Vietnam’s latest foray into blockchain infrastructure through a signed MoU among Techsmart Telecom, IITCS, Venom Foundation and GS Fund, marks an attempt to elevate the country’s digital finance architecture to a national scale.
The agreement outlines three pillars: a national Data Centre with embedded blockchain and cybersecurity, a regulated digital currency framework for stablecoin issuance and trading, and targeted education programmes led by IITCS for private-sector and government fintech and cybersecurity proficiency.
Vietnam boasts fibre coverage exceeding 80%, 5G trials, and nearly universal mobile connectivity. However, blockchain adoption has remained fragmented. Venom Foundation’s Layer‑0 protocol, designed for public-sector deployment, already facilitates live stablecoin USDV (USD-backed), modular architecture, ISO‑20022 messaging compatibility, on-chain KYC/AML, and real-world asset tokenisation. The MoU in Vietnam is one of its first national-level implementations.
Prior efforts in the Philippines offer context: Venom’s regional pilot with BSP involves real-time settlement via a public‑sector-focused stablecoin and shared validator model — indicative of a blueprint being scaled in Vietnam. In Vietnam, GDP growth near 6–7% and rising remittance volumes necessitate faster, cheaper, transparent payments.
State-linked bodies appear eager: VBA and One Mount have been coordinating blockchain regulatory frameworks — Directive 05/CT‑TTg calls for a legal framework for digital assets by March 2025. Yet integrating new crypto rails with legacy banking systems — accounting, compliance, risk and cybersecurity, poses technical and legal hurdles.
Venom’s governance model, which delegates validator control to public-sector entities, strives to balance decentralisation with trust. Working in concert with telecom firm Techsmart ensures that blockchain services will be supported by nationwide connectivity and edge computing. GS Fund’s legal and investment oversight, alongside IITCS’s education programs, are designed to embed capabilities for sustainability.
Vietnam’s MoU frames blockchain as core national infrastructure. If executed properly, it may set a national and regional precedent, bridging sovereign digital sovereignty and open programmable finance.
Southeast Asian governments watching this model, especially in Malaysia, Philippines and Singapore, could adopt similar pathways. Whereas digital transformation often stalls at policy, Vietnam may be among the first to operationalise a sovereign digital ecosystem with telecom, data centre, blockchain, legal, and training layers built in from the start.
