However, to access international markets, global supply chains and green finance, enterprises need not only technology or ideas but must also demonstrate data transparency across the entire product value chain.

Blockchain and the challenge of value chain transparency

According to experts, the crisis of trust in many supply chains today largely stems from fragmented, unverifiable, and easily manipulated data systems. When information on origin, production processes, or transportation is not fully recorded nor transparently disclosed, businesses find it difficult to prove product quality, especially when entering markets with high standards on environmental, social, and governance (ESG) criteria.

Jlo Tran, Co-founder and Chief Executive Officer of VBI Academy and representative of GFI Ventures, said that blockchain technology is shifting from an emerging technology to becoming a “trust infrastructure” in the digital economy. With its ability to store immutable, transparent, and verifiable data, blockchain enables the recording of the entire production and circulation process of products, thereby helping enterprises build reliable traceability systems, enhance brand credibility, and improve market access.

Practical experience from production and business activities in many localities shows that supply chain transparency is becoming a mandatory requirement. Traceability is no longer optional, it has become a foundation for sustainable trade, particularly in sectors such as agriculture, food, OCOP products, and local specialties. However, many current traceability systems remain limited to QR codes or basic descriptive information. True traceability must monitor the entire product life cycle, from raw materials and production to logistics and distribution, with interconnected and tamper-resistant data. In reality, many systems remain superficial, lack verification capacity, and fail to meet ESG requirements and global supply chain standards.

In this context, blockchain is considered one of the technologies capable of effectively addressing the challenge of data transparency. With its decentralised and tamper-proof storage mechanism, blockchain allows the recording of the entire process of production, transportation, and distribution. As a result, stakeholders across the value chain, from producers and distributors to consumers, can access and verify information, thereby reducing fraud risks and enhancing market trust. In Viet Nam, several blockchain-based traceability models have yielded positive results. For instance, agricultural products such as dragon fruit and Cat Chu mango in Dong Thap have increased their commercial value and expanded market access after applying traceability systems.

However, a major challenge remains: small and medium-sized enterprises, which account for more than 97% of all enterprises in Viet Nam, still face difficulties in building transparent data systems. Data on production, transportation, and distribution are often fragmented and lack common standards, limiting the ability to verify origin and product quality.

Amid deepening digital transformation, artificial intelligence (AI), big data and the Internet of Things (IoT) are becoming a key technological trio supporting enterprise management and operations. When data are digitised and analysed in real time, enterprises can optimise resources, reduce energy consumption, and enhance transparency in the value chain. The application of blockchain alongside data technologies also helps strengthen market trust.

Institutions and green finance as drivers for sustainable start-ups

Alongside technology, another key factor shaping the development environment for green start-ups is the institutional framework and support policies. Tran Van Khai, Deputy Chairman of the National Assembly’s Committee for Science, Technology and Environment, emphasised: “In Viet Nam, ESG is seen as a ‘passport’ for enterprises to achieve sustainable international integration. Although compliance pressures arise from both domestic regulations and international partners’ requirements, ESG brings tangible benefits, including long-term cost savings and access to green finance. ESG only has real value when implemented substantively, avoiding ‘greenwashing’ or superficial commitments.”

In recent years, many policies and legal regulations have gradually established a favourable framework for innovation-driven start-ups linked to green growth. The 2020 Law on Environmental Protection, together with guiding documents such as Decree No. 08/2022/ND-CP as amended and supplemented by Decree No. 05/2025/ND-CP, has laid the foundation for a more transparent and accountable environmental management system. Notably, Decision No. 21/2025/QD-TTg, effective from August 2025, has for the first time introduced a national green taxonomy, clearly defining what constitutes a green project and providing a basis for directing capital flow into sustainable development sectors.

At the same time, various policies supporting innovation are being refined, including the Law on Support for Small and Medium-sized Enterprises, decrees on venture capital funds, and guidelines for the Law on Science, Technology and Innovation. In particular, the 2025 Law on the Digital Technology Industry, effective from January 1, 2026, is expected to become a new risk assessment framework for technology and innovation projects, enabling credit institutions and investment funds to appraise digital projects associated with green finance more transparently and effectively.

However, many small enterprises and start-ups still face difficulties in accessing green finance due to a lack of data demonstrating environmental and social impacts. According to experts, businesses need to clearly identify which category their products or business models fall into within the national green taxonomy. From a business model perspective, Dr. Pham Hong Hai of the Faculty of Business Administration at the University of Finance–Marketing noted that green start-ups in Viet Nam face dual pressures: ensuring economic growth while meeting requirements for emission reduction and resource conservation. In this context, the circular business model does not treat “green” as a product attribute but as a way of organising the entire operational system, from supply chains and production technologies to partnerships and value distribution mechanisms.

The Ministry of Finance has issued and implemented the Green Taxonomy List — an important policy tool to identify, evaluate, and promote environmentally friendly investment projects. The list includes 45 types of projects across seven key economic sectors such as renewable energy, green transport, sustainable construction, circular agriculture, and environmental services. This marks a significant step in establishing an institutional framework for the green finance market, helping to effectively mobilise domestic and international resources for sustainable development.

In the digital era, market trust is built on verifiable data. When production and operational data are made transparent, enterprises not only expand opportunities to participate in global supply chains and access green finance but also gain a competitive advantage, enabling Vietnamese start-ups to break through in the green economy.