The imperative to preserve the fruits of one's labor, or accumulate assets, is an enduring and timeless human necessity. However, the dilemma of selecting the right asset remains complex. Should it be Real Estate, Gold, or the US Dollar?

The concise answer is that for an asset to serve as a potential vehicle for accumulation, it must satisfy two criteria: it must be a Final Asset and possess a Fixed Supply. Let us break down these concepts.

The Final Asset

By standard definition, a final asset is a payment instrument whose transfer results in the immediate and complete extinguishment of a debt obligation, without creating any new liability.

To illustrate, consider a transaction: you can pay immediately or promise to pay later. If you promise to pay later, you create a debt obligation. Therefore, your promise (or IOU) is not a final asset.

Even a bank transfer represents only the completion of the payer's immediate responsibility. It does not eliminate the debt obligation from the economy, but merely shifts the liability from one economic entity to another. While balances shift between the buyer's and seller's accounts, in reality, your bank (Bank A) has not yet transferred actual funds to the seller's bank (Bank B). The transaction is only fully settled when funds are transferred between their respective accounts at the Central Bank. Consequently, a commercial bank deposit is not a final asset.

An optimal final asset must ensure three factors:

• Immediate settlement capability.
• Eliminate of counterparty risk.
• Capacity to store value.

In the context of a domestic economy, the final asset is the fiat currency issued by the Central Bank. However, on an international scale, the standard differs. Ultimately, fiat currency is merely a sovereign promise to pay. Thus, the global system requires a distinct final asset.

For decades, the USD has been the proxy for an optimal final asset. However, fiscal deficits, breaching debt ceilings, and the weaponization of the dollar-based financial system are gradually eroding trust in the currency.

Limit Supply

To successfully preserve the fruits of one's labor, the asset’s ability to store value is paramount. Since most current "final assets" are fiat currencies, any nation abusing its monetary issuance power dilutes that capability.

Therefore, a suitable accumulation asset requires a limit supply to prevent systemic abuse or inflationary devaluation. In scenarios where investment options are scarce, market participants may prioritize the fixed supply attribute even if other criteria are suboptimal.

In Summary

In Vietnam, the prime candidates for wealth storage include Gold, USD, Real Estate, and Silver.

Gold is the traditional Vietnamese store of value. However, due to recent high valuations and scarcity, local sentiment is gradually shifting toward Silver. Although silver lacks global recognition as a primary reserve asset compared to gold, local liquidity remains sufficient given retails purchasing power. Jewelry enterprises such as Phu Quy or Ancarat can readily absorb this supply.

The USD, while a fiat currency, acts as "outside money" relative to the Vietnamese economy, making it a viable hedge against domestic inflation risk.

Real Estate suffers from low liquidity and fails the immediate settlement test—meaning it is not a true final asset. Nevertheless, it remains a popular choice due to the limited array of investment alternatives in Vietnam.

Ultimately, the specific choice depends entirely on public sentiment and trust rather than a unified standard. There is also no convention dictating that individuals must or should only accumulate assets held by Central Banks.