In its bid to become a regional leader in blockchain technology, Vietnam has unveiled its national strategy. The initiative demonstrates the Southeast Asian country’s commitment to becoming the region’s leader in blockchain application and development by 2030, with blockchain positioned as an essential element in construction robust digital infrastructure, promoting innovation and ensuring data security.
On October 23, Vietnamese Prime Minister Ho Duc Phoc issued Decision No. 1236/QD-TTg, highlighting blockchain as a major driver of the Fourth Industrial Revolution. According to local reports, the country considers technology “to significantly contribute to the construction of advanced digital infrastructure, ensuring the reliability and security of data and helping to create a basis for the development of the technology industry digital”.
The country’s move comes a month after its neighboring country Indonesia debuted in Chainalysis’s Global Crypto Adoption Index, climbing to third position and overtaking Vietnam. Vietnam currently ranks 5th in the index, with high scores in the ranking of the value of centralized services received and the ranking of the value of centralized retail services received.
Key objectives of blockchain development
With the aim of becoming “a leading country in the region and internationally recognized in the research, deployment and application of blockchain,” Vietnam’s plan includes the creation of 20 reputable blockchain brands that offer high-quality products in all of Asia by 2030. Additionally, the strategy plans to establish three blockchain testing centers in major cities, fostering a resilient national blockchain network.
Local media reported that the government’s action program for 2024-2030 focuses on five main initiatives, namely: perfecting the legal environment; develop infrastructure, forming an industrial blockchain ecosystem; develop human resources for the blockchain field; promote the development and application of blockchain; and promote research, innovation and international cooperation. These pillars are designed to create a vibrant ecosystem supporting industry growth and public blockchain adoption.
“Make in Vietnam” movement
The Vietnam Blockchain Association (VBA) plays a central role in advancing the national blockchain strategy, focusing on developing local blockchain platforms, improving collaboration among Vietnamese technology companies and strengthening competitiveness local. VBA Permanent Vice President Phan Duc Trung called the initiative “a milestone in the blockchain field, demonstrating the government’s commitment and specific actions, the determination of the drafting unit, the Ministry of Information and Communications, as well as community efforts in promoting a transparent, secure and sustainable digital economy.
Trung reiterated the association’s commitment and expressed optimism about the potential of blockchain, adding that the association believes that the universalization of blockchain technology, reaching all people as the goal of the strategy, will bring benefits clear on the government-driven digital economy.
Building a transparent legal framework for digital assets
A central part of Vietnam’s national blockchain strategy is establishing a clear legal framework for digital assets. This regulatory framework provides legal definitions of digital assets, treating them as intangible assets protected by civil law and intellectual property law. To align with global standards, Vietnam is strengthening measures to prevent money laundering, terrorist financing and other illegal activities.
To support this commitment, Prime Minister Phoc signed Decision No. 194/QD-TTg in February, outlining a national action plan to comply with Financial Action Task Force (FATF) requirements. In response to Vietnam’s inclusion on the FATF “grey list” in June 2023, the VBA has intensified its efforts to shape the regulations through consultations and a series of workshops in 2023 to build a framework aligned with the standards international.
Vietnam’s path to regional leadership
Vietnam’s National Blockchain Strategy charts an ambitious roadmap to become a leader in Southeast Asia’s blockchain landscape by 2030. By building an advanced digital ecosystem, strengthening legal frameworks, investing in talent and strengthening international partnerships, Vietnam is leveraging blockchain as a powerful engine for economic development. growth. As Trung asserted, VBA knows its responsibility towards this very young but potential industry.
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