Experts Map Vietnam's Digital Finance Journey: High Hopes, High Stakes
The Evolving Role of Blockchain in Vietnam's Financial Landscape
Giap Van Dai, founder and CEO of Nami Foundation, highlights the transformative potential of blockchain technology. He explains that blockchain is more than just a tool for transactions; it represents a system where buyers and sellers can easily switch roles. This transparency fosters a sense of equality within the economy. While blockchain offers some level of anonymity, Dai notes that it is not absolute. Once a public/private key is generated, the corresponding assets can be traced, which adds a layer of accountability.
The three main goals of blockchain are to create a more equitable, open, and trusted economy. According to Dai, this vision extends beyond individual businesses and into the realm of government, aiming to make every governmental process more transparent and trustworthy.
Blockchain operates as a distributed ledger system, storing transactional data across a network rather than a central authority. This decentralization is one of its core strengths. The concept of blockchain originated from asset tokenization, with early discussions about digital cash dating back to 1995. The launch of Bitcoin in 2009 marked a significant milestone, introducing a shared, transparent ledger that anyone could verify. This foundation of trust and widespread adoption has allowed blockchain to survive and thrive through various economic cycles and periods of skepticism.
Vietnam is increasingly seen as a forward-thinking country in recognizing the opportunities presented by blockchain. The implementation of Resolution No. 05/2025/NQ-CP on the pilot implementation of cryptoasset markets in Vietnam is a notable development. Dai believes that the government’s support creates favorable conditions for companies in the sector to grow.
A Major Milestone for Vietnam's Financial Market
Nguyen Tri Hieu, director of the Institute for Global Financial and Real Estate Market Research, emphasizes that Resolution 05 marks a major milestone for Vietnam's financial market. In the past, cryptocurrencies were not officially recognized in the country. Under this new resolution, tokenized assets must be backed by real-world assets, and digital assets can now be traded on a tokenized asset market. This development is a significant leap forward for Vietnam's financial system, potentially boosting market growth.
However, Hieu notes that Resolution 05 will initially operate within a controlled sandbox framework for the next five years. If the Ministry of Finance approves certain issues of tokenized or digital assets, these assets may only be sold to foreign investors at first. Therefore, the immediate impact may be limited. Nonetheless, the resolution opens a crucial gateway for Vietnam's financial market, paving the way for the formation of a regulated tokenised asset ecosystem.
Digital Assets and Economic Growth
Trinh Ha, market analyst at Exness Investment Bank, observes that capital inflows from hedge funds and major institutions continue to pour into digital assets, providing strong momentum for growth. Despite the potential, digital assets remain high-risk instruments due to their volatility and close ties to macroeconomic conditions.
Ha comments on the growth outlook, stating that to achieve the GDP growth target of 10 per cent, Vietnam may need to inject a large amount of money, leading to 20 per cent credit growth in 2026. This could double the pace of economic growth, posing risks of money flowing into secondary markets such as equities and gold, potentially fueling bubbles.
Vietnam's credit and public debt structure currently resembles China's in 2015-2016, characterized by a large real estate credit share, elevated public debt, and high total debt-to-GDP. Structural reforms to mitigate these risks are urgently needed.
Regulatory Framework and International Capital
Nghiem Minh Hoang, fintech expert at the Vietnam Blockchain and Digital Asset Association, explains that through Resolution 05, the government aims to establish a regulatory framework for cryptoassets. This allows the government to manage the market effectively, given that total trading volume exceeds $200 billion. The move will attract additional foreign investment through the issuance of tokens to foreign investors. Cryptoassets can also serve as a channel for connecting with international capital markets.
Vietnam has one of the world's largest crypto adoption rates, with approximately 17 million Vietnamese owning digital assets, representing around 15 per cent of the population. With macroeconomic stability, strong government determination, and regulatory reform, Vietnam is considered a rising star in the financial sector, capable of attracting international capital.
Challenges and Opportunities in the Financial Sector
Vu Duy Khanh, director of the analysis centre at SmartInvest Securities JSC, shares insights on the changing dynamics of the international trading system. New trade agreements no longer rely solely on free market regulation due to concerns about China's dominance in certain industries. Changes in free trade agreements could pose major challenges, given that Vietnam relies heavily on foreign direct investment (FDI) and exports.
Regarding different asset classes, Khanh predicts that the real estate market may continue growing through 2026 but will face significant risks in 2027 due to the high real estate credit ratio. Meanwhile, gold is expected to remain an attractive investment channel as the money supply continues to expand. Gold is increasingly becoming the ultimate asset that the money supply flows into, replacing bonds.
Legal and Regulatory Developments
Le Duong, partner at PTN Legal, highlights that the government is completing new legal regulations aligned with international judicial systems and the laws of other countries. Specific rules have been designed to support businesses across sectors.
For example, in real estate, the elimination of construction permits has boosted project development. Supportive policies have also been issued in the securities sector. For emerging fields like cryptocurrency, there are new legal frameworks like Decree 05 that provide guidance on cryptoassets.
With policy, market, and institutional stability, all core production and key investment sectors are set to grow. As these fundamentals strengthen, investor appetite for emerging sectors, such as cryptocurrency, is also likely to rise.
