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How Vietnam Is Embracing Decentralized Technology Beyond Bitcoin

Vietnam is redefining its approach to crypto and blockchain. Learn how financial giants like SSI and Techcombank are leading Vietnam’s shift toward decentralized technology — beyond Bitcoin.

Vietnam is stepping boldly into the digital future — moving from cautious observation to active innovation. Once skeptical of cryptocurrencies like Bitcoin, the nation’s financial leaders are now reframing digital assets as more than speculative tools — seeing them instead as the foundation for decentralized technology and long-term digital transformation.

Table of Contents

From Bitcoin Doubts to Blockchain Belief

For years, the discussion around digital assets in Vietnam was dominated by Bitcoin’s volatility and regulatory uncertainty. Even Nguyen Duy Hung, the Chairman of SSI Securities Corporation, once believed Bitcoin could collapse to zero.

But that view has shifted. Today, Hung describes digital assets as part of a decentralized technological revolution — where blockchain enables transparent, trustless record-keeping without the need for centralized intermediaries. This marks a profound change: from focusing on “virtual coins” to embracing blockchain as an infrastructure for innovation.

The Financial Sector’s Digital Pivot

Vietnam’s financial institutions are no longer standing on the sidelines. Leading firms such as SSI, Techcombank, and MB Bank are taking proactive steps toward the decentralized future.

  • SSI Digital Technology JSC, founded in 2022, has signed collaborations with Tether, Amazon Web Services (AWS), and U2U to develop blockchain-based solutions.

  • Techcom Crypto Asset Exchange (TCEX), CAEX, VIXEX, and DNEX have emerged as early domestic players exploring digital asset trading and innovation.

  • Military Bank (MB) is reportedly partnering with South Korea’s Dunamu (Upbit) to expand digital asset services.

These partnerships highlight Vietnam’s determination to integrate blockchain into traditional finance — turning skepticism into strategy.

A key reason for this transformation lies in recent legislative progress.

In July 2025, the National Assembly of Vietnam passed the Law on Digital Technology Industry, officially defining crypto assets as digital assets that use encryption during creation, storage, or exchange.

Soon after, on September 9, 2025, the government approved Resolution 05, launching a five-year pilot program for a domestic digital asset market.

This framework will allow regulated experimentation — helping Vietnam strike a balance between innovation and investor protection.

Keeping Capital at Home: Building a Domestic Digital Ecosystem

One of Nguyen Duy Hung’s strongest arguments centers on economic sovereignty.

He cautioned that when Vietnamese investors buy foreign tokens like Bitcoin or Ethereum, capital flows out of the country — benefiting global companies instead of local ones.

To counter that, he urges fostering Vietnamese digital builders — startups, developers, and innovators who can create homegrown blockchain projects. This ensures that the value of innovation stays within Vietnam, creating jobs, tax revenue, and international competitiveness.

Decentralized Tech: More Than Money

Beyond finance, decentralized technology offers vast applications across multiple industries:

  • Supply Chain – Ensuring transparency and traceability for agriculture and exports.

  • Healthcare – Securing medical records while improving interoperability.

  • Public Services – Enhancing efficiency and trust in governance systems.

  • Education – Validating certificates and academic records on blockchain.

Vietnam’s early embrace of such technologies could position it as a regional leader in digital infrastructure — far beyond the realm of cryptocurrency.

The Road Ahead: Opportunities and Challenges

Opportunities

  • Global positioning: Vietnam could become a model for regulated digital markets in Asia.

  • Tech leadership: Strong domestic institutions and partnerships with tech giants.

  • Youth engagement: A digitally savvy population eager to innovate and invest.

Challenges

  • Regulatory clarity: Implementation of pilot programs will test how laws adapt.

  • Market trust: Investors must feel safe participating in local exchanges.

  • Security: Ensuring robust systems to prevent hacks and fraud.

Vietnam’s ability to address these challenges will determine whether its decentralized vision turns into long-term prosperity.

Conclusion

Vietnam’s transition from Bitcoin skepticism to blockchain empowerment marks a pivotal moment in Southeast Asia’s digital journey. By embracing decentralized technology through legal reform, financial innovation, and domestic value creation, Vietnam isn’t just catching up with global trends — it’s shaping its own path forward.

As Nguyen Duy Hung’s transformation illustrates, the future of finance isn’t about speculation — it’s about building trustless systems that empower nations and individuals alike.

FAQs

What is Resolution 05 in Vietnam?

Resolution 05 is a 2025 government decision launching a five-year pilot for a domestic digital asset market to test regulation and market behavior safely.

Why did SSI’s chairman change his view on Bitcoin?

Nguyen Duy Hung moved from skepticism to support after realizing that blockchain technology offers broader decentralized applications beyond cryptocurrency speculation.

How is Vietnam regulating crypto assets?

The Law on Digital Technology Industry, passed in July 2025, officially defines crypto assets and supports controlled innovation through licensed exchanges.

What’s the goal of developing local blockchain firms?

To retain capital and innovation domestically, ensuring Vietnamese startups and developers benefit from the growing digital asset ecosystem.

Could Vietnam become a leader in digital finance?

Yes — if the country successfully manages regulation, infrastructure, and public trust, it could emerge as a key crypto and blockchain hub in Southeast Asia.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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