In recent years, Real World Assets (RWA) has emerged as a new approach to applying technology to asset management, cash flow transparency, and optimizing capital connectivity. Globally, numerous independent studies have noted the remarkable growth of this sector as financial institutions seek transparent, efficient, and risk-minimizing operating models. Vietnam, with its young population, high tech adoption rate, and significant business capital needs, is considered one of the countries with favorable conditions to embrace this trend if the implemented models comply with the current legal framework.
The Vietnamese business landscape and the need to improve access to capital.
One of the key drivers of Vietnam's RWA (Residential Asset Management) potential stems from its economic structure, where small and medium-sized enterprises (SMEs) account for 971% of the total number of businesses. This group often faces difficulties accessing traditional funding sources due to stringent documentation requirements, collateral demands, and cautious lending practices. In a context of tighter financial controls, the need for solutions that support transparent cash flow, effective financial management, and improved access to capital becomes urgent. This is why many experts predict that technology-based asset and cash flow management models could become a new cornerstone for businesses in the future.
The potential for RWA development in Vietnam: from technology to usage habits.
Vietnam boasts a young population with over 70% under 40, a smartphone penetration rate exceeding 80%, and rapidly developing online payment habits. This creates an ideal foundation for users to access digital financial models. As consumers become more familiar with transacting, shopping, and managing assets via mobile devices, the potential for widespread adoption of technology-based models on a large scale becomes more feasible compared to many markets in the region.
Abundant real-world assets and the potential for digitalization.
Vietnam possesses a rich and diverse asset ecosystem, ranging from F&B chains, commercial real estate, retail revenue, intellectual property, to corporate receivables. These assets share a common characteristic: they are linked to actual operating cash flow and are measurable using technology. Therefore, they are suitable candidates for research and application of digital models, from cash flow transparency to process control automation.
Positive signals from current policies and accounting standards.
The period 2025–2028 is considered a crucial turning point as Vietnam prepares to implement sandboxes to test new financial and technological models. Sandboxes create a controlled testing environment, allowing for risk and effectiveness assessment before the model is officially implemented. Simultaneously, the transition to IFRS will enhance the transparency of financial reporting, facilitating business integration with international standards. The combination of the testing framework and the new transparency standards is expected to create a favorable environment for the development of RWA in Vietnam.
Key RWA trends for the period 2025–2030
In the near future, several trends are likely to shape the RWA market in Vietnam. Revenue management models are expected to develop rapidly thanks to the widespread use of POS systems and electronic sales data. With cash flow recorded in real time, standardizing reporting and evaluating business performance becomes easier. Commercial real estate cash flow is also a segment of interest, as the separation between land use rights and operating cash flow minimizes legal risks while ensuring high transparency.
Corporate debt instruments are likely to be strongly supported by technology, particularly in automating cash flow monitoring and standardizing reporting processes to enhance transparency and management efficiency. Intellectual property and the cultural industry – including films and creative content – are also becoming noteworthy areas as the need to measure revenue, protect intellectual property rights, and distribute value grows. Furthermore, the application of artificial intelligence in risk analysis, valuation, and anomaly detection is predicted to be a significant trend, contributing to improved operational efficiency across the entire ecosystem.
Eric Vuong emphasized: "Cash flow is the common language of all asset classes. When cash flow is transparent, the market will naturally find ways to function more efficiently."“
Forecast of Vietnam's market size in 2030
According to international projection models, the Vietnamese RWA market could reach a size of approximately US$40–60 billion by 2030. This growth is distributed across various groups such as retail chain revenue, commercial real estate cash flow, corporate debt instruments, intellectual property – films, goods, and accounts receivable. While these figures are only for reference, they reflect the market's high expectations for asset digitization in the next decade.
Expert perspective on the prospects of RWA in Vietnam.
Many experts believe Vietnam is entering a crucial stage in the modernization of its capital market. Eric Vuong stated: “Vietnam has the opportunity to establish a new standard in asset management and cash flow transparency. It is important that any new model is implemented cautiously, in compliance with regulations, and with safety as the top priority to ensure sustainable development.” This assessment reflects the expectation that RWAs, if implemented correctly, will significantly support market transparency and businesses' access to capital.
Conclusion
As technology continues to develop and transparency standards rise, Vietnam's capital market may enter a comprehensive transformation phase. The emergence of RWA models will not only support businesses in managing assets more effectively but also help investors access assets in a flexible and transparent manner. This could become one of the key drivers for the growth of the digital economy in the 2025–2030 period.
This series of articles is for knowledge and information sharing purposes only, not investment recommendations or financial product sales offers. It is not intended for legal analysis or prediction, but rather focuses on technology, economics, and investment. Content addressing areas without detailed regulations will be explained and discussed based on experiences in countries where these regulations have been implemented. Readers should proactively seek out and understand Vietnam's current policies and legal framework through official documents; they must also comply with the current legal framework and only operate when specifically licensed, cautiously, and responsibly towards the State, the community, and society.
Eric Vuong
Chairman of BOD
HVA Investment Joint Stock Company
