At the government's regular press conference in July, Deputy Minister of Finance Nguyen Duc Chi noted that the pilot project for a tokenized asset market has been largely finalized, showing criteria to select participating organizations, including technical and technological conditions, financial capacity, and operational processes. 

After the Politburo releases conclusions, the Ministry of Finance will further refine and submit regulations to the government for the pilot's implementation.

Notably, the scheme encourages innovation and private sector participation in service provision, aligned with the Party's spirit as outlined in Resolution 57 on innovation and Resolution 68 on private sector development. The aim is to leverage the flexibility, creativity, and technological adaptability of enterprises. 

In the initial phase, more than one exchange will be licensed to foster competition while maintaining control over the number to facilitate performance evaluation.

The pilot of digital asset exchanges could be a crucial step for Vietnam to break out from a "partially restricted market" toward a transparent, internationally recognized one.

VietNamNet talked with Phan Duc Trung, chair of the Vietnam Association of Blockchain and Digital Assets and chair of 1Matrix, who has been involved in policy consultations, to discuss the opportunities and challenges, and what Vietnam needs to do to stay in the global game.

Part 1:

How do you view the determination of the Party and government leadership regarding this sector?

I perceive a resolute, clear, and strong commitment, particularly in promoting innovation tied to national digital transformation, in the Party and government’s directives for this sector.

Before mid-2024, we had 17 related documents, mostly providing guidance without establishing a comprehensive legal framework, leaving the market in a certain “gray area.” However, in just nine months, from October 2024 to June 2025, eight significant documents were issued, marking a clear legal shift.

The most critical are the Politburo’s Resolution 57 on promoting innovation and national digital transformation; PM’s Decision No 1131 dated June 12, 2025 designating blockchain as one of 11 strategic technologies; and the Digital Technology Industry Law, passed on June 14, 2025, effective from January 1, 2026. 

This marks very significant milestones, as digital assets and tokenized assets are officially recognized as property, protected, and managed under existing laws like the Civil Code and Intellectual Property Law.

These legal foundations will pave the way for a healthy, transparent, and competitive environment, capable of competing with digital asset hubs in the region. Recognizing digital and virtual assets enables related activities to be regulated under existing laws, eliminating the need for specific regulations or additional guidelines.

How will the issued legal documents, particularly Resolution 57 and the upcoming Digital Technology Industry Law, reshape the digital asset market?

According to reputable global sources like Chainalysis and TripleA, Vietnam has over 17.4 million people holding tokenized assets, with annual inflows exceeding $100 billion. Once the legal framework is officially enacted and digital and tokenized assets are recognized as legal property, the property rights of these 17 million individuals will be legally established and protected.

For the economy, the $100 billion in capital can be effectively harnessed and integrated into the formal economy, rather than flowing through unrecognized channels as it does now. 

With a scale 4-5 times larger than annual FDI (currently around $25 billion per year), I believe this will be an effective capital mobilization channel, creating new growth levers. More importantly, it enables a transparent market, reducing risks for investors and boosting confidence from the international community in Vietnam.

The Boston Consulting Group (BCG) forecasts that tokenized real-world assets (RWA) could reach $19 trillion, accounting for 10 percent of global GDP by 2033. Can Vietnam’s market reach $40 billion?

BCG, a leading global consultant on digital assets, regularly updates its forecasts to reflect market trends. They initially projected the RWA market to reach over $16 trillion by 2030, later revising it to nearly $19 trillion by 2033, maintaining a 10 percent share of global GDP. This indicates that RWA is continuously expanding alongside global economic growth. 

In Vietnam, predicting an absolute figure like $40 billion or $60 billion is not entirely appropriate, as the economy’s scale evolves, and economic components adjust in absolute value. Vietnam’s GDP is projected to reach $800 billion by 2030. If applying the global 10 percent average, Vietnam’s RWA market could reach $80 billion or even higher, given Vietnam’s top global ranking in acceptance and ownership of these assets.

This figure not only reflects economic potential but also provides a basis for regulators to design infrastructure, legal frameworks, and supervisory mechanisms to ensure sustainable and secure market development.

to be continued...

Tu Giang - Lan Anh