Deputy Prime Minister Ho Duc Phoc visits and works in the Russian Federation

According to a VNA reporter in Moscow, from October 23 to 29, Deputy Prime Minister Ho Duc Phoc led a delegation of the Vietnamese Government to visit and work in the Russian Federation to study and survey experience in implementing the crypto-asset market and the decentralized model of crypto-asset management and operation.

The working delegation included leaders of the Ministry of Public Security, Government Office , Ministry of Justice, Ministry of Finance, State Bank, State Securities Commission and representatives of the Ministry of Foreign Affairs.

Deputy Prime Minister Ho Duc Phoc with Deputy Governor of the Central Bank of Russia A. Guznov. Photo: VNA

During the visit and working session, Deputy Prime Minister Ho Duc Phoc and the delegation had many activities, including chairing the Conference "Contacting businesses of crypto assets and Blockchain technology of the Russian Federation"; working with Minister of Finance of the Russian Federation A. Siluanov; Deputy Governor of the Central Bank of Russia A. Guznov.

At the working sessions, Deputy Prime Minister Ho Duc Phoc affirmed that the Vietnam-Russia relationship has developed positively in all fields in recent times. Political relations have a high level of trust with regular exchanges of delegations and high-level contacts. Economic and trade relations have recorded positive developments with bilateral trade turnover in 2024 reaching nearly 4.6 billion USD, an increase of 26.4% compared to 2023, making Vietnam Russia's largest trade partner in the Association of Southeast Asian Nations (ASEAN) region.

Providing information on the situation in Vietnam, Deputy Prime Minister Ho Duc Phoc said that Vietnam's economy is expected to achieve many impressive results, with economic growth expected to be at the highest level in ASEAN and among the world's leading groups. In the first 9 months of 2025, GDP growth reached 7.85%; At the same time, he said that the government has issued Resolution No. 05/2025/NQ-CP dated September 9, 2025 on piloting the crypto asset market in Vietnam, building a legal framework for the crypto asset market, promoting the application of blockchain technology and new financial technologies in digital economic development, enhancing national competitiveness in attracting high-tech capital flows and innovative startups, in which the principle of prudence and control is emphasized; protecting the rights and interests of investors and market participants; encouraging innovation and creativity in the field of finance and technology; support investment attraction, market internationalization

The Vietnamese delegation led by Deputy Prime Minister Ho Duc Phoc worked with the Russian Ministry of Finance. Photo: VNA

Sharing about the fact that Vietnam is in the transition phase to a digital economy and digital finance, focusing on innovation and deep integration into the digital market, identifying blockchain technology as one of the strategic technologies that need to be gradually mastered by 2030, along with artificial intelligence (AI), Internet of Things, big data, cloud computing, semiconductors, quantum technology, nano, and 5G-6G mobile networks, Deputy Prime Minister Ho Duc Phoc suggested that the Ministry of Finance of the Russian Federation and the Central Bank of Russia coordinate to share experiences and provide policy advice to Vietnam in perfecting the legal framework on operations and management and supervision of the crypto-asset market; applying blockchain technology solutions in the financial market in a sustainable and effective manner; establishing standards for security, system safety, and security in crypto-asset transactions; cooperation in training, technology transfer and capacity building for Vietnamese human resources in this field.

The Deputy Prime Minister also proposed that Russian enterprises cooperate with Vietnam in building technological solutions, risk management processes and advanced security standards; support Vietnam in training high-quality human resources, and forming a team of experts in crypto assets and blockchain technology.

Leaders of the Ministry of Finance and the Central Bank of Russia welcomed the visit and work of Deputy Prime Minister Ho Duc Phoc and the high-ranking delegation of Vietnam; highly appreciated Vietnam's strong reforms and expressed their willingness to cooperate and share experiences with state management agencies in Vietnam in managing and supervising the digital asset and crypto asset market. Russian enterprises affirmed their willingness to commit to accompanying Vietnam in building blockchain infrastructure and transferring technology, supporting Vietnam in mastering core infrastructure; providing tools and supporting the Vietnamese Government in building a system to prevent money laundering, cybercrime, and appraising and identifying crypto assets; sharing experiences and participating in training human resources for Vietnam.

Deputy Prime Minister Ho Duc Phoc speaks during a visit and talks with officials and staff of the Vietnamese Embassy in Moscow. Photo: Tran Hai/VNA

*During the working visit, the delegation laid flowers at the Ho Chi Minh President Monument in Saint Petersburg; visited and talked with the staff of the Vietnamese Embassy in Moscow, listened to Ambassador Dang Minh Khoi report on the situation of overseas Vietnamese, on activities to promote Vietnam-Russia bilateral relations in the new conditions, and informed all the staff of the Embassy and the agencies next to the Embassy about the most important policies of the Government in the fields of financial management, science and technology, and cooperation orientations in the coming time.

Source: https://baotintuc.vn/thoi-su/pho-thu-tuong-chinh-phu-ho-duc-phoc-tham-va-lam-viec-tai-lien-bang-nga-20251029180507646.htm