The digitization of physical assets into virtual assets opens up numerous opportunities for innovation, contributing to the development of the digital economy in Vietnam.

Vietnam is asserting itself as one of the countries with the highest rate of digital asset ownership globally. Virtual assets are a broad concept encompassing various forms, among which Real World Assets (RWA) — virtual assets linked to tangible assets — are emerging as a trend and attracting significant attention.

According to a report by Triple-A, more than 17 million Vietnamese people own cryptocurrencies, accounting for 17% of the population, far exceeding the global average of 6.5%. This reflects a strong public interest in digital assets.

Moreover, blockchain investment in Vietnam has witnessed impressive growth. According to Chainalysis, Vietnam currently ranks among the top three countries worldwide in terms of cryptocurrency adoption.

Between July 2022 and July 2023, the influx of cryptocurrencies and virtual assets into Vietnam reached $120 billion, a 20% increase from the $100 billion recorded between 2021 and 2022.

In this context, tokenizing tangible assets into virtual assets presents new opportunities for Vietnam's financial market, particularly in enhancing liquidity and expanding investor accessibility.

Traditional assets such as real estate or bonds often require substantial capital and prolonged transaction times. Digitizing these assets as tokens allows for quick transactions on blockchain platforms, minimizing barriers and enabling more investors to participate.

One of the key advantages of virtual assets is their ability to help businesses efficiently raise capital. Instead of relying solely on traditional funding channels like banks or stock issuance, companies can use tokenization to attract community funding, thereby increasing financial flexibility and scaling up operations.

For instance, the startup KulaDao successfully raised $9 million by tokenizing mining assets, demonstrating the potential of this model in connecting global capital with real-world projects.

Additionally, KulaDao applied the Decentralized Autonomous Organization (DAO) model to mining projects, enhancing transparency and optimizing benefits for both investors and local communities.

At a recent event, Nguyen Duy Hung, Chairman of SSI Securities Corporation, stated that digital assets are no longer a novel concept but have become an indispensable part of the global financial system.

Countries at the forefront of this field not only foster innovation but also establish a strategic position in the global economy.

Although Vietnam holds great potential, it still faces many challenges in implementing tangible asset tokenization, with the biggest hurdle being an incomplete legal framework.

Currently, regulations regarding digital assets in Vietnam still contain significant gaps, creating difficulties for businesses in executing asset digitization projects. Furthermore, the lack of investor protection mechanisms is a crucial issue that needs to be addressed to ensure sustainable market development.

To overcome these limitations, Vietnam can learn from pioneering countries like Singapore and Switzerland.

Singapore has enacted specific regulations on digital assets, facilitating financial institutions' participation in tokenization while ensuring strict legal compliance. Meanwhile, Switzerland has developed the “Crypto Valley” model in Zug, building a transparent digital asset ecosystem through close collaboration between the government and businesses.

In fact, to foster growth and keep up with global trends, the Prime Minister has assigned the Ministry of Finance to draft a resolution allowing the pilot operation of a virtual asset trading platform.

This initiative will provide investors, organizations, and individuals in Vietnam with a legitimate environment for trading, investing, and transacting digital assets.

Speaking at the regular government press conference in March 2025, Deputy Minister of Finance Nguyen Duc Chi emphasized that digital assets and cryptocurrencies are complex and new issues, requiring thorough research to develop a transparent legal framework, contributing to socio-economic development.

Trong Dat