Vietnam's housing market has reached a critical affordability threshold, with property prices equivalent to roughly 23.5 to 60 years of average worker income depending on the estimate used, far exceeding international benchmarks. Blockchain-based real estate tokenization offers a mechanism to lower entry barriers through fractional ownership, yet empirical validation of its feasibility for the Vietnamese market remains limited. This paper proposes and implements a computational framework that (1) analyzes the Vietnamese housing affordability gap using cited public statistics and an open Vietnamese property listings dataset, (2) calibrates a tokenization model against real, published U.S. security-token market data, and (3) designs and formally verifies, through executed unit tests, a fractional-ownership token contract expressed both as a language-independent algorithmic specification and as an Ethereum-compatible smart contract. All steps are reproducible on a personal computer without cloud infrastructure, live cryptocurrency funds, or manual data collection. Results show that dividing a typical Ho Chi Minh City social-housing unit into 1,000 tokens reduces the minimum capital entry point by approximately 99.5% relative to a conventional 20% mortgage down payment, potentially extending housing-linked investment access to Vietnam's "middle-gap" income group. The framework is offered as an open, falsifiable research artifact for further empirical and policy work.
