Tokenized real-world assets (RWAs) are emerging as a potential new pillar of Vietnam’s financial system, offering an additional channel to mobilize capital for the country’s long-term growth. As the country’s financing needs continue to expand, tokenization could also help attract global investment. However, realizing that potential will require a legal framework that is flexible enough to foster innovation while robust enough to manage risks and safeguard market stability.
Over the years, Vietnam has introduced a range of policies and mechanisms to mobilize resources for economic and social development. While the economy has expanded by hundreds of times since the 1990s, it remains relatively modest by international standards, underscoring the need to diversify funding sources to support the country’s long-term development ambitions.
Expanding capital mobilization
At the recent Vietnam RWA Summit 2026, Mr. Dang Van Thanh, former Vice Chairman of the National Assembly’s Economic and Budget Committee, said Vietnam’s deepening integration into the regional and global economy, combined with the rapid advancement of Industry 4.0, has created favorable conditions to broaden channels for raising development capital.
According to Mr. Thanh, technological breakthroughs, particularly blockchain, are reshaping every aspect of the economy, from manufacturing and business to investment and finance. He believes RWAs are no longer simply a technological application but have the potential to become an important part of Vietnam’s financial system. Tokenization could create more efficient ways to mobilize capital, not only from the domestic market but also from global investors, helping diversify financing channels for the economy.
At its core, tokenization converts ownership rights or economic interests in physical assets into blockchain-based digital tokens recorded on distributed ledger technology. This approach makes asset transfers and capital flows more efficient, transparent, and accessible while improving payment, settlement, and accounting processes. More importantly, it expands access to international capital; an increasingly important factor as globalization and economic integration deepen.
However, Mr. Thanh noted that financial innovation must always be accompanied by a careful assessment of potential risks. To ensure the tokenized asset market operates effectively and fulfills its intended role, he proposed focusing on three key priorities.
The first is a comprehensive review of Vietnam’s legal framework. Beyond drafting dedicated legislation for digital assets or asset tokenization, policymakers should also reassess existing laws governing transactions, the rights and obligations of individuals and organizations, and legal provisions needed to regulate the new relationships emerging from tokenized assets within the financial system.
The second priority is to gradually build a legal framework that evolves alongside the market. As new exchanges, financial products, and investment instruments emerge, laws must be amended or introduced to reflect market realities. This extends beyond regulations covering fundraising, credit, securities, equities, and bonds, and also requires revisions to broader legislation, including the Civil Code, to address disputes arising from digital asset transactions.
The third priority is strengthening governance capacity. Mr. Thanh said this goes beyond corporate risk management to include national financial governance and oversight of capital flows throughout the economy, both domestic and international. “To achieve this, we must first identify all types of risks, from potential risks and existing risks to those arising from the supervisory process itself,” he said. “At the same time, regulators, businesses, and market participants must strengthen their monitoring capabilities. Only then can effective preventive measures be developed to address challenges promptly and minimize unintended consequences as the market evolves.”
From a macro-economic perspective, he said the government should establish a clear roadmap for developing the tokenized asset market. Vietnam should adopt an approach that is “both cautious and proactive,” ensuring risks are well managed while avoiding missed opportunities in the rapidly-evolving global financial landscape.
Balancing innovation and oversight
From a policymaking perspective, Mr. To Tran Hoa, Permanent Deputy Head of the Management Board for the Digital Asset Trading Market at the State Securities Commission (SSC), said regulators received numerous proposals from businesses to bring new products and business models into the legal framework even during the early stages of developing the pilot mechanism.
However, he emphasized that Vietnam remains in the pilot phase, and the government’s guiding principle is to proceed cautiously and incrementally while continuously refining the legal framework.
Responding to criticism that Government Resolution No. 05/2025/NQ-CP on the pilot crypto asset market imposes excessive requirements on businesses, Mr. Hoa said that interpretation does not fully reflect the spirit of the Resolution. He described Resolution No. 05 as “both strict and open.” “However, this approach reflects the unique nature of the pilot phase,” he continued. “Since regulators cannot fully anticipate every potential risk or scenario, selecting companies with the strongest financial capacity, technological capabilities, human resources, and long-term commitment helps minimize risks while laying a solid foundation for the market’s development.”
At the same time, the Resolution incorporates significant flexibility to encourage innovation. For example, while many jurisdictions impose highly-restrictive requirements on token issuance, Vietnam has opted for a more flexible approach. Domestic companies that own RWAs may issue tokenized assets to foreign investors to raise capital for production, business expansion, and economic development.
Similarly, regulators have avoided overly prescriptive rules for listing tokenized assets. Service providers are given discretion to determine which assets to list based on their own risk assessment and management frameworks, allowing the market to develop in response to actual demand.
Nevertheless, Mr. Hoa acknowledged that the tokenized asset market is evolving rapidly, with new products, services, and business models continually emerging. While Resolution No. 05 may be sufficient for the initial pilot phase, it is unlikely to keep pace with the market’s long-term development.
If Vietnam intends for tokenized assets to become a new engine of economic growth, he went on, a higher-level legal framework will ultimately be required. Only through comprehensive legislation can the country establish clear standards, licensing requirements, and legal definitions governing the issuance, trading, and provision of tokenized asset services, thereby creating a stable and transparent regulatory foundation for long-term market development.
In the near term, once the pilot market officially begins operations, regulators will continue working closely with businesses, industry associations, and issuers to assess implementation, review practical outcomes, and refine the legal framework in line with market developments.
For tokenized real-world asset issuance, authorities will continue studying key policy questions, including who should be authorized to issue tokenized assets, which underlying assets should qualify for tokenization, and what issuance limits should apply. The objective is to strike an appropriate balance between fostering innovation, expanding access to capital, and maintaining long-term market safety and transparency.
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