Vietnam: 300,000 TPS Blockchain & Official Crypto Pilot
Vietnam's Blockchain Breakthrough: 300,000 TPS & Regulated Crypto Market Pilot Program
Vietnam is steadily asserting its position as a pioneering nation in blockchain technology and crypto asset management. With remarkable advancements in technological infrastructure, particularly an impressive transaction processing capability of 300,000 TPS, coupled with the establishment of a legal framework for crypto assets, Vietnam is laying a solid foundation for its digital economy.
Blockchain Technology Achievements: 300,000 TPS and 6 Layer-1s
Recently, Vietnam achieved a remarkable technological milestone as the Vietnam Blockchain Multichain Service Network (VBSN) completed 6 foundational Layer-1 Blockchains. This system can process a maximum of 300,000 transactions per second (TPS), unlocking significant potential for digital technology applications.
VBSN - The National Blockchain Infrastructure
VBSN is a strategic initiative designed by 1Matrix Company, under the consultancy of Boston Consulting Group (BCG) and guidance from the Vietnam Blockchain and Digital Asset Association (VBA). Its primary goal is to build a National Blockchain Infrastructure, enabling Vietnam to master core technology, ensure sovereignty over data and digital assets, while enhancing state management efficiency and promoting the digital economy.
Superior Architecture and Performance
VBSN operates on an advanced 5-layer architecture, allowing businesses to launch a new Layer-1 in less than an hour. These Layer-1s come with pre-integrated essential utilities such as crypto asset wallets, bridges, smart contract development kits (SDKs), and RPC infrastructure. This significantly reduces setup and operational time and costs.
VBSN achieves a maximum speed of 300,000 TPS, with stable performance ranging from 20,000 to 40,000 TPS depending on the use case. Specifically, networks for traceability, insurance, and micro-payments can operate stably at 50,000 TPS and peak at 300,000 TPS.
Diverse Applications in Both Public and Private Sectors
VBSN has been proposed for pilot implementation in the public sector in Da Nang and central agencies, with potential applications such as digital identity, land management, credential verification, and interoperable data retrieval. In the private sector, many large corporations such as Techcombank, One Mount, Masterise, Dragon Capital, MSB, SHB, and T&T Group are exploring the application of this network in their operations.
Other "Make in Vietnam" Layer-1 Projects
Besides VBSN, Vietnam also boasts other notable Layer-1 projects:
• U2U Network: A Layer-1 blockchain platform developed by Vietnamese engineers, built on a Directed Acyclic Graph (DAG) structure and EVM compatible. U2U Network processes over 17,000 transactions per second with a finality time of less than one second, focusing on the DePIN sector. The U2U token is expected to be listed on Kraken in October 2025.
• One Mount: This conglomerate has also committed to investing between 200 and 500 million USD to deploy a Layer-1 Blockchain network to build Vietnam's national blockchain infrastructure.
Piloting the Crypto Asset Trading Market: A Strict Legal Framework
On September 9, 2025, the Vietnamese Government officially issued Resolution No. 05/2025/NQ-CP, launching a 5-year pilot program for the crypto asset market.
Objectives and Operating Principles
The pilot program is implemented under the principles of prudence, control, and a practical roadmap, ensuring safety, transparency, efficiency, and the protection of legal rights and interests of organizations and individuals. The main objective is to establish a strict oversight mechanism, collect data, and evaluate the operational and legal aspects of the market.
Strict Conditions for Service Providers
To ensure transparency and security, crypto asset service providers must meet numerous stringent conditions:
• Only businesses licensed by the Ministry of Finance are permitted to operate exchanges, issuance platforms, or related services.
• Strict adherence to anti-money laundering (AML), counter-terrorism financing, cybersecurity, and data protection laws.
• A minimum capital requirement of 10 trillion VND (approximately 379 million USD), with a significant equity contribution ratio from large organizations.
• Foreign ownership limited to 49%.
• Must meet strict standards for governance, risk management, IT systems, and personnel.
• A maximum of 5 exchanges will be licensed during the pilot phase.
• The regulation on a minimum capital of 10 trillion VND and the limit of 5 exchanges during the pilot phase demonstrate the government's high level of caution to control risks and ensure the stability of this nascent market.
Specific Regulations On Digital Assets
Regulations on digital assets are also tightened:
• All crypto asset issuance, trading, and payment activities must be conducted in Vietnamese Dong (VND).
• Only Vietnamese enterprises are permitted to issue digital assets.
• Crypto assets must be backed by "real underlying assets," excluding securities and fiat currency.
• Issuers must publish a prospectus at least 15 days before offering.
Investor Protection And Market Transition
This pilot program aims to protect investors, move the market out of a legal "gray area," and combat fraud and money laundering. After a 6-month transition period from when the first exchange is licensed, all unlicensed transactions will be deemed illegal.
Vietnam has a high crypto adoption rate, consistently ranking among the top countries globally. Chainalysis ranked Vietnam fifth worldwide for crypto adoption in 2023, with over 17 million Vietnamese holding over 100 billion USD in digital assets. Another report predicts Vietnam to rank third globally in on-chain crypto asset transaction value by 2025.
Developing the Legal And Tax Framework
The pilot resolution is part of a broader legal development process, including the Law on Digital Technology Industry (passed on June 14, 2025), which officially recognizes digital assets and crypto assets for the first time. The new regulations will also enable taxation of crypto asset transactions, generating significant revenue for the state. A survey indicates that 55% of investors are willing to fulfill their tax obligations.
Strategic Vision and Future Prospects
Vietnam has identified blockchain technology as one of 11 strategic priority technology fields in its national digital transformation efforts.
National Blockchain Strategy
Decision No. 1236/QD-TTg dated October 22, 2024, on the National Strategy for Blockchain Application and Development until 2025, with a vision to 2030, sets an ambitious vision to position Vietnam as a regional leader in blockchain technology. Objectives include completing the legal environment, developing infrastructure, building a blockchain industrial ecosystem, developing human resources, and promoting research, application, and international cooperation.
Challenges And Opportunities
The biggest challenge is designing a regulatory framework that is strict enough to prevent risks while maintaining blockchain's innovation and decentralization. However, these policies open up tremendous opportunities to attract foreign investment, foster innovation, and establish Vietnam as a digital technology and financial hub in the region and globally.
The combination of superior technological capability and controlled legal direction promises to shape a transparent, secure, and sustainably developing digital asset market in Vietnam, contributing to the overall growth of the national digital economy.
Disclaimer: This article is intended solely to provide information and market insights at the time of publication. We make no promises or guarantees regarding performance, returns, or the absolute accuracy of the data. All investment decisions are the sole responsibility of the reader.