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The Vietnamese government has officially introduced the National Strategy for the Application and Development of Blockchain Technology. This initiative is designed to create a legal framework, enhance infrastructure, and foster international collaboration.
Ho Duc Phoc, the Deputy Prime Minister of Vietnam, endorsed Decree No. 1236/QD-TTg concerning the National Strategy on the Application and Development of Blockchain Technology through 2025, which outlines plans to implement distributed ledger technology (DLT) systems by 2030. The document emphasizes the significance of blockchain in developing advanced digital infrastructure and enhancing data security.
The new strategy from Vietnam encompasses five primary areas to promote the advancement of blockchain technology within the nation, which include:
- enhancing the regulatory framework;
- developing blockchain infrastructure;
- establishing an industrialized blockchain ecosystem;
- training professionals for the blockchain industry;
- encouraging research, innovation, and international collaboration.
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All aspects will be managed by Vietnam’s Ministry of Information and Communications (MIC) and the Vietnam Blockchain Association (VBA), which will be fully accountable for constructing national blockchain platforms and facilitating information exchange between domestic and international firms.
As per the strategy, Vietnam aspires to lead in blockchain technology research and implementation in the Asian region by 2030. The government has outlined several ambitious objectives for the upcoming six years. Among these are:
- creating 20 reputable blockchain brands based on platforms, products, and services;
- launching at least three testing centers in major cities to support the national blockchain network;
- ensuring the country ranks among the top 10 blockchain education and research institutions in Asia.
A crucial element of the strategy is the formal acknowledgment of digital assets and the creation of a legal framework to regulate them. The Vietnamese government intends to legalize digital assets, designating them as a protected form of property under civil law. This strategy will enable the nation to align with international standards in combating money laundering, terrorist financing, and the spread of weapons of mass destruction. According to Phan Duc Trung, Vice President of the VBA, the legislative recognition of digital assets will bolster Vietnam’s standing in the blockchain sector and offer legal safeguards for cryptocurrency users.
The Ministry of Finance initiated efforts to develop a legal framework for Vietnam’s cryptocurrency market in 2022, with relevant regulations having been signed by the country’s Prime Minister in 2017.
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