A new law as an institutional catalyst

Mr. Minh argues that the adoption of the Digital Technology Industry Law signals a shift in Vietnam’s development approach—from merely applying digital technology to actively building a digital technology ecosystem.

The law formally recognizes data as a national resource and provides a legal foundation for technology platforms, startups, and corporations to develop digital products, mobilize capital, and expand into international markets.

At a time when global technology investment is increasingly flowing toward countries with clear regulatory frameworks, competitive operating costs, and vibrant innovation ecosystems, such legal clarity could strengthen Vietnam’s position as an attractive destination for emerging technologies and digital assets.

Previously, key components of the digital economy were governed by separate laws, including the Law on Information Security, the Telecommunications Law, and the Commercial Law.

The Digital Technology Industry Law helps integrate these elements into a unified legal framework, allowing businesses to better understand their rights and obligations while enabling regulators to supervise the digital economy more systematically.

Notably, the law also introduces space for controlled experimentation with emerging technologies such as open data, smart contracts, blockchain applications, and asset tokenization. According to Mr. Minh, this reflects a modern regulatory philosophy that balances innovation with risk management and market stability.

Digital assets emerging as a new asset class

In the context of the Fourth Industrial Revolution and rapid digital transformation, assets created, stored, and traded in digital environments are becoming increasingly significant.

Mr. Minh believes digital assets have moved beyond experimental concepts to become a distinct asset class in the global economy. As such, countries aiming to develop their digital economies can no longer ignore them.

He points to Resolution 05/2025/NQ-CP as a critical milestone laying the groundwork for the development of Vietnam’s crypto-asset market. Together with the national blockchain strategy and broader innovation policies, these measures are gradually shaping a legal framework for digital assets in the country.

Such policies could allow Vietnam to participate more formally in global digital asset markets. Investors would gain access to more transparent investment channels, businesses could explore new capital-raising mechanisms, and the government would have clearer tools for supervision and taxation.

From an economic perspective, Mr. Minh suggests digital assets could significantly expand capital-raising channels. Token issuance, for example, allows asset values to be fractionalized and distributed among a broader pool of investors.

Technologies such as blockchain and smart contracts could also reduce transaction costs, improve transparency, and support new financial models, including decentralized finance (DeFi).

However, the rise of digital assets also challenges traditional legal frameworks. Concepts such as ownership, data control, and liability must be reinterpreted to reflect the decentralized and intangible nature of digital assets.

From a societal perspective, digital assets could stimulate innovation, entrepreneurship, and the emergence of global digital labor markets. At the same time, they carry risks such as fraud, money laundering, privacy violations, and technological inequality. As a result, building an appropriate governance framework remains essential to balance innovation with legal safeguards.

Vietnam’s advantage: high adoption rates

International assessments suggest Vietnam has one of the most dynamic digital asset markets in the world. According to the Crypto Adoption Index 2025, about 21% of the Vietnamese population currently owns or uses digital assets, with annual transaction volumes exceeding $220 billion.

A young population, strong digital literacy, and growing policy openness have contributed to the country’s appeal as a digital asset market.

A survey conducted by the Vietnam Association of Corporate Directors indicates that Vietnamese businesses increasingly view digital assets not as speculative instruments but as tools to enhance financial transparency and digitize ownership of real-world assets.

Mr. Minh believes 2026 could represent a pivotal year as Vietnam’s digital economy moves from a phase of potential to one of active implementation.

With the new law in force, blockchain startups, fintech companies, and data platforms can operate under a clearer legal framework, reducing the regulatory uncertainty that previously constrained their development.

Looking ahead to 2026–2030, he expects Vietnam to develop new pillars for its digital economy, including a digital asset market, national data platforms, a domestic blockchain ecosystem, and a stronger fintech sector.

If effectively implemented, these developments could help shift the economy away from a model reliant on labor and exports toward one driven by technology, data, and innovation.

According to Mr. Minh, digital assets, data, artificial intelligence, blockchain, and semiconductors are no longer distant prospects but emerging national resources. With a developing legal foundation now in place, Vietnam has an opportunity to position itself as a rising technology hub in the region in the coming decade.