On October 13, during the 1st Party Congress of the Government for the 2025–2030 term at the National Convention Center, an exhibition showcased the country’s most prominent achievements under the Party’s leadership and the Government’s dynamic, innovative governance - demonstrating a term marked by action and comprehensive development.

At this event, Phan Duc Trung, who also serves as Chairman of 1Matrix, presented the initial achievements of the Vietnam Blockchain Service Network (VBSN), a multi-chain platform. The strategic goal is to develop national blockchain infrastructure that enables Vietnam to take ownership of core technologies, enhance digital and data sovereignty, improve state governance, and accelerate the private sector’s digital economy.

Ten months into implementation, by October 2025, VBSN has successfully developed six layer-1 blockchain platforms, with maximum processing speeds of up to 300,000 transactions per second (TPS). These platforms draw from global blockchain innovations, incorporating diverse decentralization and consensus mechanisms tailored to different industries and use cases.

VBSN was initiated under commitments made at the 6th National Forum on Developing Vietnamese Digital Technology Enterprises. It originated from the ecosystem of Techcombank, One Mount Group, Masterise Group, and Techcom Securities, in collaboration with partners such as Sotatek, NCC, CMC Telecom, Sunteco, Amazon Web Services, True IDC, and AlphaTrue.

The project is managed by 1Matrix, with consultation from the Boston Consulting Group (BCG) and oversight by the Vietnam Blockchain and Digital Assets Association (VBA), drawing inspiration from EBSI in Europe and BSN in China.

VBSN supports varied transaction speeds depending on application needs. For example, networks in traceability, insurance, and micro-payment fields operate at a stable 50,000 TPS, with peak performance reaching 300,000 TPS. Micro-payment platforms maintain a steady 10,000 TPS, reaching up to 100,000 TPS. Sectors such as banking, decentralized identity (DID), healthcare, and education can process up to 10,000 TPS.

In the public sector, VBSN enables the deployment of applications such as digital identity, digital assets, smart contracts, traceability, and interconnected data systems. It lays the digital foundation for e-governance, smart cities, financial centers, and high-tech public services. This reduces the risk of data congestion and strengthens digital administration capabilities.

VBSN and blockchain applications have already been introduced to and proposed for integration into the operations of the Central Propaganda and Mass Mobilization Committees, as well as the Resolution 57 Steering Committee of Da Nang’s People’s Committee.

In the private sector, VBSN is being widely promoted among domestic partners including MSB, SHB, T&T Group, and Dragon Capital. Several major financial institutions and corporations are actively studying its implementation for data management, system optimization, and new business model development.

Thai Khang