New York, Thursday, October 31, 2024 – Vietnam has launched a significant initiative to establish itself as a regional leader in blockchain technology with the release of its national blockchain strategy on October 22.
Signed by Deputy Prime Minister Ho Duc Phoc, the strategy outlines a comprehensive plan aimed at developing the country’s blockchain ecosystem and harnessing the technology’s potential.
The ambitious strategy sets several key goals for Vietnam to accomplish by 2030.
Among these goals are the establishment of 20 Vietnamese blockchain brands across various platforms, products, and services, and the creation of at least three blockchain testing centers or special zones in major cities to form a national network.
Additionally, Vietnam seeks to have its institutions ranked among the top 10 for blockchain research and training in Asia.
To achieve these objectives, the strategy emphasizes five critical areas of action.
It aims to refine the legal framework by creating clear regulations that promote innovation while minimizing risks.
The development of robust infrastructure is essential for supporting the industry’s growth.
Investing in human resource development is also crucial to create a skilled workforce through education and training programs.
The strategy promotes the application of blockchain technology across various sectors.
Finally, it emphasizes the importance of fostering innovation and international collaboration by supporting research initiatives and partnering with global entities.
The Vietnam Blockchain Association (VBA) will play a vital role in advancing the “Blockchain Made in Vietnam” brand, developing local blockchain platforms, and facilitating industry collaboration.
Vietnam’s blockchain ambitions align with its growing presence in the global crypto landscape, as evidenced by its fifth-place ranking on Chainalysis’ Global Crypto Adoption Index 2024.
This strategy coincides with ongoing efforts to legalize digital assets, with the government tasking the Ministry of Finance to develop a regulatory framework by May 2025 as part of its national action plan to combat financial crimes.
