When digital trust is a national strategy

From experimental models in small “sandboxes”, blockchain is striving to become the strategic infrastructure of the global digital economy. For Vietnam, this could be the “second door to integration” - after the stock market - if it knows how to take advantage of its young population, technological capacity and open policies. But to step through that door, the necessary condition is an internationally standardized blockchain infrastructure, reliable enough for transactions, connections and operations.

At the Vietnam Blockchain Festival 2025 held in Da Nang recently, Ms. Nguyen Ngoc Anh, General Director of SSI Fund Management Company (SSIAM), said that the economic value of the decentralized economy (on-chain) is currently about 43 billion USD/globally, of which Asia accounts for 40%.

This shows that blockchain is no longer a technology trend, but is becoming an infrastructure component of the trust economy - where data, transactions and values ​​are operated transparently, decentralized and verifiable. Moving from sandbox to infrastructure is not only a technical step, but also an institutional step - from experimentation to application, from technology to policy. Vietnam needs a unified blockchain service network, capable of serving both the public and private sectors, creating a foundation for activities from digital identification, traceability, finance, e-commerce to public services.

A strong blockchain is not only about encryption or processing speed, but also about how it is designed as an open infrastructure, ensuring data sovereignty , international compatibility and meeting practical needs. If piloted in localities with strong digital infrastructure such as Ho Chi Minh City and Da Nang - where the construction of an International Financial Center is being promoted - Vietnam can form the first "national blockchain infrastructure" model, which is both technical and represents institutional progress. It is a shift from a user country to a digital infrastructure creator country, laying the foundation for a data economy and digital assets.

The nature of blockchain is cross-border connectivity, so no country can develop a single ecosystem. Experience from Singapore shows that any payment model or digital asset, especially stablecoins, must meet three minimum standards: system security, cash flow transparency and financial risk management. Therefore, the sandbox is not just a testing ground, but must be a “responsible sandbox”, where innovation goes hand in hand with risk control and user protection.

The world today no longer sees blockchain as a disruptor of the old order, but as an integral tool in finance, trade and national governance. As data becomes a valuable resource, countries are pushing for data to be assetized, traded and profited like commodities. In this context, blockchain plays the role of trust infrastructure, ensuring transparency and verifiability across the value chain.

For Vietnam, blockchain needs to be closely linked with other foundational technologies such as artificial intelligence (AI), big data, cloud computing and digital government. When these pieces are connected, a complete digital ecosystem will be formed, helping data operate safely, seamlessly and profitably. Along with that, the development mindset also needs to shift from single technology enterprises to ecosystem enterprises, where value does not lie in the product, but in the ability to connect and share benefits.

Vietnam has issued a National Strategy on Blockchain Technology Development to 2030, considering it one of 11 key technology areas that need priority investment. Vietnam's biggest advantage is its young, dynamic human resources and fast-growing digital market - factors that help the country break through and affirm its position on the regional blockchain map.

The remaining problem is how to turn potential into capacity, turn sandbox into infrastructure, so that Vietnam is not only a participant but also a co-creator of the new trust order of the digital economy. When trust becomes a “scarce asset” in the digital world, blockchain is not just technology, but a test of institutional mettle. And it is from today’s cautious steps that Vietnam can open the path to sustainable integration, with trust, data and its own creative capacity.

XUAN QUYNH

Source: https://www.sggp.org.vn/khi-niem-tin-so-la-chien-luoc-quoc-gia-post817223.html