Singapore / Ho Chi Minh City — April 17, 2026
Embed Financial Group Holdings (EFGH) and Digital Asset Protection HHP High-Tech Center JSC have signed agreements to establish a joint venture aimed at building Vietnam’s national blockchain infrastructure. The project, named VNL1, will support product traceability and digital settlement systems aligned with upcoming regulatory requirements.
The initiative includes an initial committed capital of approximately USD 8 million and is expected to support Vietnam’s mandate for a national traceability platform by April 2027.
National blockchain platform to address traceability and settlement
The joint venture, VNL1 Co., Ltd., will develop a Layer 2 blockchain infrastructure built on Ethereum, targeting more than 1,000 transactions per second at a cost of under USD 0.01 per transaction. The platform will be hosted within Vietnam.
The system is designed to address rising concerns around counterfeit goods, which increased by over 47% last year, according to Vietnam’s National Assembly Committee on Legal and Judicial Affairs.
Two core components will underpin the platform. V-TRUST will generate GS1-compatible product identifiers and track custody transfers using government-issued digital identities, enabling verification via QR or NFC scans. V-STABLE will function as a regulated digital settlement layer backed by the Vietnamese Dong, facilitating real-time financial transactions across the ecosystem.
EFGH will contribute the underlying blockchain technology, while HHP High-Tech Center will provide regulatory access and local execution capabilities. The joint venture is expected to be incorporated within 90 days.
Broader framework covers five additional digital infrastructure projects
Alongside the joint venture, both parties signed a strategic framework agreement covering five additional projects across fintech, tourism, commodities, AI infrastructure, and urban financial development.
These include an embedded fintech platform focused on supply chain finance and cross-border payments, a tourism infrastructure platform, a commodity pricing system, an AI compute network, and a mixed-use financial district in Ho Chi Minh City.
Each project is governed under a structured framework with a 180-day timeline to finalise execution agreements. A joint steering committee will oversee progress, with quarterly reviews and a minimum three-year collaboration period.
EFGH is a Singapore-based digital financial infrastructure company focused on embedded payments and sovereign digital systems, while HHP High-Tech Center is a Vietnam-based firm specialising in digital asset infrastructure and regulatory integration.
At an industry level, this project reflects a shift toward government-backed digital infrastructure that combines traceability, settlement, and financial services into a single system. The inclusion of a sovereign digital settlement layer alongside product traceability indicates a move beyond compliance into programmable financial ecosystems.
Digital Trade Outlook’s View: National Blockchain
Digital Trade Outlook Analysis
Vietnam is moving beyond isolated blockchain use cases toward a national infrastructure model that combines traceability with financial settlement. Integrating product authentication with a sovereign digital payment layer points to a more controlled and scalable approach to digital trade systems. This structure is likely to shape how similar markets approach trade, compliance, and payments integration.
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