Is Vietnam Southeast Asia’s Next Web3 Growth Engine?
Vietnam is entering a defining moment in its digital transformation. Long recognized for its youthful, tech-forward population, the country is now laying the institutional groundwork to arguably become one of Southeast Asia’s most dynamic Web3 markets.
In this article, we explore Vietnam’s evolving regulatory landscape, rising developer talent, enterprise momentum, and why global Web3 players are making moves into the country. From national policy shifts to new blockchain infrastructure, we examine what’s real, what’s next, and what it means for builders, investors, and institutions.
Why Now: Regulation Aligns with Innovation
Vietnam stands out among emerging markets for its rare convergence of bottom-up innovation and top-down regulatory clarity.
In 2024, the Vietnamese government identified blockchain, artificial intelligence (AI), and big data as national priority technologies under the National Strategy for Digital Technology Industry Development. General Secretary Tô Lâm emphasized the urgency of this shift in a 2025 directive to the Politburo, stating:
“Vietnam must not fall behind—we cannot miss the opportunity with digital currencies.” Source
This formal recognition reflects a broader change in mindset: blockchain is no longer considered experimental infrastructure, instead it became a priority to national economic competitiveness.
Shortly thereafter, the National Assembly passed the Digital Technology Industry Law, introducing legal definitions for digital assets, tokens, and blockchain infrastructure, and enabling use cases across finance, identity, and enterprise systems.
In a regional first, and as of June 2025, Vietnam passed a law officially recognizing crypto assets, making it the first Southeast Asian country to establish a comprehensive legal framework for digital assets, thus positioning itself as a regulatory leader in the region.
The Shift: From Grassroots Adoption to Institutional Commitment
If regulation provides the tailwind, then Vietnam’s emerging International Financial Centers (IFCs) in Ho Chi Minh City and Da Nang may represent an important structural step forward. Rather than retrofitting legacy systems, these IFCs are being developed with a digitally native financial ecosystem in mind.
Current proposals for these centers include regulatory sandbox environments, tokenization pilots, frameworks for stablecoins, and infrastructure to support digital asset issuance and exchange. This approach reflects Vietnam’s broader ambition: to build a dual-center financial framework that not only modernizes the national system, but also positions the country to compete for global capital in the next era of finance. Deputy Prime Minister Nguyễn Hòa Bình highlighted this strategic direction, noting:
“This was a wise and strategic move, creating a superior legal corridor to attract global capital.” Source
While still early, these developments suggest that Vietnam is not only preparing to regulate digital assets, it’s investing in the foundational infrastructure to participate more actively in the global digital economy.
Proof in Action: Users, Builders, and Market Momentum
From 2023 to date, Vietnam ranked top 3 globally in the Global Crypto Adoption Index, according to Chainalysis and a recent report released by Coinlaw. Reflecting strong grassroots engagement in DeFi, peer-to-peer trading, and on-chain activity, particularly among users under the age of 35.
Notably, this level of adoption emerged despite a restrictive environment. At the time, Vietnam had no licensed domestic exchanges; mostly actively occurred on decentralized platforms. Government regulations prohibited events discussing token sales, launches, or investment related topics, limiting formal industry development. The strength of user participation in such conditions showcases the demand and resilience of the local crypto community.
Source: Chainalysis
An estimated 21.2% of Vietnam’s population, that’s approximately 20 million people, own or use cryptocurrency. A Triple-A report also placed Vietnam third among emerging economies for overall adoption, as shown in the chart below.
Source: Triple-A Report
Vietnam’s mobile-first, digitally native population is driving widespread engagement with tools like decentralized exchanges, NFTs, and DAO platforms, which, as the Chainalysis report highlights, are becoming part of everyday digital behavior.
During our visit to Vietnam in 2024, we observed this firsthand across a variety of everyday settings. At a local pickleball tournament, for example, a wedding planner casually pulled up a DEX on her phone to trade WIF. This kind of on-the-ground usage, happening outside formal financial environments, shows just how digitally fluent and self-driven the community is even without licensed exchanges or clear regulations.
