The On-chain Wave is Approaching
On August 9, 2025, within the framework of Conviction 2025, the side event “Three-Way Dialogue: On-chain Economy – Time for Viet Nam to Lead the Market” took place, attracting special interest from domestic and international blockchain communities (which share information on Blockchain technology, an advanced database mechanism enabling transparent information sharing across a business network), startups, and tech enterprises. The program was co-organized by On-chain Academy and HCMC C4IR.
The event featured Mr. Pham Phu Truong – Founder and Deputy Director of HCMC C4IR; Dr. Tony Tran – Director of On-chain Economic Research at On-chain Academy; and leading figures from both the Web2 and Web3 sectors. The program collectively discussed a major question: Is this the golden moment for Vietnam to break through in the On-chain economy?
At the event, Mr. Pham Phu Truong emphasized that the global economy is transforming at an unprecedented speed. If in the past, the surviving enterprise was the one faster than its competitor (fast fish eats slow fish), now: “High-tech fish will eat slow-tech fish.” Mr. Truong argued that blockchain has proven its superiority and is the nucleus of the On-chain economy. The formation of the On-chain economy will open new opportunities, not just for the Web3 sector, but also requiring the participation of Web2 enterprises to apply the technology across many fields.
Vietnam: The "Expressway" for the Digital Economy
At the “Three-Way Dialogue" program, digital economy experts agreed that Vietnam is facing a "golden moment" to break through in the On-chain economy. Concurrently, Vietnam has been affirming its position as one of the pioneering countries in adopting and developing blockchain technology. In early 2025, the Vietnamese government also announced blockchain as one of its priority technologies, alongside Artificial Intelligence (AI).
Mr. Alex Ye, Vice President of Republic, a high-growth fintech company headquartered in New York (USA), commented on the trend of digitizing assets on the blockchain. According to him, this is not a futuristic concept but is gradually becoming a reality in many markets.
He shared his belief that an On-chain economy is very near, as Vietnam possesses uniquely favorable conditions to break through. Vietnam has made early preparations, notably the decision to establish International Financial Centers in Ho Chi Minh City and Da Nang. According to him, these moves are akin to "opening an expressway for Vietnamese businesses to enter the global market," creating momentum for both Web3 and Web2 enterprises in Vietnam to leapfrog, serving not only the domestic market but also reaching the world.
Sharing this view, Ms. Laura from AVAX Labs (Web3) noted that Resolution No. 57-NQ/TW and Resolution No. 68-NQ/TW from the Political Bureau show that Vietnam has been focusing on boosting investment in science, technology, innovation, and national digital transformation.
Dr. Tony Tran, Director of On-chain Economic Research at Onchain Academy (OA), added that Vietnam is among the top 3 countries in the world for blockchain developers and has a very high adoption rate for crypto assets, with over 20 million people holding digital assets.
On-chain Hub – An Initiative to Connect the Web2 and Web3 Blocs
Despite this potential, experts also pointed out major barriers that traditional businesses and the Vietnamese market will face against the challenges of On-chain.
Dr. Tony Tran frankly identified Vietnam's barriers in the On-chain economy. First is the complex knowledge and technology system, which requires internal teams to have an understanding of technology, finance, law, and new business models. Resources are limited, the Web3 talent market is still scarce, and traditional domestic businesses lack channels to connect with the global blockchain ecosystem. Furthermore, a complete legal framework is a critical factor to motivate stakeholders to participate in the On-chain economy.
To address these challenges, he proposed the On-chain Hub initiative (a community connecting global Web3 entities with domestic Web2 businesses) to operate on three main pillars: Education (Focusing on raising domestic awareness and capacity for businesses entering the On-chain economy); Innovation (Initiatives to deploy On-chain solutions with practical applications in traditional business sectors); Research (Collaborating on research projects for policy frameworks, new economic models, and infrastructure for the On-chain economy in Vietnam).
Additionally, some experts also proposed the possibility of building a specialized blockchain system for the operation and management of AI models in Vietnam.
The “Three-Way Dialogue” event not only delivered knowledge and multi-dimensional perspectives but also ignited the "dare-to-do" spirit of the Vietnamese tech community. The event concluded with a clear message: The On-chain Economy is a fair game, and Vietnam can absolutely become a pioneering nation, as long as we start right now. The On-chain Hub initiative is expected to shorten implementation time, optimize resources, and create a sustainable ecosystem.
Viet Nam C4IR