Entering the digital asset market without thorough preparation can lead to very costly consequences. Experts assert that comprehensive understanding must be a prerequisite—coming before any investment or fundraising decision.
During the discussion session at the conference “When Technology Converges – Investment and Cooperation Opportunities in Vietnam’s Era of Rise”, organized by the Ho Chi Minh City Innovation Startup Center (SIHUB) on the afternoon of November 26, experts outlined an in-depth picture of the rise of digital assets. This wave is not merely creating a new investment channel but is reshaping the entire Vietnamese financial ecosystem, with direct and far-reaching impacts on three key pillars: investment funds, the banking system, and the business community.
Investment Funds: A Shift in Mindset, Viewing Digital Assets as a Strategic Component
To adapt to the new era, investment funds face an urgent need to shift their strategic thinking. Digital assets are no longer limited to short-term speculative tools; they must be recognized as an essential component of long-term corporate investment portfolios.
Analyzing this trend, Mr. Harry Đàm Thanh Hiệp, Chairman of New World Group Asset Management and Chairman of the Representative Board of New World Capital Fund, issued a strong call urging Vietnamese enterprises to build strategic, methodical approaches to digital assets. He pointed out a concerning reality: while international companies are advancing rapidly in this area, the number of Vietnamese businesses truly adopting it remains very limited.
The strategic importance of diversifying revenue streams is illustrated by the case of Dam Sen Water Park JSC (HOSE: DSN). During the COVID-19 crisis, when its core business activities were nearly paralyzed, profits from securities investments became the company’s main source of income, helping it weather the turmoil. DSN’s experience demonstrates that a liquid asset class outside core operations can serve as a vital financial buffer—a role that digital assets, with their high growth potential, are well positioned to fulfill in the modern economy.
However, Mr. Hiệp also frankly warned about the extreme volatility of this market. Therefore, knowledge is the key to risk management and success. To support this, he affirmed that New World Group and its partners are committed to offering free training programs to improve community understanding.
The proactive efforts of investment funds in equipping themselves with knowledge and adjusting strategies is a positive signal. Nevertheless, for the ecosystem to develop sustainably, the banking sector’s role in creating a safe and transparent playing field is indispensable.
Banking Sector: From Observer to Co-creator
The participation of the banking industry is considered vital—determining the legality, safety, and scalability of Vietnam’s digital asset market. Rather than remaining passive observers, financial institutions are gradually transitioning into the role of co-creators.
According to Ms. Helen Nguyễn, Chairwoman of Bizleader Vietnam and CEO of the Vietnam Innovative Investment Fund Management JSC (VIIFM), the banking system plays a dual role in this revolution:
Co-creating the ecosystem, contributing to the development of legal frameworks and safety standards.
Transforming payment services, ensuring readiness for future digital asset transactions, given their core role as financial intermediaries.
Ms. Helen Nguyễn reinforced this view by pointing to the fact that the State Bank of Vietnam held a training session on tokenized assets for banking leaders in mid-October, right after Resolution 05 was issued. This move was more than a procedural formality—it signaled a strategic shift from passive observation to proactive preparation at the highest levels of the financial system, hinting at an upcoming regulatory framework enabling supervised adoption of tokenized assets rather than dismissing them.
When major financial institutions like banks are ready, the pressure to prepare shifts to the direct market participants—businesses.
Enterprises: “Tuition Fees of Losing Money” and the Dual Requirements of Legal and Technological Knowledge
Mr. Hoàng Đăng Khoa, Chairman of the Startup Entrepreneurs & Business Support Club in Ho Chi Minh City, issued a stern warning based on his own experience and that of surrounding investors. According to him, investing in digital assets is only safe when businesses master two layers of knowledge:
Legal knowledge, to avoid unnecessary risks and ensure lawful investment activities.
Technological knowledge, to identify fraudulent models, protect assets, and minimize losses.
From this, he defined his role as a “connector,” actively linking businesses with experts to build an educational environment that helps investors make informed decisions instead of acting blindly.
Financial Support Solutions for SMEs
Once the issue of risk management had been addressed, the discussion shifted to the next major obstacle for small and medium-sized enterprises (SMEs) in the digital era: access to capital for growth.
To resolve SME capital challenges, Ms. Helen Nguyễn explained that the banking sector is adopting more flexible approaches, helping overcome past issues of opaque bookkeeping through two main methods:
Collaboration with fintech companies to access transparent transaction data, enabling safer and more efficient lending decisions.
Supply Chain Finance (SCF)—banks work with large anchor companies and finance their entire ecosystems, from suppliers to distributors, allowing SMEs within the chain easier access to capital.
In addition, Ms. Helen Nguyễn offered a core financial principle:
“Never use short-term capital to invest in long-term assets.”
She explained that this causes severe cash-flow imbalance and is a “dead point” that prompts banks to immediately reject loan applications, as it demonstrates weak financial discipline and poses a risk of instant default if short-term lenders demand repayment.
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