Vietnam Officially Unveils National Blockchain Strategy

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The Government of Vietnam has taken a significant step in becoming a regional leader in blockchain technology. On October 22, the country’s Deputy Prime Minister, Minister Ho Duc Phoc signed and issued the National Blockchain Strategy into the national framework.

This landmark decision aims to position Vietnam as a leader in blockchain technology by 2025, with a visionary outlook extending to 2030. Remarkably, the Asian country ranked highest in global crypto adoption in a 2022 report by Chainalysis.

Vietnam Unveils Blockchain Powerhouse Roadmap

The National Blockchain Strategy described blockchain as a game-changing technology. The strategy outlines a plan to strengthen digital infrastructure, improve data security, and build a strong digital technology industry. By 2030, Vietnam aims to surpass other countries exploring blockchain technology and be internationally recognized for its blockchain innovation. 

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The Vietnamese government has disclosed a detailed plan as part of its 2024-2030 Action Program. This plan aims to bring its ambitious blockchain vision to life. Central to the plan is creating a legal framework that provides clear regulations to support the growth of blockchain. 

The strategy also focuses on infrastructure development, building skilled human resources, and encouraging innovations. The government aims to promote blockchain applications across various sectors and foster research through international cooperation.

The Role of the Vietnam Blockchain Association

To achieve these goals, the Vietnam Blockchain Association (VBA) plays a pivotal role in executing the National Blockchain Strategy. Mr. Phan Duc Trung, the association’s Permanent Vice President, highlighted that the need for a national blockchain is a testament to the VBA’s past contributions. He mentioned that it shows the association’s commitment to nurturing Vietnam’s burgeoning blockchain sector.

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Furthermore, the VBA seeks to foster collaboration among local digital technology enterprises. It plans to encourage them to build blockchain platforms that can compete globally. This will increase the country’s capacity to compete globally.

Vietnam Aims to Create a Robust Legal Framework

The Vietnamese government is working to create laws for digital assets. This is important because it officially recognizes digital assets as valuable and legally protected items. This move marks a significant milestone and emphasizes the government’s commitment to creating a secure and regulated environment for blockchain-based innovations. 

The government also recognizes the need for a robust legal framework to combat illegal activities such as money laundering and terrorist financing. 

The government hopes that by establishing these laws, Vietnam can improve its financial reputation. Importantly, the country hopes to be removed from the Financial Action Task Force (FATF) grey list by May 2025. Since Vietnam was added to the grey list in June, the VBA has been actively involved in helping create these laws.

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