As Vietnam pushes forward with its digital and green economic transformation, experts are calling for the urgent development of a legal framework that would allow digital assets and carbon credits to be formally recognised as collateral in bank lending.
Speaking at a conference on banking collateral held in Hanoi, stakeholders highlighted the immense potential of these assets to unlock new capital flows and accelerate economic growth, provided they receive legal recognition.
With digital finance booming in the region, Dr Giacomo Merello, Chairman of the Antigua & Barbuda Digital Assets Business Promotion Board and Special Economic Envoy to Singapore, underscored Vietnam’s impressive performance in the sector.
He stated, “Some 17 million Vietnamese held digital assets last year, with a market value of more than US$100 billion. Việt Nam ranked fifth globally in terms of crypto interest and third in exchange use, indicating strong domestic demand.”
Despite this growing adoption, digital assets and carbon credits remain unrecognised under Vietnamese law as valid collateral in credit activities. Current financial regulations primarily focus on tangible or traditional financial assets.
Dr. Lê Thị Giang from Hanoi Law University stressed the urgency of formalising a legal framework. She noted that the absence of such provisions limits banks from tapping into the economic value of these emerging asset classes.
“Recognising them only helps expand access to capital for customers but also creates conditions for credit institutions to diversify collateral assets, while contributing to the development of the green financial market and digital economy,” she said.
Giang added that aligning Vietnam’s legal infrastructure with global standards would foster international cooperation and strengthen national competitiveness.
International examples were also cited to support the case. Dr. Vũ Thị Vân Anh of KPMG Vietnam’s ESG Division mentioned that Thailand already permits carbon credits as collateral in financing climate adaptation projects. In the EU, countries such as France have classified European Union Emissions Certificates (EUA) as transferable intangible assets, making them eligible for use in financial transactions.
According to Merello, while blockchain and digital assets bring fresh opportunities, they also present complex regulatory and technical challenges. He urged Vietnam to study successful global models—such as Swiss crypto-collateral practices and UK property law frameworks—to guide the creation of its own crypto-assets legal structure.
“As Việt Nam opens its financial centre to crypto, it can adopt best practices to harness this trend safely,” Merello said. He emphasised the importance of including anti-money laundering, counter-terrorist financing (AML/CFT), and tax regulations, such as the proposed 0.1 per cent crypto tax.
Dr. Giang also proposed the inclusion of digital assets and carbon credits in Vietnam’s Civil Code as officially recognised property. She called for specific amendments to existing laws, such as Decree 21/2021/NĐ-CP, to provide legal grounds for using these asset classes as collateral.
“Specific regulations on management, storage, valuation, monitoring and handling of the assets are also needed to ensure transparency, safety and feasibility when using the assets as collateral,” she said.
The conference concluded with a consensus that recognising these non-traditional assets could play a transformative role in shaping Vietnam’s digital and green financial future.
