Need for blockchain development strategy

Blockchain is considered a groundbreaking technology with potential applications in many fields, and is recognized as one of Vietnam's 11 strategic technology groups.

Transparency and trust

According to Decision No. 1131/QD-TTg of the Prime Minister dated June 12, 2025, promulgating the List of Strategic Technologies and Strategic Technology Products, the blockchain technology group includes three product groups: Digital assets, digital currencies, cryptocurrencies; blockchain network infrastructure; and traceability systems.

However, the key difference and perceived advantage of blockchain technology is its ideal nature for data authentication, transparency, and integrity. Blockchain is a distributed database technology (distributed ledger) that allows information to be stored and transmitted as blocks linked together in a cryptographic chain. Data on the blockchain is transparent, immutable once recorded, and distributed across multiple computers, ensuring security and confidentiality. Unlike conventional data storage, blockchain data is not centrally stored on a single server but is distributed across multiple computers in a network. Users within the network can view the blockchain data, fostering transparency and trust. Once a data block is added to the blockchain, it cannot be altered or deleted. Any changes require the consensus of a majority of nodes in the network. Blockchain uses cryptographic algorithms to protect data and ensure the integrity of the blockchain.

With such characteristics, besides cryptocurrencies, blockchain has been applied in supply chain management (helping to track goods from manufacturer to consumer); insurance (reducing fraud and speeding up claim processing); healthcare (securely storing medical records); online elections (ensuring transparency and security in the election process)...

Cần chiến lược phát triển blockchain- Ảnh 1. — Vietnamese youth learn about a blockchain project at the Ho Chi Minh City Technology Festival Photo: Le Tinh

Multi-field applications

The Law on Digital Technology Industry, passed by the National Assembly on June 14, 2025 (effective from January 1, 2026), opens the first legal framework in Vietnam to recognize digital assets and cryptocurrencies. This is a turning point in regulating, managing, and promoting the digital economy , with a particular focus on blockchain technology and virtual assets.

In government administration, blockchain can be used to manage records, documents, and personal data securely and transparently. Specific applications include: land management, electronic identity cards, product traceability, etc.

Viettel Group has applied blockchain technology to various fields. As early as 2018, the Core Technology Center of Viettel Enterprise Solutions Corporation successfully applied blockchain to the management of personal health records, aiming to build a national database of citizens' health records nationwide. Viettel can also apply blockchain in many other areas such as supply chain management, electronic payments, and identity verification. VNPT's Blockchain Digital Authentication System (BDCS) is a system for managing and verifying diplomas based on blockchain technology. This system will help increase the transparency and accuracy of diploma issuance, facilitating businesses that need to verify diplomas by allowing them to search the diploma storage system on the blockchain platform.

The Ministry of Education and Training has applied blockchain technology to develop a large-scale certificate storage system and address the issue of counterfeit diplomas. SotaTek is the company responsible for the implementation. After two months of deployment, the application has officially gone live, providing efficient management, verification, and use of information from diplomas, while also saving administrative costs and offering robust management capabilities.

During the COVID-19 pandemic, SotaTek successfully applied blockchain technology to build a "Community Vaccination Management Application," deployed to 32 million people nationwide, helping to control the number of COVID-19 infections and their travel history, thereby limiting the spread of the disease. The "Used Vehicle Lookup Application," built by 11 blockchain developers, has been used by over 2,000 reputable motorcycle distributors in Vietnam and over 800 distributors in the Asia-Pacific region. The application collects information about vehicles sold throughout the value chain, providing buyers with transparent information about vehicles and meeting current customer needs. Importantly, the application also allows used vehicle distributors and dealers to know exactly where product defects occur in the production process, thereby minimizing average repair time. A blockchain application company has deployed a solution to support the traceability management of agricultural products for over 800 products, and more than 10 million blockchain-based traceability labels have been issued.

In the financial and banking sector, blockchain will help improve payment processes, risk management, and reduce transaction costs. Potential applications include international payments, credit granting, and digital asset management. Many banks in Vietnam, such as BIDV, MB, VPBank, and Vietcombank, have also announced the use of blockchain in financial transactions. According to BlockchainWork, several other businesses, such as Masan Group, Bao Viet, and AIA, have also successfully applied blockchain to their operations. Blockchain technology is now integrated into customer identification applications (eKYC), allowing the system to verify identity and personal and business information. It helps verify smart IDs and monitor users, combat fraud, and ensure compliance with regulations. For example, VNPT Group's VNPT eKYC AI-powered electronic identification and authentication platform has applied many cutting-edge 4.0 technologies such as AI, blockchain, and biometric identification.

For telecommunications companies, blockchain helps enhance fraud prevention capabilities, improve identity management, facilitate the transition to 5G, and strengthen IoT security.

Integrating technology and legal frameworks.

With the legal framework beginning to take shape, blockchain technology in Vietnam is poised for a surge in adoption. A wave of blockchain applications is certain to occur. According to Mr. Vu Ngoc Son, Chief Technology Officer at the Vietnam National Cyber Security Technology Joint Stock Company (NCS), while blockchain was created to ensure security and transparency, applications running on blockchain still face the risk of attack, similar to other common information technology systems. Cybersecurity for blockchain still heavily relies on human factors: programming errors, poor security configurations, improper operation, and a lack of independent oversight and evaluation. The digital economy is increasingly dependent on blockchain; therefore, ensuring blockchain security is crucial for safeguarding national digital assets. Thus, a comprehensive strategy is needed, integrating technology, legal frameworks, and increased public awareness.

Source: https://nld.com.vn/can-chien-luoc-phat-trien-blockchain-196250830203053357.htm