Deputy Prime Minister Ho Duc Phoc visited Russia from October 23 to 29 to seek expertise in establishing a crypto-asset market, as the country advances its digital economy.
During his stay in the country, Phoc engaged with Russian crypto and blockchain enterprises and had working sessions with the Russian Minister of Finance, A. Siluanov, and the Deputy Governor of the Bank of Russia.
At these meetings, he emphasised the strong development of bilateral relations in various areas, highlighting significant political trust and positive trade revenue, which reached nearly 4.6 billion USD last year, marking a year-on-year increase of 26.4%.
Providing updates on Vietnam’s economic performance, he noted that the economy is forecast to achieve impressive results, with economic growth potentially reaching the highest level in ASEAN and among the world’s leading economies. In the first nine months of 2025, GDP growth reached 7.85%.
The Vietnamese Government has issued a resolution to pilot a crypto-asset market. This initiative aims to establish a framework for the market’s operation and promote blockchain technology, as well as new financial technologies, to help develop the digital economy. According to Phoc, this move will improve Vietnam’s competitiveness in attracting high-tech investments and startups while ensuring prudence and protecting investors.
Vietnam aims to transition to a digital economy and digital finance, focusing on innovation and deep integration into global digital markets. Phoc stated that the country has identified blockchain technology as a key strategic area that needs to be developed by 2030. In this context, he requested coordination from the Russian Ministry of Finance and the Bank of Russia. He emphasised the importance of sharing experiences and providing policy guidance to help Vietnam enhance its legal framework for digital assets, establish safety and security standards for cryptocurrency transactions, and improve its human resources in this field.
He called on Russian enterprises to cooperate with Vietnam to develop tech solutions, risk management processes, and advanced security standards.
The Russian representatives praised Vietnam’s significant reforms and expressed their willingness to share expertise in managing digital and cryptocurrency markets. Russian companies affirmed their commitment to collaborating with Vietnam on developing blockchain infrastructure, transferring technology, and providing support in areas such as anti-money laundering, cybersecurity, and digital asset verification systems.
As part of the working trip, Phoc laid a wreath at the statue of President Ho Chi Minh in Saint Petersburg and had a meeting with the staff of the Vietnamese Embassy in Moscow./.VNA
