Vietnam is facing a golden opportunity to build a promising digital future, where blockchain technology plays a core foundational role. In this context, the vision for the Vietnam Blockchain Service Network (VBSN), being developed by 1Matrix and the Vietnam Blockchain & Digital Asset Association under the leadership of Mr. Phan Duc Trung, is not merely an ambition but a groundbreaking strategy.
VBSN: How Does It Stand Out in the Global Blockchain Landscape?
If you think VBSN is just a simple Layer-1 (foundation layer), think again! VBSN is a comprehensive multi-layered service network, combining a cloud layer, blockchain infrastructure layer, and specialized application layers. The unique point is that 1Matrix has developed six distinct Layer-1s, each platform serving a specialized application purpose, spanning from public services to the private sector.
Instead of following the beaten path of direct competition with “giants” like Bitcoin or Ethereum, VBSN chooses a smarter approach: leveraging global technological achievements to the fullest to solve Vietnam’s specific problems. This approach is similar to the successful models of EBSI (Europe) and BSN (China) – national blockchain networks that have proven effective on a scale of millions of users.
Why Does Vietnam Need a “Homegrown” Blockchain Network?
The core reason is none other than asserting “national sovereignty over technology and intellectual property”. Relying on foreign platforms not only poses security risks but also causes us to lose enormous economic value.
Currently, it is estimated that hundreds of billions of USD in crypto assets belonging to Vietnamese people circulate through international platforms each year. VBSN was created with the mission to retain this value flow within the country, while preventing “brain drain” and foreign currency outflow, directly contributing to the development of the national digital economy.
The Biggest Challenge: Technology or Consensus?
Many might think technology is the biggest barrier, but according to Mr. Phan Duc Trung, building a Layer-1 takes merely one day. The real challenge lies in the journey of building a comprehensive blockchain service network – a process that requires consensus and seamless cooperation from the entire ecosystem.
Specifically, VBSN’s success depends on the close collaboration of four key entities:
- The State: Establishing policies and legal frameworks.
- Enterprises: Developing applications and services.
- The Community: Operating and utilizing the platform.
- Investors: Providing financial resources.
Is Vietnam’s Legal Environment Truly Favorable?
Contrary to initial concerns, Vietnam is demonstrating an astonishing pace of legal refinement. In June 2025 alone, the National Assembly passed 4 important laws, creating a solid legal framework for the development of new technologies.
Particularly, the sandbox mechanism is a bright spot, allowing enterprises to test groundbreaking technologies like blockchain in a controlled and secure environment, mitigating risks and encouraging innovation.
What Will the Future of Blockchain in Vietnam Look Like in the Next 5-10 Years?
Within the next 5-10 years, blockchain will no longer be an unfamiliar concept but will become the default infrastructure of Vietnam’s digital economy. This technology will permeate every corner, from digital government applications, digital finance, open education, personalized healthcare, to renewable energy and logistics.
The “Made in Vietnam” vision for blockchain is not just a dream but is gradually becoming a reality, promising to usher in a new era of technological sovereignty and economic prosperity for the country.
