In efforts to shape the forthcoming International Financial Centre (IFC), international experts highlight Real-World Asset (RWA) Tokenization as a strategic instrument capable of generating new liquidity and attracting up to 24 trillion USD global capital flows to Da Nang City. RWA tokenization is the process of converting ownership or economic interests in physical and intangible real-world assets into digital units (“tokens”) on a blockchain platform. Technologically, this represents a shift from an Internet that transfers only “data” to one that enables the transfer of both “data and value”. Most asset classes can be tokenized, namely real estate, corporate equity, supply-chain finance receivables (SCF), and environmental assets such as carbon credits and renewable energy certificates (I-RECs).
The core value of RWA tokenization is to create abundant liquidity. This mechanism addresses four structural deficiencies of traditional asset markets: limited accessibility, illiquidity, weak control, and lack of transparency. Its key advantages include:
(1) Fractionalized ownership: Large, illiquid assets, such as sizeable real estate projects, can be broken into smaller units, enabling broader participation by small investors and accelerating transaction velocity.
(2) 24/7 international access: Tokens serve as a formal and transparent channel for foreign investors to access Vietnamese assets, while enabling continuous secondary-market trading, an advantage over traditional long-cycle, exit-constrained asset classes.
Ultimately, this mechanism aims to accelerate Da Nang City’s emergence as an IFC. However, experts caution that the main challenge to realizing asset tokenization at the IFC does not lie in technology but in the legal framework. The main barrier is the misalignment between the rapid development of blockchain technology and the limited flexibility of Vietnam’s legal system. A prerequisite is that token holders’ ownership rights over real assets (land, housing) must be recognized and protected; without this foundation, tokens remain merely electronic contracts without substantive backing. To support tokenization, experts recommend leveraging and adaptively applying the existing legal framework, particularly the Securities Law and Civil Code, rather than creating entirely new legislation.
Structurally, complex transactions should adopt the Special Purpose Vehicle (SPV) model. Under this model, an SPV is established as an independent legal entity to hold the underlying asset (a specific real estate project); tokens then represent proportional rights, returns, or equity in the SPV, not in the physical asset itself. This creates a “legal firewall”, isolating risks and simplifying compliance with securities regulation.
To overcome regulatory obstacles, experts propose that Da Nang City makes full use of the regulatory sandbox currently under consideration by the State Securities Commission of Vietnam. A sandbox pilot, particularly for complex assets such as real estate and green-finance projects, would generate empirical data to support the development of formal regulation. They further recommend prioritizing early tokenization of standardized, high-demand assets such as carbon credits and I-RECs, which align with Da Nang City’s green-finance orientation. Innovation in digital assets and crypto currencies is expected to become a key driver of economic growth in Da Nang City, marking a significant turning point for the city’s financial landscape and for Vietnam more broadly.
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Reference: Kinh te Sai Gon, 9 November 2025
