EFGH and Digital Asset Protection HHP High-Tech Center JSC Form Joint Venture To Build National Blockchain Infrastructure In Vietnam, Partners to Build Five Other Digital Projects

Embed Financial Group Holdings Pte Ltd and Digital Asset Protection HHP High-Tech Center JSC have announced a significant joint venture to establish VNL1 Co., Ltd., a national blockchain infrastructure platform for Vietnam. The deal, valued at $8 million, was formalized on April 17, 2026, in Ho Chi Minh City. This initiative aims to support Vietnam's Draft Decree on product identification and traceability, addressing critical issues related to counterfeiting in the manufacturing and food sectors.

The VNL1 project is designed to create a robust blockchain solution that will facilitate product traceability across various industries. The initiative responds to the Vietnamese National Assembly's concerns regarding the rising production and trading of counterfeit goods, which reportedly increased by over 47 percent last year. By establishing a national blockchain platform, VNL1 intends to provide a unified data layer that will enhance regulatory oversight and consumer confidence. The platform is expected to operate on a Layer 2 blockchain utilizing Ethereum technology, capable of processing over 1,000 transactions per second at minimal costs.

In addition to VNL1, the partnership framework encompasses five additional digital projects that span diverse sectors, including fintech, tourism, commodities, artificial intelligence, and a mixed-use financial district. This comprehensive approach aims to bolster Vietnam's digital economy and infrastructure. The projects include V-Fintech, a platform for advanced embedded financial services; V-TOK, a tourist kiosk platform; V-ICEX, a national financial infrastructure for commodity pricing; GDCAI, a sustainable AI compute network; and V-FIT, a mixed-use development in Ho Chi Minh City.

The establishment of VNL1 and its associated projects marks a strategic entry for Embed Financial Group into the Vietnamese market, positioning the company as a key player in the region's digital transformation. The joint venture will leverage EFGH's technological expertise and DAP HHP High-Tech Center's regulatory knowledge to ensure successful implementation. The partners plan to form a Joint Steering Committee to oversee project execution and maintain alignment on strategic objectives.

This joint venture reflects broader trends in the global digital economy, where blockchain technology is increasingly recognized for its potential to enhance transparency and trust in supply chains. As Vietnam aims to modernize its regulatory framework and combat counterfeiting, the VNL1 initiative could serve as a model for similar projects in other emerging markets. The successful execution of this venture may catalyze further investment in Vietnam's digital infrastructure, fostering innovation and economic growth in the region.