Vietnam moves to build safer crypto asset market

The Government's Resolution No. 05/2025/NQ-CP, issued on September 9, 2025, marked a milestone in piloting a crypto asset market in Vietnam 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 said the approach could allow Vietnamese businesses to tokenise products and raise capital from global investors, particularly in real estate, renewable energy, infrastructure, logistics and agriculture.

Dr. Tran Quy, Director of the Vietnam 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 tokenised real-world assets could exceed US$14 trillion by 2030, offering Vietnam significant room for growth.

Nguyen Thi Ngoc Quynh, Vietnam Market Director at Republic and a member of the GOE Alliance, said Vietnam's cautious approach is in line with stricter digital asset regulations adopted by major markets such as the Republic of Korea, Japan and the US.