Vietnam can expand capital mobilization channels from the digital asset market, a market that has not been officially recognized but is existing and developing strongly.
In recent years, Vietnam has become a hotbed for cryptocurrency-related activities. According to data from Chainalysis, within 1 year to June 2023, up to 120 billion USD of cryptocurrency was transferred into Vietnam, nearly 5 times more than 25 billion USD coming in via FDI. Vietnam ranks second globally in the number of cryptocurrency owners, just behind the United Arab Emirates (UAE), with 21.2% of the population (equivalent to about 21 million people), according to data from Crypto Crunch App.
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Source: Crypto Crunch App
At the Workshop "Investment opportunities at the end of 2024" organized by Investment Newspaper, Dr. Pham Anh Khoi, Deputy Head of the Fintech Committee, Vietnam Blockchain Association, shared that he was initially skeptical about the large number of cryptocurrency investors. However, after participating in the market and international seminars, he was convinced of this fact. He noticed that in major forums, only three languages are used: English, Russian and Vietnamese, showing the large presence of Vietnamese investors.
Also at the conference, Ms. Lina Nguyen, Director of Business Development at Exness Investment Bank, said that according to a survey of developed markets such as Switzerland, UK, and the US, financial institutions/funds managed from 1,000 billion USD or more, in neighboring markets such as Singapore, Hong Kong (China), managing purchasing power/fund model of 500 billion USD or more. These financial institutions will evaluate and continuously allocate to high-profit financial portfolios in their portfolio. They always evaluate and review according to certain cycles and often look beyond 2025, or even the next 3 years or 5 years.
“In my opinion, at this time, organizations still maintain a preference for gold because of factors such as interest rate policies, deflation, economic growth near the end of the year, geopolitics, and demand. shopping, jewelry demand in economies such as China, India... Gold is still in the group of safe assets and is first in their investment portfolio. Besides that, there are stocks and securities, but they will focus on stocks with larger capitalization, especially at this time, when AI, technology, and chips are developing, large investor groups are always present. maintain the mindset of keeping these stocks."
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Lina Nguyen – Director of Business Development at Exness Investment Bank
Notably, a new development in the market is that the institutional/institutional investor group has accepted a higher risk appetite to invest in new assets, which are digital assets.
“A new development shows the dynamism of cash flow in the Bitcoin market, which is that in the past 1-2 weeks, more than 1,200 billion USD has been poured into Bitcoin ETF funds. On July 23, the Ethereum ETF was approved for trading by the SEC. Accordingly, the interest of large investors in digital assets will increase and capital flows into new asset types will also increase. Digital currency is considered to have gone through a period of hibernation and positive signals continue to appear," said Ms. Lina Nguyen.
Young investors in Vietnam often invest very small amounts in the cryptocurrency market, which helps minimize the risk of loss. They also show high responsibility when protecting themselves against risks such as fraud or theft, due to the lack of protection from the authorities.
Around the world, many major governments such as the US, Europe and Australia are open but cautious with the digital asset market. The US government is currently leading the trend of tokenizing real world assets (Real World Asset – RWA).
According to a report by Boston Consulting Group, the RWA market size is expected to reach 16,000 billion USD, equivalent to 10% of global GDP by 2030. According to Standard Chartered, this market could even double, up to 30,000 people. billion USD in the next 4 years. RWA assets including real estate, works of art, commodities such as gold, oil, coffee, are tokenized and included in the blockchain ecosystem.
RWA has many outstanding advantages, such as ensuring value from real assets, fast transaction speed, cross-border and issued by different financial institutions. This helps improve transparency, increase liquidity, lower transaction costs and help investors easily diversify their investment portfolios.
Vietnam has great potential in the digital asset market. The current stock market is not attractive enough and cannot meet all needs. If the stock market is more developed, with products suitable for the masses, capital from young investors can be utilized in the economy. At the same time, if Vietnam follows the RWA trend, it will expand large capital mobilization channels for real estate businesses, bonds and many other fields.
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