Vietnam moves to build national blockchain backbone with global partnership
HO CHI MINH CITY, April 18 – Embed Financial Group Holdings has partnered with Digital Asset Protection HHP High-Tech Center JSC to develop a national blockchain platform, supporting Vietnam’s broader push towards digital transformation.
The collaboration also includes multiple large-scale technology initiatives aimed at shaping the country’s future digital economy.
National platform as digital backbone
The flagship project, VNL1, will be developed through a joint venture to serve as a unified platform for product identification and supply chain traceability across Vietnam.
It aligns with upcoming regulatory plans to establish a nationwide digital verification system by 2027.
Combating counterfeiting with blockchain
The platform is designed to address the growing problem of counterfeit goods by enabling transparent, tamper-resistant tracking of product origins and transactions.
Two key system components
The infrastructure will be built around:
V-TRUST – a system that tracks product movement through unique digital identifiers.
V-STABLE – a digital settlement mechanism enabling fast and secure financial transactions within the domestic economy.
Implementation and investment
The joint venture is expected to be formed within 90 days with an initial capital of around US$8 million. EFGH will provide the technology stack, while its Vietnamese partner will support regulatory and operational aspects.
Five additional projects to expand ecosystem
Beyond the core platform, the partnership includes initiatives in fintech, tourism infrastructure, commodity pricing, AI data centres and a mixed-use financial hub in Ho Chi Minh City.
These projects aim to build an interconnected digital ecosystem.
Structured long-term collaboration
The agreement outlines a three-year collaboration supported by a joint steering committee to oversee implementation and ensure progress across all initiatives.
Strategic regional expansion
This marks EFGH’s first venture in Vietnam and its first national-scale project in Asia, positioning it for further expansion in emerging digital markets.
-wilayah.com.my
