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.
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