VietChain Talents: Building the Future of Blockchain in Vietnam
On July 18, 2025, leaders in the blockchain space gathered to unveil an exciting new phase in Vietnam’s technology landscape: the semifinal round of VietChain Talents 2025. This competition, aimed at fostering innovation in blockchain technology, revealed 51 standout projects from a pool of over 300 proposals, showcasing the rich potential for blockchain development in the country.
A Collaborative Effort
VietChain Talents is a collaboration between the Government Cipher Committee, the Vietnam Blockchain Association (VBA), and 1Matrix, a pioneer in Vietnam’s blockchain industry. This partnership exemplifies a shared vision for advancing Vietnam in the global blockchain arena. With a robust submission list of 138 valid entries from various teams, it is clear that interest and excitement around blockchain are palpable.
Diverse Themes and Participation
The competition invited proposals under four key themes:
- Layer 1 Solutions: 35%
- Blockchain Traceability: 32.5%
- Exchanges (centralized/decentralized): 21.5%
- Blockchain Bridges: 11%
Noteworthy participants include prominent companies like Techcombank and FPT alongside enthusiastic students from over 30 universities, such as the Academy of Cryptography Techniques and Hanoi University of Science and Technology. The range of topics explored is impressive, covering areas like digital identity, digital banking, carbon credit trading, and decentralized education.
Selection Criteria for Semifinalists
The semifinalists were chosen based on four critical evaluation criteria: Practical Value, Innovation, Sustainability & Scalability, and Overall Quality. These criteria ensure that the projects not only showcase creativity but also have real-world applications that can lead to sustainable solutions. From July 21 to 31, 2025, teams will present their projects live, vying for a coveted place in the final round.
Expertise Behind the Scenes
The competition’s structure includes an Advisory Council, a Judging Council, and a Professional Council populated by experts from multiple credible organizations such as the Ministry of Science and Technology and BCG. This broad involvement lends credibility and depth to the evaluation process, ensuring that the most promising innovations receive recognition and support.
Noteworthy Prizes and Incentives
With a considerable prize pool of VND 3.5 billion (approximately USD 140,000), the stakes are high. A significant portion of this prize will reward the best Layer 1 project with VND 1 billion. Additionally, Tether has introduced a new VND 250 million (USD 10,000) prize specifically for initiatives using stablecoins to promote sustainable digital finance. This incentive further encourages innovative thoughts within the blockchain community.
The Vietnam Blockchain-based Multichain Service Network (VBSN)
One of the intriguing results highlighted at the competition was the early performance of the Vietnam Blockchain-based Multichain Service Network (VBSN), introduced by 1Matrix. Designed with a multi-layer architecture reminiscent of Europe’s EBSI and China’s BSN, VBSN aims to deliver an accessible and cost-effective blockchain infrastructure for various applications, including digital identity and asset tokenization.
Currently, VBSN supports six Layer 1 blockchains, achieving transaction throughput levels of 2,000 to 60,000 TPS and scalability opportunities reaching up to 300,000 TPS. Industry experts like David Chan from BCG praised the network’s potential to tackle important challenges in security and decentralization, highlighting its strategic importance.
Seizing the Golden Opportunity
Phan Duc Trung, the Chairman of VBA, articulated that this moment represents a "golden opportunity" for advancing Vietnam’s blockchain ecosystem. With support from the government outlined in Resolutions 57-NQ/TW and 68-NQ/TW, the landscape promises rapid growth and innovation.
The VietChain Talents 2025 event embodies not just a competition, but a foundational step toward cultivating a thriving blockchain community in Vietnam, positioning the nation as a key player in the global technology landscape.