South Korea and Vietnam Advance Blockchain and Digital Innovation Strategies

South Korea’s National Pension Service Explores Blockchain for Accounting Efficiency

South Korea’s National Pension Service (NPS) is evaluating the potential use of blockchain technology to enhance the transparency and efficiency of its accounting operations. According to local reports, the NPS is inviting Web3 and blockchain service providers to propose solutions that could modernize its fund transaction systems.

Managing over 1.2 trillion won (approximately USD 836 billion), the NPS is focusing on adopting blockchain primarily to bolster security, improve transparency, and simplify deposit and withdrawal processes. The proposed system would store each transaction on a decentralized ledger, potentially making records accessible to the public.

However, this move should not be interpreted as the NPS investing directly in digital assets like Bitcoin (BTC) or Ethereum (ETH). A pension expert explained that the organization appears to be exploring blockchain to strengthen the current fund management infrastructure, particularly given the responsibility of managing national pension assets.

The NPS is currently compiling a feasibility report on this blockchain transition. Once completed, the report will be followed by a public consultation before any official steps toward implementation are taken. This isn’t NPS’s first brush with blockchain; previous pilot projects involved managing pension payments for overseas recipients.

Blockchain Gaining Momentum Across South Korean Sectors

The NPS’s blockchain exploration reflects a broader national trend. Various South Korean institutions, particularly in the financial sector, are increasingly adopting blockchain. Domestic banks have partnered with the central bank on a Central Bank Digital Currency (CBDC) initiative and are examining blockchain’s internal use cases.

Beyond finance, South Korea is also investing in blockchain-enabled digital identification systems and exploring applications across employment, entertainment, public security, and healthcare.

Vietnam Launches National Portal to Accelerate Digital Innovation

Meanwhile, Vietnam is making significant strides in digital transformation. The country has launched a national digital innovation portal under the Ministry of Science and Technology. This platform is part of Vietnam’s broader digital transformation agenda and aims to streamline how individuals and businesses submit tech proposals to the government.

The portal allows innovators to share their solutions without navigating traditional bureaucratic red tape. Upon submission, proposals are evaluated by the Ministry, which provides feedback online. During the launch, Deputy Minister Pham Duc Long highlighted the portal as a major step in fostering innovation, entrepreneurship, and increased labor productivity.

Within just 24 hours of going live, the platform received 100 proposals—60 of which are currently under review. These proposals span various sectors, including finance, commerce, healthcare, education, logistics, and postal services. Projects with strong use cases may be eligible for government funding.

Officials emphasize the need for transparent evaluation criteria, with some calling the portal a strategic bridge between the government and the tech community.

Vietnam Eyes Regional Leadership in Emerging Tech

Vietnam is ambitiously aiming for a leadership role in digital innovation within Southeast Asia. The country is already applying blockchain in areas such as halal food authentication and is actively investing in blockchain and AI development, particularly in Ho Chi Minh City. On a national level, Vietnam is also pushing forward with AI integration and semiconductor research.