Vietnam Taps Foreign Investors with $14 Trillion Tokenization Gamble

Vietnam is launching a national pilot framework to regulate crypto assets, focusing on real-world asset tokenization to attract foreign investment and spur economic growth.

The government resolution issued in September 2025 laid the groundwork for Vietnam's national crypto asset pilot, which restricts asset tokenization to foreign investors. The framework requires that crypto assets issued in the country must be backed by real-world assets, excluding securities and fiat currencies, and limits offerings exclusively to foreign investors.

According to Boston Consulting Group estimates, the global tokenized real-world asset market could exceed $14 trillion by 2030, giving Vietnam a significant opportunity. Nguyen Thi Ngoc Quynh, Vietnam market director at Republic and a member of the GOE Alliance, noted that Vietnam's cautious strategy mirrors regulatory tightening in major digital asset markets such as the United States, Japan, and South Korea.

To secure final authorization to establish exchanges, applicants must meet Level 4 information-system security standards and maintain a minimum chartered capital of about $383 million (10 trillion Vietnamese dong). In tandem with market development, Vietnam is tightening compliance oversight, including administrative penalties for crypto asset market violations, such as fines ranging from about $1,150 to $1,918 for domestic investors trading on unlicensed platforms.