Main Points:
- Vietnam unveils a national blockchain strategy aimed at becoming a regional leader.
- Focus areas include legal frameworks, infrastructure, talent development, and innovation.
- The government aims to build 20 blockchain brands and establish test centers in major cities.
- Legal recognition of digital assets is a key component of the strategy, aiming to curb illegal activities and align with international standards.
Vietnam has officially launched a national blockchain strategy with a bold ambition: to position itself as a regional leader in blockchain technology. The Ministry of Information and Communications (MIC) announced the strategy on October 23, 2024, outlining several key objectives to bolster the country’s blockchain capabilities. This move marks Vietnam’s serious commitment to embracing the Fourth Industrial Revolution through the development and regulation of blockchain infrastructure, talent, and legal frameworks. By enhancing its blockchain ecosystem, Vietnam seeks to become a competitive force in the global digital economy.
Strategic Focus Areas
The strategy is overseen by the MIC and other governmental bodies, including the Vietnam Blockchain Association. Five core areas have been identified as essential for the success of the national blockchain strategy:
- Development of Legal Frameworks Vietnam’s government recognizes the importance of creating a legal environment conducive to blockchain innovation. This will involve revising and creating new legislation to ensure blockchain technology can flourish within a safe and regulated space. This legal groundwork is vital for fostering trust among both local and international investors.
- Building Blockchain Infrastructure Central to Vietnam’s blockchain ambitions is the development of an ecosystem that supports blockchain products and services. The government plans to create 20 blockchain brands and establish test centers in key urban areas. These facilities will play a critical role in research, development, and testing of blockchain applications, ultimately securing the integrity of Vietnam’s digital infrastructure. These hubs are expected to drive innovation and enhance security in blockchain applications, setting a solid foundation for broader industrial use.
- Cultivating Talent in Blockchain Another key focus is human capital. The strategy emphasizes the need for Vietnam to invest in the development of skilled professionals within the blockchain sector. The government intends to promote education and training programs aimed at creating a workforce equipped with the necessary knowledge and skills to support the country’s blockchain ambitions. By building a talent pipeline, Vietnam aims to sustain long-term growth in the industry and position itself as a key player in Southeast Asia.
- Promoting Blockchain Development and Application Vietnam is not just interested in blockchain as a concept but is committed to its practical application across various industries. The government will incentivize businesses and developers to create blockchain-based solutions, whether for finance, supply chain management, healthcare, or other sectors. Encouraging private sector involvement is seen as critical for ensuring that the country can leverage blockchain to its full potential.
- Encouraging Research, Innovation, and International Cooperation Vietnam’s strategy extends beyond its borders. The country is keen to collaborate with international partners on blockchain research and development. This will include joint ventures, partnerships with global blockchain leaders, and adherence to international standards. By positioning itself as a hub for blockchain innovation, Vietnam aims to attract foreign investment and expertise, further fueling its growth in this emerging field.
Blockchain Infrastructure and Ecosystem Development
At the heart of Vietnam’s blockchain strategy is the creation of a robust and secure infrastructure that can support a thriving blockchain ecosystem. The government’s plan to build 20 blockchain brands demonstrates its commitment to fostering local innovation. These brands are expected to compete on the international stage, with a focus on building blockchain platforms, products, and services that meet global standards.
In addition to branding, Vietnam plans to establish at least three blockchain test centers in major cities. These centers will serve as incubators for blockchain applications and will provide a space for developers to test new technologies in a controlled environment. By offering these resources, the government aims to spur innovation while ensuring the security and efficiency of blockchain applications in industries like finance, supply chains, and healthcare.
Legal Framework and Digital Asset Recognition
A significant aspect of Vietnam’s blockchain strategy is the legal recognition of digital assets. The government plans to formalize the legal status of digital assets, aligning its regulations with international standards. By doing so, Vietnam aims to prevent illicit activities such as money laundering, terrorism financing, and the proliferation of weapons of mass destruction. This legal clarity is also expected to promote trust and encourage foreign investment in Vietnam’s blockchain sector.
Under the new strategy, digital assets will be recognized as legal entities under civil law, providing them with greater protection and legitimacy. This will create a more stable and secure environment for blockchain-based financial products and services, allowing the sector to grow in a regulated and compliant manner.
International Collaboration and Research
Vietnam understands the importance of global cooperation in the blockchain industry. The strategy emphasizes the need for international collaboration in research and development, with the aim of integrating Vietnam into the global blockchain ecosystem. By aligning itself with international standards and forming partnerships with foreign blockchain leaders, Vietnam hopes to accelerate its technological progress and attract more foreign investments.
This international cooperation will also help Vietnam develop more advanced blockchain technologies and applications, keeping it competitive with other countries in the region. The government plans to facilitate partnerships between local blockchain companies and international firms, fostering a cross-pollination of ideas and expertise.
Vietnam’s blockchain strategy is ambitious but well-structured, positioning the country as a future leader in the blockchain space within Southeast Asia. By focusing on the development of legal frameworks, infrastructure, talent, and international collaboration, Vietnam is creating the foundation for a thriving blockchain industry. As the country moves forward, its success will depend on its ability to implement these strategies effectively and attract both domestic and foreign investment.
In the coming years, Vietnam’s blockchain ecosystem is expected to grow rapidly, with new applications and services emerging across various industries. This will not only enhance Vietnam’s digital economy but also create new opportunities for investors, developers, and entrepreneurs. If successful, Vietnam could serve as a model for other developing countries looking to leverage blockchain technology for economic growth.
