At a blockchain conference held on the morning of December 9 in Hanoi, Navin Gupta, CEO of Crystal Intelligence, praised Vietnam’s growing blockchain ecosystem and proposed three key recommendations to foster its development.

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Navin Gupta, CEO of Crystal Intelligence, speaks at the event on the morning of December 9. Photo: VBA

Blockchain technologies - including digital assets, cryptocurrencies, blockchain networks, and traceability systems - are listed among the 11 strategic tech groups under Decision 1131 issued on June 12.

According to Gupta, Vietnam is a high-potential market and ranks among the top globally in terms of crypto adoption and the number of users holding digital assets. A major advantage for Vietnam is its young population.

Drawing from his international experience, Gupta emphasized three conditions necessary to advance the blockchain sector.

First, Vietnam should create favorable conditions to attract foreign companies, projects, and ideas to operate in the country.

Second, the country must cultivate a startup mindset among its youth, encouraging them to learn from global best practices and reapply them domestically. This should be done within a proper regulatory framework to ensure products and services can succeed both in Vietnam and in international markets.

Lastly, he stressed the importance of public-private partnerships that enable both domestic and foreign enterprises to bring resources and investment into Vietnam, thereby propelling the digital economy forward. Gupta noted that this process is already underway but believes it could be enhanced further.

The three pillars of a secure blockchain infrastructure

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Speakers discuss reshaping the blockchain ecosystem through secure digital infrastructure. Photo: VBA

At the same conference, Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association (VBA) and Chairman of 1Matrix, said that developing blockchain infrastructure requires a balanced approach.

This includes safeguarding national sovereignty by storing sensitive data in government-licensed domestic data centers; optimizing performance and scalability via foreign cloud services; and building a robust traceability system to meet anti-money laundering and counter-terrorism financing (AML/CFT) requirements.

Nguyen Dinh Hung, CEO of True IDC Vietnam, discussed the surge in demand for cloud infrastructure driven by large-scale data, AI, and blockchain applications.

He cited projections that the public cloud market in Asia will exceed USD 200 billion by 2025, growing at an annual rate of 19.32% between 2025 and 2029.

In Vietnam, the market is forecast to grow by 25.24% annually and surpass USD 1 billion in 2025.

To address infrastructure challenges, the Vietnam Blockchain Service Network (VBSN) has been designed with a five-layer architecture that maximizes scalability, security, and interoperability.

This network supports long-term digital transformation goals by enabling businesses to develop applications without needing to reinvest in infrastructure. It also enhances transparency and oversight for government regulators.

A standout feature of VBSN is its support for deploying multiple independent Layer 1 chains. These chains can be customized with consensus algorithms and processing speeds to suit different application groups.

The multi-chain structure allows for load distribution, reduces congestion, and maintains network stability when handling large volumes of transactions.

Experts emphasized the need for a comprehensive on-chain traceability system. Such a system not only facilitates transaction monitoring but plays a critical role in detecting, preventing, and mitigating increasingly sophisticated activities like money laundering, terrorism financing, and digital asset abuse.

By enabling regulators to proactively manage risks, this system will help create a safer investment environment for players in the Web3 space.

Du Lam