Expecting new economic growth 'rebound' from Vietnam's crypto asset market

On the morning of October 2 in Hanoi , within the framework of the National Innovation Day, the Forum "Digital Asset Market: From Trend to Breakthrough" was officially opened.

The event, jointly organized by the Ministry of Finance , Ministry of Science and Technology, State Securities Commission and Vietnam Blockchain and Digital Asset Association (VBA), gathered nearly 1,000 delegates.

New Legal Corridor: Opportunity to Create a Transparent Crypto Asset Market

Speaking at the opening ceremony, Mr. Vu Quoc Huy - Director of the National Innovation Center emphasized that the global digital economic context is witnessing a strong shift, in which crypto assets are emerging with an unprecedented growth rate.

Figures from Chainalysis show that on-chain transaction value in the Asia-Pacific region has increased from $81 billion monthly in July 2022 to $244 billion by the end of 2024, tripling in just 30 months, making the region the fastest growing market in the world.

Mr. Vu Quoc Huy - Director of the National Innovation Center spoke at the event. (Photo: Minh Son/Vietnam+)

Vietnam currently ranks third in the region with crypto asset capital flows into the market exceeding 220 billion USD, up 55% over the previous year, clearly reflecting the great demand for money transfer, savings and applications in digital services.

However, most activities still take place on international exchanges, causing tax losses and affecting anti-money laundering and counter-terrorism financing (AML/CFT) and high-tech crime prevention, requiring the building of a transparent, controlled domestic market and protection of the interests of stakeholders.

Sharing about the global crypto asset picture, Mr. Phan Duc Trung - Chairman of VBA, Chairman of 1Matrix Company said that tokenization of real assets (RWA - Real World Assets) is becoming an irreversible trend with a scale of up to 19,000 billion USD by 2033, equivalent to more than 10% of global GDP, according to BCG's report.

Mr. Phan Duc Trung affirmed that RWA has become an inevitable and irreversible trend. (Photo: Minh Son/Vietnam+)

Evidence of this trend is a series of projects deployed by the world's leading financial institutions such as JPMorgan operating the Tokenized Collateral Network with a cumulative trading volume of more than 1,500 billion USD, an average of 2 billion USD/day in 2025; Hong Kong issued a multi-currency green bond worth 6 billion HKD allowing T+1 transactions in many currencies.

“We are in the era of tokenization. This is a breakthrough in financial innovation, comparable to the birth of mutual funds in the 1970s and exchange-traded funds (ETFs) in the 1990s. However, with appropriate legal frameworks, the impact of RWAs will become much more widespread because it allows any type of asset to be digitized and traded on the blockchain,” said Mr. Phan Duc Trung.

In Vietnam, Mr. To Tran Hoa - Deputy Head of the Securities Market Development Department, State Securities Commission, emphasized that Resolution 05/2025/NQ-CP on piloting the crypto asset market issued by the Government on September 9, 2025 is an important foundation for the formation of a domestic crypto asset market.

The Resolution clearly stipulates issuance conditions, requires the issuing enterprise to be a legal entity in Vietnam and based on real assets; at the same time, establishes strict standards for organizations providing crypto asset services (VASP).

Mr. To Tran Hoa emphasized that Resolution 05 is an important legal foundation for the formation of a domestic crypto-asset market. (Photo: Minh Son/Vietnam+)

Accordingly, VASPs must have a minimum charter capital of VND10,000 billion, foreign investors' ownership ratio must not exceed 49%, and technology infrastructure must meet level 4 safety standards on a 5-level scale. In addition to providing trading and custody services, businesses must disclose transparent information, separate customer assets, and have a dispute resolution and compensation mechanism in case of incidents.

Mr. Hoa believes that this pilot mechanism not only paves the way for innovation, but also acts as a "filter" to eliminate potentially risky models. Thanks to that, the market can operate transparently, creating trust for domestic and foreign investors, and at the same time helping Vietnam integrate with international standards in crypto asset management.

Digital Assets and Blockchain - Drivers of Double-Digit Economic Growth

At the Forum, experts and managers discussed frankly and directly the challenges of piloting the crypto asset market and the opportunities for crypto assets to become a driving force for double-digit economic growth according to Resolution 57-NQ/TW of the Politburo.

Experts at the discussion session were moderated by Mr. Tran Huyen Dinh - Chairman of the VBA Fintech Application Committee. (Photo: PV/Vietnam+)

According to Professor, Dr. Phan Trung Ly, former Chairman of the National Assembly's Law Committee, current legal regulations are only at the principle level, and it is necessary to soon issue specialized management institutions to turn crypto assets from potential into a "double-digit" growth driver.

Regulators need to specify the legal framework for digital assets and blockchain, clarifying definitions related to digital assets, ownership, dispute resolution, tax obligations, consumer protection and cybersecurity standards. “Policies must be both protective and flexible to facilitate innovation,” Mr. Ly emphasized.

At the same time, according to Mr. Ly, the development of the crypto asset market needs to ensure security, human rights and data, and develop digital products in line with the law on personal data, network security, and anti-money laundering - requirements consistent with the spirit of perfecting the rule of law state (Resolution 27-NQ/TW). In particular, improving governance capacity and digital human resources to take advantage of blockchain and digital platforms, the State needs to invest in training, innovate administrative mechanisms (digitalization processes), and at the same time create a fair playing field for the private sector in the spirit of Resolution 68-NQ/TW.

In his general assessment of the crypto asset market, Mr. Phan Duc Trung commented that early pilot implementation with safe and transparent assets such as government bonds, money market funds or treasury bills in line with the orientation in Resolution 05 will help the market start up according to international standards and create a foundation for sustainable development.

At the same time, he emphasized the importance of international cooperation, considering promoting connections with leading financial institutions such as BlackRock, Franklin Templeton, HSBC or JPMorgan as a key step to refer to standards, apply global practices and attract long-term capital flows./.

(Vietnam+)

Source: https://www.vietnamplus.vn/ky-vong-suc-bat-tang-truong-kinh-te-moi-tu-thi-truong-tai-san-ma-hoa-viet-nam-post1067581.vnp