Vietnam prepares groundwork for real-world asset tokenization

Resolution No. 05/2025/NQ-CP, issued by the Government on September 9, 2025, marks a historical milestone for establishing Vietnam's crypto asset market and laying a policy foundation to open new capital flows for the economy.

The resolution establishes a strategic rule requiring crypto assets to be backed by real-world assets, excluding securities and fiat currency. Furthermore, these crypto assets can only be offered and issued to foreign investors.

International investors view this as a safe measure that establishes a cross-border capital flow channel, allowing Vietnamese enterprises to tokenize projects and products to distribute to global investors.

Vietnam’s real economy is increasingly defined by its dynamism and scale, with capital-intensive sectors such as real estate, renewable energy, infrastructure, logistics, and agriculture driving demand for investment. These industries, marked by rapid growth and structural transformation, present fertile ground for tokenization testing, offering a potential pathway to unlock liquidity, improve transparency, and broaden access to capital markets.

Tran Quy, Director of the Vietnam Institute for Digital Economy Development and Chairman of MetaDAP Digital Asset Platform Company, noted that this approach links technology to the real economy, curtains "empty" tokens, and provides a basis for valuation, information disclosure, and auditing. It opens opportunities to digitize real estate, commodities, and agricultural products. Excluding securities and fiat money minimizes legal overlap with banking and securities laws while protecting monetary sovereignty. Restricting early offerings to foreign investors also mitigates domestic retail speculation risks.