HÀ NỘI — Việt Nam must adopt a new mindset and regulatory approach to unlock the potential of digital assets as a fresh growth engine, experts have said, as the Government moves forward with a pilot framework for the tokenised asset market.

Nguyễn Đức Thuận, president of the Viet Nam Association of Corporate Directors (VACD), said the Government’s Resolution 05/2025/NQ-CP, which paves the way for the pilot implementation of tokenised assets from early next year, is a critical step that could lay the foundation for a new segment of the digital economy and is expected to create new growth drivers.

As Việt Nam aims to become a developed country by 2045, Thuận said it is necessary to cultivate new markets and new capital-raising channels, with digital assets emerging as a potential pillar of the digital economy.

“Digital assets are no longer stories of speculative fevers but becoming a core part in the structure of the global digital economy,” Thuận said.

Once digital assets move out of the legal grey zone, they could become a transparent capital-raising channel that helps unlock resources for businesses.

“The important thing is, in the transition phase, Việt Nam must find an appropriate approach in both technology and policy to generate value,” he said.

According to Nguyễn Phú Dũng, co-founder of data-authentication and digital-identity platform provider PILA, one challenge is that Việt Nam’s capital turnover rate is only around one-third of Singapore’s because a large share of capital is tied up in collaterals, mainly real estate, making it difficult for innovation projects to secure funding.

Dũng proposed a three-layer national digital architecture, data, finance and economy, to create a new structure for capital raising and resource circulation.

Trần Quý, director of the Institute for Digital Economy Development, said digital assets should be considered real assets mapped into the digital environment, requiring new thinking and new regulatory approaches.

He pointed out that a digital-asset ecosystem has two core components: digital assets (VA) and digital asset service providers (VASP). Quý said the most important requirement is a management approach that ensures assets operate in a complete, trust-based ecosystem.

Regarding the development of international financial centres in Việt Nam, Quý said future financial hubs could not exist outside the digital asset ecosystem, in which a regulatory sandbox will be a critical foundational pillar.

Trần Anh Tuấn, director of the Hà Nội Department of Science and Technology, said the capital is hastening efforts to promote digital assets, including the issuance of a sandbox, the establishment of a venture capital fund and the development of a technology exchange.

Nguyễn Trung Trang, product director at SSI Digital, said blockchain is only the infrastructure, while digital assets are the application.

Digital assets should not be considered speculative multipliers, Trang said, adding that sustainable development will depend on tokenised assets backed by real business activities and cash flows, similar to a more flexible form of IPO suitable for growing companies. — VNS