Tracxn noted that Viet Nam is emerging as one of Southeast Asia's notable blockchain hubs.

In terms of funding, the nation was ranked second in ASEAN, with approximately US$395 million raised through 36 funding rounds, accounting for 6.8 percent of the total capital raised by blockchain companies covered by the study.

Tracxn identified 103 Vietnamese blockchain companies that have raised external funding. At the city level, Ho Chi Minh City is home to 119 blockchain companies while the capital city of Ha Noi has 105.

The report showed that Southeast Asia currently has 3,736 blockchain companies, which have collectively raised US$5.8 billion, including more than US$1 billion raised over the past two years.

Under the national strategy on the application and development of blockchain technology until 2025 with a vision to 2030, Viet Nam aims to build 20 reputable blockchain brands in terms of platforms, products, and services on blockchain technology platforms in the region.

The nation targets to maintain at least three blockchain technology testing centers/zones in major cities to form a national blockchain network, and have representatives in the top 10 blockchain training and research institutions in Asia.

To fulfill the targets, the strategy outlines some action plans, including building and completing legal framework to facilitate blockchain application and development, developing Viet Nam's blockchain infrastructure to serve multiple purposes, forming a "Blockchain " ecosystem and developing concentrated information technology zones./.