Vietnam HHP and Singapore EFGH establish a joint venture, planning to invest $8 million to build a national-level blockchain infrastructure.

Techub News reports that Vietnam's HHP Digital Asset High-Tech Center has signed an agreement with Singapore's digital financial infrastructure company Embed Financial Group Holdings (EFGH) to jointly establish a joint venture named VNL1. The joint venture will invest approximately $8 million, aiming to build a national-level blockchain commodity traceability infrastructure in Vietnam. VNL1 will operate as an Ethereum Layer 2 settlement layer to support the Vietnamese government's regulations concerning commodity identification, verification, and traceability.

Furthermore, the two parties also signed a framework agreement involving five digitalization projects, covering the fintech platform V-Fintech, the tourism self-service kiosk V-TOK, the commodity pricing infrastructure V-ICEX, the AI computing center GDCAI, and the Ho Chi Minh City financial integrated zone project V-FIT. This collaboration marks a critical step for Vietnam in utilizing blockchain technology to achieve industrial digital transformation and compliant regulation.