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| Assoc. Prof. Dr. Nguyen Anh Phong, Head of the Department of Finance and Banking, School of Economics and Law (Vietnam National University Ho Chi Minh City). |
Sir, what is the outlook for digital assets in Vietnam in the near future, given that the legal framework is gradually being perfected and preparations are underway for a digital asset exchange?
Previously, the biggest obstacle to cryptocurrencies was the legal framework, but now the legal framework has been established and the central government has given its permission. Vietnam is also about to have two international financial centers in Ho Chi Minh City and Da Nang , which will include fintech development and mechanisms for companies to conduct pilot projects… Therefore, I believe that digital assets are a promising investment channel in the future, attracting the attention of many investors.
In fact, digital assets are a rapidly developing and attractive investment channel globally, with values reaching hundreds of billions of USD being commonplace. Although this investment channel is still new in Vietnam, it also promises significant growth potential now that the legal system allows it. Especially with the increasing development of technology, the wave of digital transformation in Vietnam is expected to be very large in the coming years.
Since digital assets are still relatively new in Vietnam, many people have limited knowledge about them, sir?
Besides knowledgeable investors, digital assets are still quite new to many people. Therefore, the Vietnam Blockchain and Digital Asset Institute is collaborating with 10 universities to promote awareness of digital assets among students and others. I believe that disseminating knowledge about digital assets to the public, investors, and students alike is essential…
What advice would you give to investors and those looking to invest in digital assets?
First and foremost, it's crucial to carefully select investment products, meaning you need to consider whether the product is backed by a government guarantee and authorized by the State. In reality, many investors currently buy digital assets through illegal platforms, resulting in the loss of both capital and profits when the platform collapses.
To minimize risk, investors must verify information themselves and not listen to anyone's recommendations. For cryptocurrency exchanges, the ecosystem is also very large, so investors should consider whether the product has the potential to develop a sustainable ecosystem in the future before investing to have any expectation of profit.
With the establishment of a domestic digital asset exchange, will the safety and risks be somewhat reduced compared to investing in international exchanges, sir?
That's absolutely true. Investors can verify the legality of domestic digital asset exchanges after they are licensed, thus limiting risks. Currently, with the lack of domestic digital asset exchanges and the constant demand for investment, many domestic investors participate in digital asset trading on international exchanges and have fallen into traps.
How do you assess the upcoming international financial centers in Vietnam and the prospects for attracting domestic and international investment in the near future?
The establishment of an international financial center in Vietnam is also a desire of domestic and foreign investors and businesses. In my opinion, capital is not necessarily the most important factor; the core issue that investors and businesses desire is the mechanism. The Vietnamese government is creating those mechanisms, including fintech products, pilot programs, and the formation of international financial centers…
Currently, infrastructure is gradually being completed, but the important thing is how to connect it to create favorable conditions and a playing field for investors. We also need to determine what technological, legal, and human resource conditions are required for an international financial center, and then assess whether cities have met these requirements and which conditions they have met in order to gradually improve.
Currently, there is a shortage of human resources for international financial centers. The University of Economics and Law has pioneered the integration of fintech into its training programs since 2019, incorporating blockchain, artificial intelligence (AI), and data analytics, and the results show that this direction is very correct.
Source: https://baodautu.vn/lam-the-nao-de-han-che-rui-ro-khi-dau-tu-tai-san-so-d430053.html
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