The multi-million dollar assets of many Vietnamese entrepreneurs in the digital asset sector are not solely derived from speculation; they are formed through ownership of technology, digital infrastructure, and product ecosystems with the potential for global expansion.
Digital assets are becoming an integral part of the economy.
Vietnam is currently among the countries with a high level of participation in the digital economy and digital assets in Asia. It is estimated that around 15-20 million Vietnamese people have participated in or are currently participating in digital asset transactions, with the total annual transaction value reaching hundreds of billions of USD if international platforms are included. These figures show that digital assets are no longer an experimental field but have become a significant component of the economy.
Parallel to the market's development is the emergence of a generation of tech entrepreneurs who possess assets worth millions, even tens of millions of USD. Notably, the majority of this wealth is not generated from short-term transactions, but accumulated through ownership of technology, company shares, and sustainable digital financial infrastructure over time.
This reflects a shift in the asset structure of the modern economy, where value no longer lies primarily in tangible assets but is concentrated in technology, data, and systems.
Model 1: Global technology product development
One common path to accumulating millions of dollars in assets is building technology products aimed at the global market. A business might be headquartered in Vietnam, but its products are designed to serve users in multiple countries.
In this model, the founder's assets come not only from annual profits but primarily from ownership of technology and the product ecosystem. This value is reflected in the company's valuation during international funding rounds.
Sky Mavis, the developer of Axie Infinity, is a prime example. From the outset, the product was positioned for the global market. The founder's wealth stems from ownership of game technology, the NFT ecosystem, and his own blockchain infrastructure, demonstrated through international funding rounds totaling over $150 million.
Model 2: Building the infrastructure and ecosystem of digital finance
If technology products can be likened to sales, then digital financial infrastructure is like building highways for the flow of money and transactions. Businesses in this sector typically charge small fees per transaction, but benefit from economies of scale and network effects.
Coin98 and Kyber Network are two prime examples in the blockchain field. Coin98 develops wallets and tools that enable users to access multi-chain solutions, while Kyber Network builds liquidity infrastructure for digital asset transactions. The value of the founding team's assets is derived from ownership of the ecosystem and a central role in the value chain, rather than short-term profits.
Infrastructure models are often more defensive due to their reliance on user scale and ecosystem, creating a long-term advantage for businesses that own the core technology.
Model 3: B2B Finance and Data
Besides the easily recognizable models, another group of businesses is accumulating sustainable assets through B2B financial solutions and data. These are models that receive less media attention but have a stable business foundation and the potential for international expansion.
Bassal Pay focuses on cross-border payments and settlements for businesses. Trusting Social applies artificial intelligence and big data to provide credit scoring for financial institutions in multiple countries. With these models, assets are generated from long-term contracts, accumulated data, and scalable technology infrastructure.
The value lies not only in current revenue but also in ownership of data, algorithms, and ecosystem relationships.
Why haven't many digital millionaires appeared on traditional rankings?
It is noteworthy that, despite having amassed considerable wealth, many digital entrepreneurs in Vietnam have not yet appeared on traditional wealth rankings.
The reason lies in the asset structure. Much of the value is held in private company shares, technology ownership, or unlisted tokens. These types of assets are difficult to value at a single point in time and fluctuate according to market cycles.
However, in the technology and investment world, their value is measured through business valuations, funding rounds, and their role in the ecosystem. Assets have been formed, but traditional measurement systems are still adapting to the new realities of the digital economy.
Implications for investors and fund managers
The emergence of multi-million dollar assets in the digital asset sector demonstrates that core value lies not in short-term price fluctuations but in ownership of technology, infrastructure, and ecosystems with the potential for global expansion.
For professional investors and fund managers, the key is not chasing market trends, but rather assessing the long-term value structure of a business. Factors to consider include core technological capabilities, the ability to generate sustainable cash flow, the size of the ecosystem, and the level of participation in the value chain.
The rise of digital millionaires in Vietnam is not just a personal story, but reflects a trend of asset restructuring in the digital economy era. For investment organizations, this is a phase that demands systems thinking, capital discipline, and in-depth technological assessment capabilities.
Note: This article is for informational purposes only and is not an investment recommendation or offer to sell financial products. Readers should proactively research and understand Vietnam's current policies and legal framework through official documents.
Eric Vuong
Chairman of BOD
HVA Investment Joint Stock Company
