'Golden drop' for crypto asset investors

Historical turning point

The crypto asset market in Vietnam has grown at a dizzying pace, putting the country in the top 3 in the world with about 20 million owners and an estimated size of more than 220 billion USD. However, the lack of a clear legal corridor has turned this fertile land into a place for high-tech crime.

A series of crypto-asset projects have been exploited as tools for fraud, from multi-level capital mobilization, virtual investment floors to the fake "real estate tokenization" model. In just the past 5 years, hundreds of thousands of Vietnamese investors have lost tens of thousands of billions of VND through typical scams such as AnTex, Ifan, Pincoin, Coolcat...

Figures from the Department of Cyber Security and High-Tech Crime Prevention ( Ministry of Public Security ) show that from the beginning of 2025 to now, nearly 1,500 online fraud cases have caused losses of more than VND 1,660 billion. Of which, activities related to virtual currency and cryptocurrency account for more than 1,500 channels and groups.

Faced with that reality, Resolution 05/NQ-CP of the Government on piloting the crypto asset market was born, opening a new chapter for the capital market.

At the seminar "Crypto assets from gray area to pilot: Solutions to ensure transparency, safety and efficiency" on the morning of November 6, Journalist Phung Cong Suong - Editor-in-Chief of Tien Phong Newspaper emphasized that the Government's Resolution No. 05 on piloting crypto assets marked a historic turning point, making Vietnam one of the countries in the region and in the world that proactively manages and tests digital assets on the blockchain platform. This is a pioneering step, demonstrating Vietnam's mettle and long-term vision in capturing the inevitable trend of the global digital economy.

Mr. To Tran Hoa - Deputy Head of Securities Market Development Department, State Securities Commission. Photo: TPO.

According to Mr. To Tran Hoa - Deputy Head of the Securities Market Development Department, State Securities Commission, Vietnam's crypto asset market has many opportunities to break through, not only in terms of investment but also in terms of technology. Many Vietnamese engineers are playing key roles in international blockchain companies. This is a valuable resource that can be attracted to the country when the legal framework is clearly defined.

The State Securities Commission has had many professional exchanges with the Vietnam Blockchain Association and believes that, despite being latecomer, Vietnam will soon assert its role in the region in this new field.

Economist Nguyen Tri Hieu said that Vietnam is entering a new phase of the digital economy, where digital assets become a driving force for growth. Asset encryption, especially in the real estate sector, is expected to create an effective capital mobilization channel, reducing dependence on bank credit. This mechanism not only helps businesses proactively manage capital flows and banks reduce risks, but also creates opportunities to attract foreign investment capital.

"Golden drop point" for management and development

Dr. Can Van Luc - Chief Economist of BIDV assessed that although the market has potential, the risk of losing money and the lack of protection mechanisms can cause many investors to go bankrupt without knowing who to complain to.

In addition, tax revenue from these transactions is flowing abroad, while Vietnam bears the management risk. Therefore, Resolution 05 is considered a "golden drop" - both ensuring safety for tens of millions of investors and helping the State mobilize huge financial resources.

Dr. Can Van Luc - Chief Economist of BIDV. Photo: TPO.

With about 21 million investors and turnover exceeding 200 billion USD, bringing this huge cash flow into a management framework will help protect investors, utilize financial resources for development and retain tax revenue for the state budget.

According to expert Can Van Luc, the core philosophy of Resolution 05 is “management for development, not for prohibition”. Different from the prohibition policy in some countries, Vietnam chooses the direction of both creation and risk control, focusing on crypto assets - a part of digital assets, clearly defining the management roles of the Ministry of Finance and the State Bank.

Experts say that the management of crypto assets will help Vietnam become a pioneer in Fintech. This is a new capital mobilization channel, through the “tokenization” model - dividing large assets into millions of small tradable parts - millions of small investors will be able to participate, opening up an attractive and transparent investment channel.

At the same time, it creates a foundation for Vietnam to participate in the international digital financial network, aiming to build a regional financial center, with Da Nang as a suitable pilot location.

To effectively implement Resolution 05, Dr. Can Van Luc proposed four major groups of solutions. First, classify crypto assets by building a detailed classification system according to international standards (IMF, MiCA - EU) to have a suitable management mechanism.

Second, apply flexible tax policies, that is, tax according to the level of risk, with incentives for assets that encourage investment.

Third, licensing and charter capital regulations are transparent. Enterprises must have a minimum charter capital of VND10,000 billion, with the participation of large financial institutions. The trial period lasts 5 years, with an assessment after 3 years.

Fourth, an inter-sectoral management mechanism. Establish an inter-sectoral Steering Committee to coordinate the management of complex issues such as money laundering, cyber security, and intellectual property.

In addition, improving financial literacy for the community is a prerequisite. "It is necessary to soon include financial education and knowledge about digital assets in the high school and university curriculum," experts recommended.

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Source: https://doanhnghiepvn.vn/chuyen-doi-so/-diem-roi-vang-cho-nha-dau-tu-tai-san-ma-hoa/20251106111640979

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