return icon

Blockchain application is being used for NFT, digital currency

Blockchain application in Vietnam is now being used into many fields.

Blockchain appeared 10 years ago and has flourished in the last few years when it was applied in cryptocurrencies, non-fungible token (NFT), and GameFi (a combination of games and decentralized finance).

The world's technology giants such as Microsoft, Meta, Google, Tencent, Amazon, and IBM are investing heavily in this field.

In Vietnam, blockchain is known for becoming the "cradle" of blockchain games and decentralized finance, with projects such as Axie Infinity, Kyber Network, Tomochain, Coin98...

Blockchain is also widely applied in many other fields, bringing high efficiency. For example, Viettel Group, since 2018, has successfully applied blockchain to healthcare. Viettel Business Solutions Corporation has used blockchain technology to manage personal health records, helping people save time and costs and help hospitals reduce costs.

The VNPT Group has applied blockchain on the VNPT eKYC electronic identity platform, helping to verify, identify and extract accurate information from photos and personal documents. This platform processes 500,000 to 1 million transactions each day.

In the field of logistics, the FPT Group has blockchain-based Akachain solution in traceability of Vietnam’s export goods. Akachain enables efficient management of logistics across the entire chain, from order processing, quality management, packaging, warehousing to distribution, so that information about goods is retrieved and tracked at any time.

In the banking sector, Military Bank (MB) and the Bank for Foreign Trade of Vietnam (Vietcombank) have successfully applied blockchain technology in digital banking services.

Most recently, Thu Do Multimedia has integrated blockchain technology in copyright protection and instantly recognizes the remuneration of the parties involved in content composition. With this application, each sharing of digital content is recorded by the system.

There are countless examples of blockchain applications in many fields in Vietnam such as agriculture, transportation, industrial production.

Experts said that in Vietnam, blockchain technology has been applied in financial management, in the real estate market to create a public and transparent market, and in agriculture to trace the origin of products.

Blockchain technology helps to shorten time, optimize the import process, and save costs. Besides, the parties share the same responsibilities and all activities are transparent on the network.

The space for blockchain  

Mr. Nguyen Manh Cuong, Deputy Director in charge of Southern Affairs Department (Ministry of Science and Technology), said the Vietnamese blockchain community has developed strongly in the past five years, but blockchain application is still limited. Currently, blockchain is mainly applied in the financial sector, especially digital assets and digital currencies. This is an area where Vietnam and many other countries are still in a trial process.

"Businesses should not focus too much on one area like finance, and ignore other potential applications such as traceability in agriculture, logistics, and warehousing...", Mr. Cuong said.

“Blockchain in the future is like the Internet that entered Vietnam in 1997, which will penetrate economic, social fields and daily life. No industry has grown as fast as information technology, and in information technology, no field has grown as fast as blockchain,” said Dr. Dang Minh Tuan, Head of Blockchain Lab, Institute of Post and Telecommunications Technology.

Deputy Minister of Information and Communications Nguyen Huy Dung said that Vietnam currently does not have a specific legal corridor for blockchain. This is one of the main reasons why Vietnamese blockchain start-ups often locate their headquarters abroad to easily operate and raise capital. This leads to a missed opportunity to attract large financial resources in the blockchain sector.

“Therefore, one of the key tasks in 2022 of the Ministry of Information and Communications is to develop a blockchain master plan and advise the Government, and coordinate with a number of ministries and sectors to take early actions, in order to gradually improve the legal framework for blockchain and related applications,” Mr. Dung said.

Dau Tu


First Vietnamese victim in Manchester fire identified through fingerprint

Partial human remains recovered from Bismark House Mill in the UK have been identified, through fingerprint analysis, as Nguyen Van Uoc, according to the Vietnamese Embassy in the UK, citing an announcement on August 12 by Greater Manchester Police.

Vietnam seeks foreign investment in medical devices production

The Vietnamese medical devices market, which is growing annually at more than 18%, relies heavily on imports, representing significant opportunities for foreign businesses, according to the Ho Chi Minh City Medical Equipment Association.

North-South express railway to seek Politburo’s approval

The Ministry of Transport will submit to the Politburo for consideration an investment policy for the construction of a North-South express rail link, which would cost up to 58.71 billion USD, this September.


Trains to increase during National Day holiday

Challenges for supermarket chains

The recent shutdown of multiple Bach Hoa Xanh (BHX) stores has been the talk of the town for the past few weeks. What prompted the leadership of this grocery store chain to come to such a decision despite the considerable growth in total revenue?

Re cakes: Phan Thiet’s specialty sweet treat

Re cake, a specialty of Phan Thiet City, Binh Thuan Province, tastes so delicious that no visitor can resist it.

A new move for open market operations

The State Bank of Vietnam (SBV) has recently made a new move regarding open market operations (OMO). Valuable papers are purchased at a competitive interest rate, instead of a fixed rate as before.

An insight into Vietnam’s indebtedness

National debt, or foreign debt, when reaching an excessive level, often leads to an economic crisis.

Nguyen eyes bigger competition after ASEAN Para Games wins

Tran Van Nguyen stands only 1.27m and has short arms and legs. But he has dominated the top podiums of many competitions.

Vietnam to have national marine spatial plan by 2030

A national marine spatial master plan is being developed, aiming to fuel the sustainable development of marine economic clusters and establish sea-based economic hubs by 2030.

Digital business lines developing well

Major tech companies are looking to expand in Vietnam, on the back of strong hardware export and IT figures for the country's telecom industry so far this year.

Vietnam targets launch of modern digital finance platform by 2025

Minister of Finance Ho Duc Phoc has signed a decision promulgating the Ministry of Finance's digital transformation plan to 2025, with vision to 2030.

Vietnam, Southeast Asia find ways to rise amid difficulties

Vietnam and the Southeast Asian region have managed to maintain economic stability and growth despite COVID-19 and the Russia-Ukraine conflict, according to experts.

CPI method of calculation is correct: economist

“Someone told me they had a feeling that the CPI is not correct. I asked them on what grounds. Scientifically, that cannot be proven,” said economist Vo Tri Thanh.

Real estate market is gaining balance: ministry

The real estate market of Vietnam showed signs of recovery and more balanced development in the second quarter of this year with increases in the number of successful transactions of apartments, houses and land.