A Growing Developer Ecosystem
This widespread user adoption is reflected on the development side as well. Vietnam now ranks second in Asia for active Web3 developers, with approximately 10,000 blockchain engineers, trailing only India, according to Tiger Research. On-chain data further indicates that Vietnam leads the region in developer activity, followed by the Philippines, Singapore, Thailand, and Indonesia, as shown in the chart below.
Source: Tiger Research
Local firms such as Sotatek, Orochi Network, and Verichain have played a growing role in delivering blockchain infrastructure and application-layer solutions for international clients, ranging from testnet environments to full mainnet deployments. This export-ready technical capacity has made Vietnam increasingly attractive to global Layer 1 ecosystems.
Both Aptos and Sui have recently launched developer-focused initiatives in Vietnam, including localized hackathons (Aptos Hackathon | Sui Hackathon) and training programs designed to engage local engineers and accelerate ecosystem growth. These programs highlight a strategic shift toward Vietnam as a regional hub for protocol-level talent and community building.
While Vietnam’s developer landscape is still maturing, these early signals suggest it could play an increasingly important role in the development and scaling of blockchain applications across Southeast Asia and beyond.
Enterprises Are Going Onchain
Vietnam’s enterprise blockchain journey didn’t begin yesterday. Back in 2018–2019, major banks like Vietcombank, MB Bank, and Techcombank quietly piloted blockchain in areas such as cross-border payments (via RippleNet), trade finance smart contracts, and digital identity (eKYC). These early experiments weren’t about tokenization or speculation. They were early experiments in using distributed ledgers to modernize existing financial infrastructure.
In the years that followed, regulatory caution primarily driven by consumer protection slowed public blockchain activity, particularly around token-related initiatives.
Fast forward to today, and the context has shifted. With the draft of Vietnam's Digital Asset Law in progress and sandbox frameworks emerging, the conversation has re-opened. This time it’s about how blockchain technology could support Vietnam’s long-term economic strategy. This shift is prompting renewed interest from large enterprises. Players like SSI Digital Holdings, Sovico Group, Techcombank, and Dragon Capital are exploring blockchain initiatives, this time with a broader vision tied to capital markets, infrastructure, and digital assets.
SSI: From Traditional Brokerage to Web3 Strategy Leader
One of the most active new entrants in Vietnam’s Web3 landscape is SSID (Sovico Strategic Investment & Development), a blockchain-native arm under Sovico Group. Over the past 12 months, SSID has moved quickly: it acquired U2U Network, a Layer-1 blockchain project, launched SSID Ventures to back early-stage Web3 startups, and became a key co-organizer of Vietnam Blockchain Week in collaboration with GM Vietnam.
Unlike traditional corporate innovation units, SSID operates with startup speed, combining capital, technical infrastructure, and ecosystem design into a cohesive play to shape the next generation of digital finance in Vietnam.
Sovico: From Corporate Transformation to National Mission
Madam Nguyễn Thị Phương Thảo, Chairwoman of Sovico Group, recently made a rare but powerful statement that echoes the national shift toward digital assets:
“This isn’t just about the company, it’s about Vietnam’s future.” Source
Under her leadership, Sovico has committed to a three-part action plan: making bold investments in blockchain infrastructure, accelerating digital transformation through strategic partnerships at home and abroad, and galvanizing its workforce and partner ecosystem to embrace the mission.
For Sovico, blockchain isn’t just a trend, it’s a strategic technology pillar for Vietnam’s digital economy. And their message is clear: leading innovation isn’t optional. It’s a responsibility.
Two Giants, One Chain: Vietnam’s First Layer‑1 Is Born
In a move that surprised even seasoned Web3 builders, Techcombank and One Mount Group, two of Vietnam’s most influential corporate players, have quietly joined forces to launch 1Matrix, a Layer‑1 blockchain network built entirely in Vietnam.
