Vietnam Unveils National Blockchain Strategy Aiming for Regional Leadership

Vietnam Unveils National Blockchain Strategy Aiming for Regional Leadership

Vietnam has officially launched a new national blockchain strategy as part of its ambition to become a regional leader in blockchain technology. Announced on October 22 and signed by Deputy Prime Minister Ho Duc Phoc, this strategy outlines a comprehensive roadmap to develop the country's blockchain ecosystem and leverage the potential of this transformative technology.

Vietnam's Vision for Blockchain by 2030

The newly unveiled blockchain strategy sets forth ambitious goals for Vietnam to achieve by the year 2030. Among these objectives are plans to establish 20 distinct Vietnamese blockchain brands across various platforms, products, and services. Additionally, the strategy aims to set up at least three blockchain testing centers or special zones in major cities to create a national network, further strengthening the country's blockchain infrastructure. The government also aspires for Vietnamese institutions to be ranked among the top 10 in Asia for blockchain research and training.

To realize these objectives, the strategy identifies five key areas of action:

1. Legal Environment Enhancement: The first step is to perfect the legal framework by establishing clear regulations that foster innovation while mitigating potential risks associated with blockchain technology.

2. Infrastructure Development: The second focus is on building robust blockchain infrastructure to support the growth and scalability of the industry.

3. Human Resource Investment: The strategy emphasizes the importance of developing a skilled workforce in blockchain technology through dedicated education and training programs.

4. Sector-Wide Promotion: Another key area is the promotion of blockchain technology's development and application across various sectors, ensuring that multiple industries benefit from its implementation.

5. Innovation and International Cooperation: Finally, the strategy aims to foster innovation by supporting research and development initiatives while promoting collaboration with international partners in the blockchain space.

Role of the Vietnam Blockchain Association

The strategy recognizes the critical role of the Vietnam Blockchain Association (VBA) in promoting the “Blockchain Made in Vietnam” brand. The VBA will be tasked with developing Vietnamese blockchain platforms and facilitating collaboration within the industry, ensuring a cohesive approach to blockchain development across the nation.

Vietnam's Rising Status in Crypto Adoption

Vietnam has emerged as a significant player in the global cryptocurrency landscape, ranking fifth on Chainalysis’ Global Crypto Adoption Index 2024. The country's blockchain strategy aligns with its recent initiatives to legalize digital assets, further solidifying its commitment to the blockchain space. In February, the Vietnamese government designated the Ministry of Finance to develop a comprehensive legal framework for digital assets by May 2025. This decision, outlined in Decision 194/QĐ-TTg dated February 23, 2024, is part of Vietnam's national action plan to combat money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

Conclusion

With the launch of its national blockchain strategy, Vietnam is positioning itself as a forward-thinking nation ready to harness the potential of blockchain technology. The ambitious goals set for 2030 reflect the country's commitment to innovation and its desire to become a leader in the rapidly evolving digital landscape.