Vietnam's HHP and Singapore's EFGH establish joint venture, plan to invest $8 million to build Vietnam's national blockchain infrastructure

Foresight News reported that Vietnam's HHP Digital Asset Hi-Tech Center has signed an agreement with Singapore digital financial infrastructure company Embed Financial Group Holdings (EFGH), to establish a joint venture, VNL1, aimed at building a national blockchain-based commodity traceability infrastructure in Vietnam. Both parties will invest approximately 8 million US dollars in the joint venture. VNL1 will operate as an Ethereum Layer 2 settlement layer to support regulations of the Vietnamese government concerning product identification, verification, and traceability.

In addition, both parties also signed a framework agreement for five digitalization projects, including fintech platform V-Fintech, tourism self-service kiosk V-TOK, bulk commodities pricing infrastructure V-ICEX, AI computing center GDCAI, and the Ho Chi Minh City financial integrated zone project V-FIT.