Vietnam has officially unveiled an ambitious national strategy for blockchain development, a move that positions the country as a potential leader in the technology across Asia.
Announced on 22 October 2024 by Deputy Prime Minister Ho Duc Phoc, this initiative — termed Decision No. 1236/QD-TTg — aims to revolutionise Vietnam's digital landscape by 2025.
The strategy is designed to enhance the nation’s digital infrastructure, which, according to government officials, represents a crucial pillar of the forthcoming industrial revolution.
The strategy outlines a comprehensive five-pronged approach that focuses on developing a robust legal framework, improving infrastructure, enhancing human resources, promoting application development, and fostering international cooperation.
On October 22, Deputy Prime Minister Ho Duc Phoc officially signed and released the National Blockchain Strategy.
This holistic framework aims to elevate Vietnam’s digital infrastructure to a significantly advanced stage.
The initiative not only highlights the government’s commitment to blockchain but also emphasises collaboration with multiple agencies, including the Ministry of Information and Communications, the Government Cipher Committee, and the Ministries of Education and Training and Science and Technology.
The Vietnam Blockchain Association (VBA) is also recognised as a vital stakeholder, showcasing the government's intent to work closely with industry experts.
Phan Duc Trung, Vice President of VBA, hailed the strategy as a "huge milestone toward building a transparent, safe, and sustainable digital economy."
Phan Duc Trung, Vice President of Vietnam Blockchain Association
His remarks encapsulate the collective ambition behind this initiative: to create a blockchain ecosystem that fosters trust and innovation.
Vietnam's objective is to become a regional powerhouse in blockchain technology, which includes the establishment of testing facilities in major cities and the development of 20 well-known blockchain brands.
By setting these benchmarks, the government hopes to create an environment conducive to innovation and entrepreneurship.
This National Blockchain Strategy is viewed as a pivotal moment in Vietnam's digital evolution.
The government aims to place Vietnamese institutions among the top ten blockchain research and training hubs in Asia by 2030, while also developing three specialised blockchain testing facilities.
The initiative signifies a transformative vision that extends beyond mere technology; it is about building a resilient digital economy.
The VBA will spearhead the implementation of the national strategy, focusing on enhancing the competitiveness of local businesses and fostering collaboration among domestically developed blockchain systems.
Trung remarked,
“This is an honour, recognising the VBA’s contributions in gathering opinions and contributions from the community.”
His words reflect the VBA's critical role in ensuring that the strategy resonates with the needs of the industry and the public.
Key ministries, including the Ministry of Information and Communications and the Ministry of Education and Training, will be tasked with ensuring that Vietnam meets its ambitious goals.
These ministries will be instrumental in shaping the legal and educational frameworks necessary for blockchain's integration into various sectors.
A significant aspect of Vietnam’s strategy is its commitment to establishing a solid legal framework for digital assets.
The recent inclusion of digital assets in the draft Law on Digital Technology Industry, which has been approved by the Standing Committee of the National Assembly, marks a pivotal step in combating money laundering and terrorist financing.
This legislative advancement is crucial in moving Vietnam away from the Financial Action Task Force (FATF) grey list, ultimately bolstering the nation’s reputation in the global financial landscape.
Despite lacking formal legislation on digital assets, Vietnam has emerged as a strong player in global cryptocurrency adoption.
Research from Chainalysis ranks the country fifth worldwide and second in Southeast Asia, just behind Indonesia, in terms of crypto adoption for 2023.
This impressive standing is based on transaction volumes and web traffic patterns, taking into account factors like population size and purchasing power.
Vietnam's ambitious blockchain strategy represents not just a commitment to technology but a vision for a modern, secure, and sustainable digital economy.
With the government and industry stakeholders working hand in hand, the nation's journey into the future of blockchain is poised to be transformative.
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