Opportunity to Mobilize New Capital from Tokenized Assets
Vietnam has many favorable conditions to develop the digital asset market, in which tokenized assets are expected to be a new and effective capital mobilization channel for businesses, expanding profit opportunities for investors...
Strongly Promoting the Tokenized Asset Market
At the seminar "Tokenized Assets and the Future of the Digital Financial Market" (organized by the State Securities Commission on June 5, 2026), Mr. Tô Trần Hòa - Permanent Vice Head of the Management Board of the Tokenized Asset Trading Market (State Securities Commission) said that building a legal framework for the tokenized asset market has been strongly promoted recently, including a Resolution on pilot implementation of the tokenized asset market in Vietnam.
One of the most notable contents of the pilot mechanism is the regulations on the issuance of tokenized assets. Accordingly, issued tokenized assets must be backed by underlying assets that are real assets, excluding securities and fiat currency. In particular, tokenized assets issued in the initial phase can only be offered to foreign investors and can only be traded among foreign investors through licensed Virtual Asset Service Providers (VASPs) by the Ministry of Finance. Six months after the first VASP is licensed, domestic investors can trade through VASPs.
This is seen as an approach to attract international capital while limiting risks for domestic investors when the market is still in its early stages. A representative of the regulatory agency said that market development will be carried out in a controlled manner, in line with the roadmap and ensuring the safety of the financial system and investor rights.
Mr. Chris Chiew, Senior Advisor of Vietnam Prosperous Tokenized Asset Exchange Joint Stock Company (CAEX), believes that Vietnam has many favorable conditions to develop the tokenized asset market. With a population of over 100 million, high technology access, and a leading global level of tokenized asset adoption (Top 7 globally in number of holders), Vietnam possesses a favorable foundation to develop this market. Additionally, GDP growth of 8.02% also drives the demand for innovation in capital mobilization and investment channels.
Notably, according to data cited by CAEX, the current stock market capitalization is equivalent to about 72% of GDP, while the government's target is 120% of GDP by 2030. "These factors combined are the premise for Vietnam to participate in the digital asset market. At the same time, they show that Vietnam's capital market still has much room for development," Mr. Chris Chiew said.
Providing Capital Access Opportunities for Small Enterprises
According to Mr. Chris Chiew, the new development wave of the blockchain industry globally is shifting in a different direction, namely "bringing real assets of the economy into the digital environment through the tokenization process." The global tokenized real asset market is predicted to reach a scale of about $19 trillion by 2033. In Vietnam, CAEX estimates that the market scale could reach about $70-80 billion by 2030 if the legal framework and market infrastructure development proceed smoothly.
Tokenization is the process of using blockchain technology to digitize ownership rights or economic benefits associated with real assets such as real estate, infrastructure projects, data centers, energy plants, or industrial parks. Thereby, large-value assets can be divided into many tokens, expanding investment opportunities and increasing capital mobilization capacity.
Mr. Chris Chiew analyzed that tokenization can bring many benefits to the capital market, including enhancing transparency, reducing transaction costs, shortening processing time, and especially increasing liquidity for assets that are difficult to buy and sell. For businesses, this can become a new capital mobilization channel alongside traditional bank loans or stock issuance.
Notably, according to Mr. Chris Chiew, tokenization also improves capital access for over 900,000 small and medium enterprises in Vietnam. "Tokenization will help businesses access capital more easily, raise capital faster, have transparent and easily verifiable reports, and reduce dependence on bank capital. Meanwhile, tokenized asset investors have more profit opportunities, are backed by real assets, and access a broader business market," Mr. Chris Chiew affirmed.
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