Forget pitch decks and roadmaps. This is a full-stack chain: from consensus to governance, all designed, deployed, and scaled locally.
While global Layer‑1s focus on speed and modularity, 1Matrix is betting on trust, building infrastructure that can power digital identity, enterprise-grade apps, and government-aligned Web3 services.
It's not just another chain. It’s a signal: Vietnam’s enterprise Web3 is entering the infrastructure game.
Dragon Capital: When Vietnam’s Largest Fund Looks Onchain
With over $6 billion in assets under management, Dragon Capital has long stood as a pillar of Vietnam’s traditional financial system. But in 2025, this firm made a strategic move that drew attention across both finance and Web3 circles: it formally proposed a tokenized ETF pilot under the country’s upcoming digital asset sandbox.
Rather than exploring crypto for speculation, Dragon Capital approached tokenization through a regulatory-first lens, leveraging blockchain to improve accessibility, transparency, and liquidity for structured investment products.
This move signals a broader trend, and that, real-world asset (RWA) tokenization is no longer theoretical in Vietnam. It is a practical direction being led by the country’s largest and most respected institutions.
Recent Ecosystem Entrants
Vietnam’s reputation as a regional tech hub is attracting growing interest from global Web3 projects. With a digitally native population, strong developer talent, and increasingly clear regulations, both emerging and established players are expanding their presence.
Recent initiatives include:
Aptos Labs: Hosted the Vietnam Aptos Hackathon in May 2025 and set up an official base in Ho Chi Minh City.
SUI has opened a SuiHub in Ho Chi Minh City and hosts weekly activities to support local builders in learning, networking, and launching projects.
Solana has fostered a vibrant ecosystem in Vietnam through community-led initiatives, via Superteam Vietnam, such as workshops, hackathons, co-living/co-working programs, and exclusive meetups that help builders connect, learn, pitch ideas, and bring Web3 projects to life.
These efforts build on Vietnam's existing Web3 foundations, led by homegrown projects like: Sky Mavis (creator of Axie Infinity) Kyber Network (decentralized liquidity) Coin98 (multi-chain wallet and DeFi platform), Orochi Network (Verifiable Data Infrastructure of Web3), Holdstation.
These moves, altogether, underscore growing global interest in Vietnam as a strategic Web3 expansion point.
What’s Next for Vietnam? Three Trends You Can’t Ignore
As Vietnam enters its next growth chapter, we see three major Web3 trends are beginning to crystallize:
Infrastructure Protocols Are Landing: Layer 1s, Layer 2s, and DeFi protocols are no longer just scouting Vietnam, they’re actively deploying. From developer hubs to validator programs and local ecosystem grants, Vietnam is quickly becoming a key go-to-market node for foundational crypto infrastructure in Southeast Asia.
Real-World Applications Go Live: Consumer-facing Web3 apps, wallets, loyalty programs, on-chain IDs, are now being tested in fintech, retail, and telco ecosystems. Vietnam’s large Web2 user base and mobile-first culture make it a natural sandbox for mass adoption pilots.
Digital Assets & RWA Enter Institutions: Banks, real estate groups, and investment firms are exploring tokenization not as theory, but as strategy. With legal sandboxes on the horizon, regulated asset issuance—from bonds to credit to real estate, is becoming a national agenda.
At Republic, we’re not just watching Vietnam grow, we’re helping build its Web3 foundation, in several ways, including:
Policy & Legal Advisory: Supporting government agencies in shaping digital asset regulations and national frameworks.
Web3 Enterprise Consulting: Guiding corporations on blockchain adoption, Web3 strategy, Digital Asset & RWA Tokenization Consulting
Startup Advisory: Advising crypto startups on tokenomics, go-to-market, and platform architecture.
Vietnam is open. The future is on-chain. Let’s build it together.
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