In September 2025, the Government issued Resolution 05/2025/NQ-CP allowing the pilot tokenization of real assets - including real estate - on the blockchain platform for 5 years. Four months later, the Law on Digital Technology Industry took effect from January 1, 2026, recognizing digital assets as a type of civil asset for investment and exchange purposes.
These two legal documents not only change the way the State perceives digital assets. They create an operating framework for fintech and blockchain to participate in real estate transaction chains legally and controlled.
Tokenization of real estate - a reality story no longer far away
Vietnam's real estate market is facing three structural barriers that have lasted for decades: high selling prices, low liquidity and difficult access to capital. This is a problem that traditional tools have not solved.
Fintech and blockchain are directly approaching these three bottlenecks. Tokenization of real estate allows asset division into many small parts for many investors to jointly own according to the contribution ratio - instead of needing 5 billion VND to buy an apartment, investors can buy 1 million VND of the value of that apartment and receive corresponding returns from rent or asset price increases. When tokenization is replicated, the convergence between proptech and fintech credit becomes an inevitable trend.
New generation fintech platforms assess borrowing ability based on actual financial behavior data, electronic transaction history, cash flow through digital wallets, payment habits, instead of just relying on labor contracts and payrolls, expanding credit for freelancers and young people who are new to work. When proptech and fintech are integrated into the same chain of experiences, the entire journey from searching, valuing, legal verification to submitting loan applications can take place in a single digital stream.
Data infrastructure - a prerequisite for both blockchain and fintech
Whether it is asset tokenization or fintech credit, both depend on a prerequisite, which is clean, standardized and reliable real estate data.
Tokenization cannot work if the valuation of foundation assets is inaccurate when there is no real transaction price database that is constantly updated. Fintech credit cannot approve home loan applications if the legal status of the project cannot be verified. The AI automated valuation model will give skewed results if input planning data is not accurate.
NDAChain - the national blockchain infrastructure developed by the National Data Association under the Ministry of Public Security - is designed to integrate citizen identification via VNeID, inter-agency data exchange and legal document storage. The national data infrastructure and blockchain infrastructure are being built in parallel, reflecting the intentional approach of management agencies.
In that picture, proptech platforms are accumulating market data at the fastest speed from millions of planning searches, project searches, automatic pricing to transaction tracking. This data, when standardized, will become input materials to help both the fintech and blockchain ecosystems operate effectively.
Mr. Mai Van Tuyen - Chief Technology Officer of Meey Group - said that the challenge of real estate tokenization is not mainly in blockchain, but in the reliability of assets put on the chain. "Real estate tokenization does not fail because of blockchain. It fails when the token represents an asset that the issuer does not even know the true value, legal status or related planning data. That is why at Meey Group, we choose to build real estate data infrastructure first, blockchain later," Mr. Tuyen emphasized.
Also according to Mr. Tuyen, the question is no longer whether blockchain and fintech will impact real estate because that process is taking place. The real question is who will control the data infrastructure when the market completes the transformation process. Which unit builds a data warehouse large enough, clean enough and standard enough will become an indispensable link in the industry's value chain.
The question of the Vietnamese real estate market in the next 5 years will be: who holds clean data and who is outside the game. This revolution did not start with tokens, nor did it start with AI. It started with something much drier: a land plot recorded according to planning, an apartment valued correctly, a contract verified legally millions of times, every day, without errors. That is the game Meey Group chose from the first day. Not to follow trends. But so that when trends come, infrastructure is ready.
