Vietnam’s State Telecom Mulls Blockchain Solutions for Various Industries

Viettel, the largest telecom operator in Vietnam, has revealed a blockchain strategy with the aim of becoming the leading provider of distributed ledger technology-based services in the country in the next five years, local media reported on Friday. The telecom operator has successfully tested medical file management system and plans to bring in DLT services to finance, transport, education, energy as well as its core business, telecommunications, in 2019.

Viettel should bet on DLT because that technology would change the world, explained Ngo Vinh Quy, deputy general director of the corporation during the “Blockchain at Viettel” workshop in Ho Chi Minh City.

“Blockchain is an unlimited eco-system. The most difficult task for Viettel is choosing the most effective blockchain technology that can be applied in daily life,” the telecom executive said as quoted by Viet Nam News newspaper.

Viettel can develop and offer DLT solutions to various industries as the telecom has the financial resources for those investments as well as the needed infrastructure and technological specialists among its 70,000 employees, Ngo Vinh Quy noted.  The telecom has already created one blockchain platform for the healthcare sector. The DLT-based system can connect Ministry of Health administration with provincial departments, hospitals, doctors, and insurance companies.

“Every year Viet Nam spends VNĐ2.3 – 2.5 trillion (US$100 -110 million) for patients to do medical tests again when they move from one hospital to another,” Phạm Ngọc Son, director of the Core-technology Centre at Viettel explained. “We have successfully trailed the model and are waiting for approval from the health ministry.”

In recent years, Viettel, which is a state-owned corporation, has expanded its portfolio outside of Vietnam and offers a broad range of products far beyond the telecom sector itself. The corporation, which operates in thirteen countries with more than 85 million clients, had $10.6 billion revenue for the last year.

In July, Viettel along with several others telecoms joined Carrier Blockchain Study Group (CBSG), a DLT consortium, with the goal to conduct research on blockchain technology.