Sharing insights on solutions for tokenising real-world assets and balancing benefits and risks for investors, Lieutenant General Dang Vu Son, former Head of the Government Cipher Committee and Senior Advisor to the Viet Nam Blockchain and Digital Assets Association (VBA), emphasised that Viet Nam’s digital asset market—particularly real-world asset (RWA) tokenisation—is currently in a highly promising pilot phase, albeit one accompanied by significant challenges.
According to Lt. Gen. Son, the world is witnessing an irreversible technological wave—a comprehensive restructuring of capital markets.
The scale of tokenised real-world assets (RWA) is projected to reach 19 trillion USD by 2033, accounting for more than 10 per cent of global GDP. This is not merely a passing trend but a redefinition of next-generation financial infrastructure—the era of RWA on blockchain platforms. By converting ownership rights into tokens on blockchain, all types of assets can be fractionalised, traded 24/7 across borders, transparently verified and distributed to investors anywhere in the world. (Source: BCG report)
Lt. Gen. Son noted that international practice has shown this trend is no longer experimental, as various asset classes—including gold, bonds and real estate—are already being tokenised and traded on a global scale, gradually forming a new layer of financial infrastructure alongside traditional systems.
Viet Nam’s digital asset market growing rapidly
“With high levels of crypto adoption, strong investment demand and rapid digitalisation, Viet Nam is among the markets most likely to enter the RWA cycle early and vigorously,” he said.
As noted in multiple international reports, Viet Nam consistently ranks among the countries with the highest rates of digital asset ownership and usage globally, providing a solid social base for testing tokenised models tied to real-world assets.
A key driver of this breakthrough is the evolution of the legal framework. From January 1, 2026, the Law on Digital Technology Industry officially came into force, introducing for the first time the concepts of “digital assets” and “crypto assets” into Viet Nam’s legal system.
In parallel, Resolution No. 05/2025/NQ-CP allows for the piloting of a crypto asset market, while the National Blockchain Strategy, Decision No. 1131/QD-TTg, and Decision No. 2815/QD-TTg on strategic technologies and priority products further strengthen a flexible and open legal environment. These instruments enable Viet Nam to experiment with tokenisation models within a clearly supervised framework.
Fostering innovation while safeguarding financial system security
Analysing these developments, Lt. Gen. Son highlighted that they represent a significant shift—from a cautious approach to proactive, controlled experimentation—creating space for innovation while ensuring the safety of the financial system.
However, legal frameworks alone are only a necessary condition. For the market to function in practice, he stressed that both technical infrastructure and ecosystem development must be addressed in tandem.
This includes building blockchain platforms that meet international security standards, are capable of handling large-scale real-world transactions, and—most importantly—ensure interoperability. Such interoperability must extend beyond connections between different blockchain platforms to include integration with traditional financial systems, digital identity frameworks and national data infrastructures.
“Tokenised assets cannot exist in isolated technological silos; they require an infrastructure that enables seamless connectivity among financial institutions, custodians and regulators. This is the foundation for ensuring data integrity and national sovereignty over digital assets,” he said.
Accordingly, he noted that a comprehensive ecosystem would enhance market liquidity. This requires integrated solutions across finance, compliance and security, alongside the participation of reputable financial institutions acting as custodians of underlying assets, independent valuation bodies and transparent trading platforms.
For assets such as tokenised gold, physical backing, independent auditing and supply chain transparency are essential prerequisites for building market trust.
Addressing challenges related to identity verification (KYC), anti-money laundering (AML) and investor protection constitutes a “sufficient condition” for stable market operation.
At the same time, it is necessary to gradually establish common technical standards and operational procedures for the RWA market, avoiding fragmented and inconsistent development.
Alongside opportunities, potential risks must also be clearly identified, including valuation risks of underlying assets, cross-border legal risks, the possibility of speculation or market manipulation, and system security challenges. Effective risk control from the outset will be crucial to ensuring the market’s sustainable long-term development.
With the convergence of legal frameworks, infrastructure and a functioning ecosystem—combined with a stable macroeconomic environment and growing demand for capital to support digital transformation—RWA has strong potential for accelerated growth.
More importantly, if designed appropriately, tokenised assets could evolve beyond a new investment channel to become a digital trust infrastructure for the economy in the digital age.
“I believe Viet Nam can build a transparent, sustainable and efficient digital asset market. Our greatest opportunity is not merely to move quickly, but to get it right from the very beginning,” Lt. Gen. Son affirmed.
