What is the prospect of TCEX’s RWA business in the Vietnamese market?
TCEX’s Real World Asset (RWA) business in the Vietnamese market enjoys significant policy dividends and huge potential demand. However, the core variables determining its outlook lie not in technology or market willingness, but in whether it can resolve two practical bottlenecks under a strict regulatory framework: “trust infrastructure” and “asset-side supply.” In the short term, TCEX is more likely to serve as a cross-border financing channel for foreign investors rather than an inclusive investment tool for domestic retail investors.
Policy Foundation: RWA Written into Pilot Resolution, Giving TCEX a “Natural Compliance” Advantage
Resolution No. 05/2025/NQ-CP, issued by the Vietnamese government in September 2025, explicitly designates “issuing crypto assets backed by physical assets” as a core principle of the pilot program, while requiring that crypto assets must be backed by tangible assets—excluding securities and fiat currencies. This means RWA (Real World Asset tokenization) is not merely an “optional path” for TCEX, but virtually the only permitted asset class under Vietnam’s regulatory framework.
TCEX’s positioning on this is crystal clear. At the 2026 Vietnam RWA Summit, Lưu Minh Trung, Vietnam crypto exchange TCEX’s Product Development Director, explicitly stated that TCEX will focus on RWA products with real value, emphasizing that “only when products create real value can a digital asset exchange attract domestic and international investors.” From a compliance strategy perspective, TCEX has chosen a path highly aligned with regulatory intent, giving it a natural narrative advantage among the five candidate exchanges.
Market Demand: Financing Hunger in Vietnam’s Real Economy and Global Capital Outlets
Vietnam boasts a vibrant real economy with massive financing demands across real estate, renewable energy, infrastructure, logistics, and agriculture—precisely the asset categories best suited for tokenization experiments. Boston Consulting Group predicts that the global RWA market could exceed $14 trillion by 2030, offering a clear market benchmark for Vietnam.
More direct supporting data comes from within Vietnam: currently, around 17 million people in Vietnam hold or use crypto assets, with an annual transaction volume of approximately $200 billion. This massive user base implies that once compliant RWA products go live, the potential demand conversion space will be substantial.
However, it is important to note that under Resolution 05, crypto assets may initially be offered and issued only to foreign investors; domestic investors must wait six months after the first licensed exchange receives its permit to participate. This indicates that in its early stages, TCEX’s RWA business will depend heavily on cross-border capital channels. Its primary task will be articulating the narrative of “Vietnamese real-world assets” to international investors, rather than activating domestic retail demand.