The world is entering a decade of reshaping the financial system. If the 2017–2021 crypto wave laid the foundation for “pure digital” assets, then 2025–2035 will be the era of Real World Assets (RWA) – real assets are digitized on the blockchain. Then, familiar values such as F&B revenue, real estate, agricultural products, bonds, copyrights, goods in stock… can all become digital assets: transparent, 24/7 transactions and access to global capital.
Seeing this trend very early, author Eric Vuong and the HVA team of experts launched a series of “RWA: THE ERA OF DIGITAL ASSETS” – a series of 12 articles published on the HVA website, aiming to provide a knowledge base, a thinking framework and a vision on RWA in a systematic manner, suitable to Vietnamese practice and the current legal framework.
Why did HVA make this series?
HVA does not see RWA as an “experimental trend”, but rather as new capital market infrastructureWe pursue a 10-year strategy to:
- Exploring the RWA market with pioneering enterprises in Vietnam through the technology - data - compliance ecosystem.
- Building core infrastructure components for tokenization: OnusChain (real asset oriented blockchain platform), FinLedger (International accounting and auditing standards for RWA), WealthX (tokenization & compliance platform), and HVA Marketplace (RWA trading market).
- Accompanying businesses, investors and management units with standard documents, honest with the nature of assets and legal principles.
The goal of the series: help the community “understand correctly to do correctly” – understand the nature of RWA, outline the digital capital market model of Vietnam, separate the opportunities and challenges of each asset group, introduce technical architecture & compliance standards. This is also a preparation step for projects in the period 2025–2030 that HVA is aiming for.
Legal framework: a launching pad for digital technology
Digitalization of real assets is a type of technology built on the blockchain technology platform - a digital technology industry encouraged by the State and Government to develop, which can be mentioned in documents such as:
(iii) Law on Digital Technology Industry, (iv) Law on Science, Technology and Innovation, (iv) Decision No. 38/2020/QD-TTg dated December 30, 2020 of the Prime Minister on the List of high technologies prioritized for investment and development; (vi) Decision No. 1236/QD-TTg dated October 22, 2024 of the Prime Minister on the national digital technology development strategy...
Currently, we do not have detailed legal documents regulating RWA digital technology. However, this series is not intended to analyze or predict the law, but focuses on sharing about technology, economics, and investment. The content mentioning regulations, if any, will be written based on existing legal principles for a type of technology (such as investor protection, anti-money laundering, data protection, business registration obligations, tax and financial obligations, accounting - auditing, etc.). All sections that do not have detailed regulations will only be explained and mentioned based on experience in countries that have implemented them in practice. Organizations and individuals should comply with the current legal framework and only operate when specifically licensed, cautiously and responsibly towards the State, community, and society. All recommendations are aimed at data transparency, risk management, user protection, and cooperation with regulatory agencies.
Core content of 12 lessons
To avoid “spreading out”, we summarize the series' sharing roadmap into three stages:
1) Fundamental thinking
You will understand what RWA is and why it will become a major financial trend in 2024–2030; the picture of opportunities, limitations, directions; and forecast the impact of RWA on the economic structure in the next decade.
2) Tokenize key asset classes
We go into the “guts” of each asset class: commodities – agricultural products (gold, silver, coffee…), real estate, businesses (security tokens and the future of capital markets), F&B revenue, creative assets – IP/film/digital art, and fixed income assets. Each article sticks to economic nature of assets, valuation – cash flow – risk, operating model suitable for Vietnam and “things to do right” to avoid common mistakes.
3) Technical infrastructure – process – future
The final stage guides the architecture of an RWA platform according to international standards; technical process; and forecasts the RWA technology landscape in Vietnam to 2030.
Explore 12 articles in the RWA Series: DIGITAL AGE
Below are 12 articles revolving around the RWA knowledge system, from overview to technical and practical implementation:
PART 1 – BASIC THINKING
- What is RWA? Why is it becoming a global trend in 2025-2030?
- Digital Assets & Blockchain in Vietnam: Legal Picture, Opportunities for Businesses
- RWA in the digital economic picture
PART 2 – TOKENIZE MAJOR ASSET GROUPS
- Tokenizing commodities: opportunities, risks and compliance requirements
- Tokenizing the real estate sector: feasible models and notes for businesses
- Tokenizing businesses: capital structure and compliance framework
- Tokenize F&B Revenue: The Optimal Model
- Tokenizing IP, Film & Digital Art: The Era of Creative Economy 4.0
- Bonds & Fixed Income Assets: The Right Tokenization Model
PART 3 – TECHNICAL INFRASTRUCTURE – PROCESS – FUTURE
- Technical architecture of an international standard RWA platform
- Tokenize Process A–Z: Profile – Valuation – Data – Smart Contract – Liquidity
- RWA in Vietnam: The Panorama 2025–2030
Conclusion: RWA has the potential to become an important part of Vietnam's capital market
Series “RWA: THE ERA OF DIGITAL ASSETS” This is not a promotional article, but a document sharing the knowledge and vision that HVA wants to spread to the ecosystem. This is a knowledge base to prepare for large-scale RWA projects, demonstrating HVA's determination towards standards and transparency.
With the rapid development of technology, it is predicted that in the near future, every Vietnamese enterprise will soon have access to capital through tokenization; every investor can participate in many digitalized real asset classes; and every traditional asset – from coffee cups, F&B stores, to real estate, bonds or movies – will have the opportunity to enter the digital economy.
Note: This series of articles is for knowledge and information sharing purposes, not investment recommendations or financial product offerings. Readers should proactively seek out and understand Vietnam’s current policies and legal framework through official documents.
See Lesson 1 now: “What is RWA? Why is it becoming a global trend in 2025–2030?"
Eric Vuong
Chairman of BOD
HVA Investment Joint Stock Company
