The Government’s Resolution No.05/2025/NQ-CP, issued on September 9, 2025, marked a milestone in piloting a crypto asset market in Viet Nam and laying the groundwork for a new capital-raising channel.
Under the resolution, crypto assets must be backed by real-world assets and exclude securities and fiat currencies. They may initially be offered and issued only to foreign investors.
Experts say the approach could allow Vietnamese businesses to tokenize products and raise capital from global investors, particularly in real estate, renewable energy, infrastructure, logistics and agriculture.
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Phan Duc Trung, Chairman of the Viet Nam Blockchain and Digital Assets Association (VBA), speaks about the need to build trust infrastructure for the digital asset market at the Viet Nam RWA Summit 2026 on July 18, 2026. |
Dr. Tran Quy, Director of the Viet Nam Institute for Digital Economy Development and Chairman of MetaDAP, said the model helps link digital technology with the real economy, while limiting speculative or “empty” tokens and facilitating asset valuation and information disclosure.
Boston Consulting Group estimates that the global market for tokenized real-world assets could exceed USD 14 trillion by 2030, offering Viet Nam significant room for growth.
Nguyen Thi Ngoc Quynh, Viet Nam Market Director at Republic and a member of the GOE Alliance, said Viet Nam’s cautious approach is in line with stricter digital asset regulations adopted by major markets such as the Republic of Korea, Japan and the U.S.
She noted, however, that Viet Nam needs clearer regulations and deeper research into foreign investor preferences.
Viet Nam has yet to license a crypto asset exchange. At the Viet Nam RWA Summit 2026, To Tran Hoa, Deputy Standing Head of the Digital Asset Trading Market Board under the State Securities Commission, said five companies had passed the first assessment to develop exchanges.
They must next meet Level 4 information-system security requirements and contribute at least VND 10 trillion (USD 383 million) in capital.
On July 16, the Government issued Decree No.284/2026/ND-CP on administrative penalties for violations involving crypto assets and the market.
The decree has raised questions about fines of VND 30-50 million for domestic investors trading through unlicensed platforms.
Quy said investors would not automatically be fined from September 1, when the decree takes effect. Under Resolution 05, domestic investors will only be required to trade through licensed providers six months after the first provider receives a license from the Ministry of Finance.
Nguyen The Minh, Director of the Investment Banking Division at An Binh Securities Company, said licensed exchanges would give Vietnamese investors a more official, transparent and secure way to trade crypto assets.
The new rules are also expected to curb fraudulent exchanges and encourage investors to choose trading platforms that comply with Vietnamese law.
Source: VNA