Hanoi (VNA) – The boom in the crypto asset market is expected to provide a foundation for Vietnam to gradually position itself as a regional digital financial centre and realise its double-digit economic growth goal.
The "Digital Asset Market: From Trend to Breakthrough" forum kicked off in Hanoi on October 2 as part of the Vietnam Innovation Day 2025.
Jointly organised by the Ministry of Finance, the Ministry of Science and Technology, the State Securities Commission (SSC) and the Vietnam Blockchain and Digital Asset Association (VBA), the event brought together nearly 1,000 delegates.
New legal framework: Opportunity to establish a transparent crypto-asset market
In his opening remarks, Vu Quoc Huy, Director of the National Innovation Centre (NIC), emphasised that the global digital economy is witnessing a strong shift, with crypto assets emerging with an unprecedented growth rate.
Data from Chainalysis shows that on-chain transaction values in the Asia-Pacific saw a steady rise, tripling in just 30 months from approximately 81 billion USD in July 2022 to a record 244 billion USD in December 2024, making the region the fastest-growing market in the world.
Vietnam's cryptocurrency market value has exceeded 220 billion USD, marking a 55% increase compared to the previous year. This surge has propelled Vietnam to rank third in the region in terms of crypto market size.
However, most activities still occur on international exchanges, resulting in tax losses and challenges for efforts against anti-money laundering, counter-terrorist financing (AML/CFT), and high-tech crime, highlighting the need to develop a transparent and regulated domestic market that protects the interests of all stakeholders.
Phan Duc Trung, VBA President and Chairman of 1Matrix company, cited a report of BCG, saying that Real World Asset (RWA) tokenisation is becoming prevalent, projected to reach 19 trillion USD by 2033, equivalent to over 10% of global GDP.
This trend is exemplified by a series of projects invested by leading global financial institutions, such as JPMorgan’s Tokenized Collateral Network, which processed over 1,500 billion USD in cumulative transactions - averaging 2 billion USD per day in 2025. Hong Kong (China) has also issued a 6-billion-HKD multi-currency green bond enabling T+1 trading in multiple currencies.
“We are entering the era of tokenisation, a breakthrough in financial innovation comparable to the emergence of mutual funds in the 1970s and exchange-traded funds (ETFs) in the 1990s. With appropriate regulatory frameworks, the impact of RWA could become far more widespread, as virtually any type of asset can be digitised and traded on the blockchain,” Trung said.
To Tran Hoa, Deputy Director of the Market Development Department at the SSC, stressed that Resolution 05/2025/NQ-CP on piloting the crypto-asset market, issued by the Government on September 9, 2025, provides a crucial foundation for developing a domestic crypto-asset market.
The resolution clearly defines issuance conditions, requiring issuing enterprises to be legal entities in Vietnam and backed by real assets, while also establishing strict standards for virtual asset service providers (VASPs).
Photo: To Tran Hoa, Deputy Director of the Market Development Department at the State Securities Commission, said that Resolution 05/2025/NQ-CP provides a crucial foundation for developing a domestic crypto-asset market. (Photo: VietnamPlus)
Hoa noted that this pilot mechanism not only paves the way for innovation but also acts as a “filter” to eliminate high-risk models. As a result, the market can operate transparently, build trust among domestic and foreign investors, and help Vietnam align with international standards in crypto-asset management./.
