economy.

Commenting on Vietnam’s
advantages in this arena, Mr. Le Thanh, Co-Founder of Ninety Eight, who has worked
in international markets for many years, said Vietnam’s greatest strength lies in
its human resources, both in quantity and quality. Vietnam’s education system places
strong emphasis on mathematics, producing many people with strong quantitative skills;
an important factor enabling Vietnamese talent to keep pace with global trends.

“In my eight years
in the industry, I have not seen a top global blockchain company without Vietnamese
people,” Mr. Thanh said. From Binance and Coinbase to the core research teams of
Ethereum, Vietnamese professionals have made significant contributions. Vietnam
also benefits from its geographic position and a global Vietnamese community working
in the industry, creating bridges for international experts to return and contribute
once policies become more open.

According to Mr.
Thanh, many Vietnamese professionals working in US technology corporations proactively
reached out after learning about Resolution No. 05, asking about opportunities to
return and contribute to the domestic market. “That is a very encouraging sign,”
he said, recalling that when he first entered the blockchain space, few people believed
it would become a future industry. Today, with a legal framework gradually taking
shape, recognition of the segment has become clearer and more meaningful.

From a technological
perspective, he believes Vietnam is not inferior to any country in terms of capability,
as the gap between Vietnam and developed countries such as the US is actually
quite small. While many industries require massive investment in technical infrastructure,
blockchain – due to its decentralized nature and shared resources – significantly
eases such requirements.

Unlocking digital
flows

According to experts,
one of the most important applications of blockchain today is asset tokenization.
“Real estate, bonds, credit, and even intangible assets can all be tokenized,” Mr.
Thanh explained. “This helps unlock domestic and international capital flows, create
liquidity, and form new markets for asset classes that previously had no trading
venue or very low liquidity. This is one of the most impactful applications of blockchain for the economy.”

Thanks to tokenization,
investors from the US, China, and Singapore – who want to participate in the Vietnamese
market but previously lacked appropriate tools – can now gain direct access through
exchanges. At the same time, blockchain helps reduce costs, simplify procedures,
and open a two-way capital access mechanism: (1) Vietnamese enterprises can more
easily reach international investors; and (2) international investors gain tools
to channel capital into Vietnam.

Another advantage
Mr. Thanh highlighted is the ability to enable “fractional ownership”. High asset
prices create significant barriers, but blockchain allows assets to be divided and
commercialized in smaller units, opening opportunities for small retail investors,
both domestically and internationally. “People of my generation and the younger
generation all want to own a home, but current real estate prices are far too high
and beyond the reach of many young people,” he said by way of example. “Tokenization
addresses this problem by allowing assets to be fragmented into smaller portions.
For the first time, young people can access real estate investment in small parts:
they can buy 10 per cent or 20 per cent of an apartment’s value, and as their income
increases, continue to buy another 20 per cent or 30 per cent. Instead of working
for many years to accumulate a large sum before entering the market, they can participate
early and gradually build ownership over time.”

He expressed hope
that with Resolution No. 05 and new mechanisms, Vietnamese enterprises will be better
positioned to attract capital, improve business efficiency, and tap into more commercial
opportunities.

Mr. Nguyen Trung
Trang, Product Director at SSI Digital, also believes that tokenized real-world
assets (RWA) will become the most attractive asset class. Companies with real profits
and real operations can issue tokens to expand access to international capital.
For example, a company owning assets worth VND1 trillion ($38.46 million) could
issue a corresponding volume of tokens to sell to foreign investors, thereby attracting
additional capital into Vietnam.

“In the past, it
was very difficult for enterprises to pursue an initial public offering (IPO) due
to stringent conditions,” he said. “But today, if done well when there are cash
flows and users, companies can issue tokens, effectively treating it as an early
form of IPO. Enterprises that truly have assets and value, and the greatest value
lies in cash flow, will have an advantage. Asset tokenization will be very high
quality in the future.”

Despite the significant
potential, experts agreed that Vietnamese enterprises will face multiple challenges.
The first is the legal framework. According to Mr. Nguyen The Vinh, Co-Founder of
Ninety Eight, while a law now exists, current regulations remain very basic and
lack detailed guidance, akin to having a green light to proceed but no clearly defined
road. The second challenge involves infrastructure and security risks, particularly
for exchanges. and the third challenge is investment mindset. A 24/7 trading market
with high volatility offers great opportunities but also significant risks, easily
leading to short-term, speculative behavior aimed at quick profits rather than sustainable
investment.

Nevertheless, when
considering the goal of attracting foreign capital through crypto assets, Mr. Vinh
said feasibility is the most important factor. From the perspective of international
investors, three elements are decisive.

The first,
again, is the legal framework. Foreign investors are only willing to participate
when they feel that the legal environment is gradually taking shape, becoming clearer
and capable of protecting their rights. Vietnam, he said, is moving in the right
direction and demonstrating priority in building a legal corridor for crypto assets.

Second is the macro-economic
foundation. Vietnam is on a growth trajectory and has recently been upgraded from
frontier market to emerging market status; a very positive sign. This upgrade not
only helps attract more foreign capital into traditional sectors, but also strengthens
confidence in new channels such as blockchain and crypto assets.

And third is market
attractiveness. Precisely because it is still new, Vietnam offers significant potential
and many investment “stories”, from real-world asset tokenization and carbon credits
to technology and industrial startups in need of financial resources. These are
themes that particularly attract international investors.

Mr. Vinh noted that
when all three factors converge, the goal of attracting foreign capital through
crypto assets is not only feasible but also capable of creating a promising new
capital channel for the Vietnamese economy.

VET-Ngo Huyen