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As countries tighten rules on crypto assets and investors increasingly favor assets with clear legal backing, Vietnam’s approach is opening a new funding channel while strengthening investor protection.
The Government’s Resolution 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.
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 USD 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.
She noted, however, that Vietnam needs clearer regulations and deeper research into foreign investor preferences.
Vietnam has yet to license a crypto asset exchange. At the Vietnam 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 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 licence 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.
- (VNA/VLLF)
