NEWS - The real estate market is being strongly digitized

The real estate market is being strongly digitized


Not only to adapt to the new economic context, but also to digitize real estate is considered to anticipate the Government’s more open stance towards the digital economy in general and digital assets in particular.

Dr. Tran Quy – Director of the Vietnam Institute for Digital Economy Development (VIDE), said that digital assets are non-tangible assets created, used in transactions, and stored in digital format. Based on blockchain, digital assets include cryptocurrencies and tokens. Accordingly, asset digitization can turn almost any real or virtual content into a digital token.

Sharing at the recent seminar on the topic “Technology for real estate in the digital economy,” Dr. Quy commented that many countries worldwide had applied asset digitization. Typically the US, the European Union, Singapore, Japan, Thailand, etc. According to Mr. Quy’s research data, the digital asset market in Europe in 2022 could reach nearly 460 billion EUR and increase to more than 1.8 trillion EUR in 2026 (an increase of about four times). This market consists mainly of cryptocurrencies, the rest is real estate, securities, debt, and fiat money.

Digital assets or cryptocurrencies are quite new concepts in Vietnam. Although the law has not explicitly allowed it, the Government is gradually opening up to these digital assets.

Specifically, Decision No. 942 (June 16, 2021) and Decision 1813 (October 28, 2021) of the Prime Minister are considered the foundations to help the digital asset market explode in the future. Accordingly, in 2021 – 2025, the Prime Minister requested the Ministry of Finance study solutions to encourage non-cash use. Notably, the Prime Minister asked the State Bank of Vietnam to “research, build and pilot the use of virtual currency based on blockchain technology.”

In Vietnam, many businesses are researching and applying blockchain to digitizing assets. For example, GIG Capital. Through the Website (running on the Binance Smart Chain platform – BEP20), GIG breaks down projects and helps investors invest with only a tiny amount of capital.

According to Mr. Phu Gia – Founder of GIG Capital, this technology has four main advantages. First, the project is divided, so investors can easily participate in the investment with capital from only 50 USD by buying security tokens. GIG is implementing many mid-to-high-end projects and will provide them to the market soon through the GIGEX.IO platform.

In addition, the information about the project or transaction is publicized through the ledger mechanism, and investors can check it at any time. Once the desired profit is reached, through the Website, investors can swap security tokens for other tokens (on the blockchain platform) with instant liquidity.

“When holding the asset Security token and the GIGEX Token, investors will be paid a periodic bonus, as a form of interest or receive a corresponding cash flow if the project is leased,” said Mr. Phu Gia. When holding enough security tokens equal to the house’s value, investors can immediately own the pink book of that house if desired. This investment benefits buying a house in installments without paying bank interest and contributing as long as you like.

In Vietnam, only GIG has implemented the multi-asset digitization model, including real estate digitization. However, experts estimate that property division by blockchain technology will explode soon, especially in the real estate sector.

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