Speaking at the event, Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Assets Association (VBA), said that global investment in tokenized RWAs surged by around 300% in 2025, outpacing many other digital asset classes. However, the biggest challenge is not tokenization technology itself, but building investor confidence.
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A panel discussion on “From International Experience to Vietnam’s Reality: Balancing Innovation and Risk Management” at the Vietnam RWA Summit 2026 |
Trung further stated that blockchain can facilitate the issuance, transfer and settlement of assets, but cannot create trust or improve the quality of low-quality assets. A healthy tokenized asset market must be built on reliable data, verifiable identities, transparent information on assets and cash flows, and effective disclosure and supervision mechanisms.
He stressed that digital assets should be developed on a solid legal and data infrastructure before expanding distribution channels.
For Vietnam, he noted that six legal documents, ranging from laws to decrees and circulars, have been issued over the past 10 months to establish a regulatory framework for digital assets, alongside ongoing work on digital identity and verification. With an estimated 17 million crypto wallet holders and roughly 200 billion USD worth of digital assets flowing through the market, Vietnam has strong potential to develop a digital capital market, provided the necessary institutional and technological foundations are in place.
Assoc. Prof., Dr. Dang Van Thanh, former Vice Chairman of the 11th National Assembly’s Committee for Economic and Budgetary Affairs, said the fractionalization and transfer of assets through distributed ledger technology can facilitate accounting, settlement, access to capital, and broader fundraising from international markets. However, the opportunities created by such innovation must be accompanied by robust capabilities to identify and manage risks at both corporate and national levels to safeguard financial safety.
To Tran Hoa, Deputy Director of the Department of Securities Market Development under the State Securities Commission, said Vietnam’s pilot framework for digital asset markets has been designed to be both rigorous and flexible. Service providers are required to meet high standards for financial capacity and cybersecurity, while room is allowed for innovation in asset issuance and listing.
He added that licensing is only the first step, with continuous supervision and legal refinement essential as the market evolves.
International experts also shared lessons from global markets. Wookeun Yoon, a financial specialist at the ASEAN+3 Macroeconomic Research Office (AMRO), said tokenization does not automatically solve liquidity or valuation challenges, noting that many successful RWA products remain backed by traditional financial instruments such as government bonds and money market funds.
Kevin Iwanaga, Director of Strategy and Engagement at the Vietnam International Financial Center – Da Nang city, said Vietnam should focus on building a regulated digital finance ecosystem rather than encouraging speculative activity. He highlighted the center’s plans to develop a regulatory sandbox with clear rules on participants, trading limits, disclosure and custody requirements.
Experts agreed that while international experience provides valuable lessons, Vietnam should develop a model suited to its own legal framework, market maturity and supervisory capacity. With its market size, growing technological capabilities and an improving policy environment, they said, the country is well positioned to expand new capital mobilization channels and strengthen its role in the regional digital finance ecosystem.
The Vietnam RWA Summit 2026, held on July 18–19, is the country's first international conference dedicated to real-world asset tokenization. It serves as a platform for policymakers, regulators and industry leaders to discuss the institutional, technological and regulatory conditions needed to foster the development of the domestic digital asset market.
Source: VNA