Vietnam Partners with Tech Giants to Integrate Blockchain into National Financial Infrastructure

Vietnam is at the forefront of a groundbreaking initiative to integrate blockchain technology into its national financial infrastructure. A strategic partnership has been formed between Techsmart Telecom, the Institute of Information Technology and CyberSecurity (IITCS), Venom Foundation, and GS Fund Abu Dhabi. This collaboration aims to develop and implement a comprehensive digital ecosystem that leverages blockchain technology.

The partnership focuses on several key areas: infrastructure development, blockchain network implementation, legal oversight, and talent development. Techsmart Telecom will utilize its extensive national connectivity to establish a new data center and digital currency network. This initiative aligns with Vietnam’s Digital Infrastructure Strategy by 2025, which aims to achieve universal fiber connectivity, full 5G coverage, and advanced data center capabilities by 2030.

Venom Foundation will deploy its Layer-0 blockchain protocol, designed for institutional-grade applications. This protocol already supports USD-backed stablecoins, on-chain KYC/AML processes, ISO 20022 messaging, and tokenization frameworks. These capabilities have been successfully piloted in the Philippines. Christopher Louis Tsu, CEO of Venom Foundation, highlights the project's potential to tokenize both financial and real-world assets, thereby enhancing cross-border services.

Regulatory coherence is a critical component of this initiative. In March 2025, directives from the Prime Minister mandated the Ministry of Finance and the State Bank of Vietnam to propose updated regulatory frameworks by May 2025. These proposals include a Draft DTI Law to define digital assets, a sandbox for controlled experimentation, and a Crypto Pilot Resolution to regulate issuance, trading, and custody until at least 2027.

Vietnam’s cryptocurrency landscape is evolving rapidly. An estimated 17 million citizens own digital assets worth over $100 billion, making the country the fifth globally in interest and the third in international trading engagement. However, regulatory ambiguity around exchange licensing, asset categorization, and consumer protection has led to Vietnam being placed on the FATF “gray list,” underscoring the need for regulatory clarity.

The execution of this initiative will begin with a 12-month Phase 1 roadmap. This phase will focus on legal groundwork, market analysis, and data center planning—areas that have historically posed bottlenecks in blockchain initiatives. By aligning technology deployment with talent creation, this effort aims to accelerate Vietnam’s transition into a sovereign digital infrastructure era.

Subsequent phases will explore blockchain-enabled digital payments, reducing cash dependency, and enhancing cybersecurity standards through distributed ledger technologies. IITCS will ensure compliance and lead educational initiatives aimed at both the public and private sectors. The success of this initiative will depend on multi-agency collaboration and the ability to adapt pilot learnings into scalable policy frameworks.

If this Memorandum of Understanding (MoU) translates into tangible progress, Vietnam could emerge as a regional leader in integrating blockchain technology within its national infrastructure. This initiative not only positions Vietnam at the forefront of digital innovation but also sets a precedent for other nations looking to leverage blockchain for financial infrastructure development.