Vietnam Seeks Balance Between Innovation and Oversight in Tokenized Asset Market

Tokenized real-world assets (RWAs) are emerging as a potential new pillar of Vietnam's financial system, offering an additional channel to mobilize capital for the country's long-term growth. According to Mr. Dang Van Thanh, former Vice Chairman of the National Assembly's Economic and Budget Committee, Vietnam's deepening integration into the regional and global economy, combined with the rapid advancement of Industry 4.0, has created favorable conditions to broaden channels for raising development capital.

Tokenization converts ownership rights or economic interests in physical assets into blockchain-based digital tokens recorded on distributed ledger technology. This approach makes asset transfers and capital flows more efficient, transparent, and accessible while improving payment, settlement, and accounting processes. Mr. Thanh believes RWAs are no longer simply a technological application but have the potential to become an important part of Vietnam's financial system.

To ensure the tokenized asset market operates effectively and fulfills its intended role, Mr. Thanh proposed focusing on three key priorities: a comprehensive review of Vietnam's legal framework, gradually building a legal framework that evolves alongside the market, and strengthening governance capacity.