To enhance social security payments with increased transparency, traceability, and fraud prevention, Mr. Đỗ Mạnh Dũng, Deputy General Director of Viettel Digital Services (VDS), proposed issuing vouchers using Blockchain technology.
This idea was presented at the seminar “Consultation on Building a Fintech Ecosystem in the International Financial Center of Ho Chi Minh City,” organized by the Ho Chi Minh City Institute for Development Studies (HIDS) and On-chain Academy.
According to Mr. Dũng, on-chain vouchers simplify issuance, retrieval, and adjustments. Authorities can issue vouchers with details recorded on smart contracts, distributed via digital wallets or SMS.
“This concept bridges the gap between on-chain and real-world transactions, enabling Blockchain-issued vouchers to be spent on physical goods,” he explained. VDS is prepared with the necessary technology and distribution systems, anticipating the financial center to support this initiative.
Ho Chi Minh City’s central area, viewed from Thu Thiem Peninsula in October 2024, future site of the International Financial Center. Photo: Quỳnh Trần |
From an investment perspective, Mr. Will Ross, Marketing and Distribution Director at Dragon Capital, suggested combining traditional finance with decentralized finance (DeFi) to attract foreign capital to Vietnam.
He emphasized that Exchange-Traded Funds (ETFs) are a leading global capital attraction method. Tokenizing ETFs could significantly enhance investment opportunities.
Mr. Trần Huy Vũ, Co-founder and CEO of Kyber Network, added that tokenizing infrastructure projects would expedite fundraising, allowing foreign investors to receive profits without traditional processes.
Globally, on-chain financial services are trending. The World Economic Forum’s “Asset Tokenization in Financial Markets 2025” report highlights the emergence of real-world asset (RWA) tokenization and on-chain capital markets.
Businesses aim to implement these ideas in Ho Chi Minh City’s financial center, approved by the National Assembly on June 27. Goals include developing a high-tech fintech ecosystem, innovation, and digital assets aligned with international financial trends.
HIDS believes this will attract high-value international investment, advanced technology, and innovative digital financial models.
Vietnamese companies are technically capable of competing globally in Blockchain technology, according to Mr. Vũ, rivaling the US, China, Europe, and Singapore.
Laura Nguyễn, Regional Director of Ava Labs (developer of the Avalanche Blockchain platform), offered technical consulting and training for Blockchain projects in the financial center.
However, a fintech sandbox is essential for on-chain services. Mr. Vũ noted Kyber Network seeks guidance or a sandbox environment to offer services in Vietnam.
Similarly, Nguyễn Thành Trung, Co-founder and CEO of Sky Mavis, expressed keen interest in the financial center, hoping for a more open legal framework.
Commenting on Mr. Ross’s idea, Dr. Tony Trần from Onchain Academy noted that foreign investment is hindered by a lack of convenient, legally compliant methods.
“We hope the digital asset ecosystem in the International Financial Center creates a ‘new gateway’ for smoother capital inflows,” he stated.
Catarina Quỳnh from Republic emphasized the community’s anticipation of a sandbox. “Everyone awaits sandbox development and their role in it,” she said.
Mr. Vũ Chí Kiên, Deputy Director of HIDS, highlighted the importance of an innovative digital asset ecosystem in the city’s financial center development.
However, the absence of legal frameworks limits new applications, especially in DeFi, posing risks to developers, authorities, and users. “Without a sandbox, businesses will struggle to implement these solutions,” he warned.
Positively, the government is drafting eight decrees for the financial center. HIDS expects these to provide detailed guidance soon.
Viễn Thông
– 00:04 27/10/2025
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