Vietnam took a big step towards becoming a regional leader in blockchain technology with the official release of its new national blockchain strategy on October 22.
By 2025 a foundational blockchain infrastructure will have been developed, which should comply with all regulations on cybersecurity, network security, and personal data protection.
The strategy sets ambitious goals for building brands, infrastructure, and expertise in blockchain technology.
The strategy, signed by Deputy Prime Minister Ho Duc Phoc, outlines a comprehensive plan to develop Vietnam’s blockchain ecosystem and capitalize on this technology’s potential.
By 2030 the infrastructure will have been strengthened and expanded, providing services not only domestically but also to other countries.
These include building 20 Vietnamese blockchain brands across platforms, products, and services, establishing at least three blockchain testing centers or special zones in major cities to create a national network, and having Vietnamese institutions ranked among the top 10 for blockchain research and training in Asia.
A blockchain ecosystem, tentatively named “Blockchain+”, will be established through the application of blockchain technology in several industries, including finance and banking, transport, healthcare, education, trade, logistics, industrial production, energy, tourism, agriculture, public services and others.
At least three blockchain technology testing centres will be built in major cities to form a national blockchain network.
Việt Nam will have become one of the top 10 blockchain training and research institutions in Asia.
Blockchain is a technology that enables the secure sharing of information across a network.
It can be simply understood as a digital database that records all transactions across the network, with each transaction only becoming accessible when authorised by a digital signature of the owner, making the information stored in the network highly secure.
The strategy highlights a number of immediate tasks and solutions to realise the targets for 2025 and 2030.
They mainly focus on reviewing and improving existing regulations to facilitate the development of the foundational blockchain infrastructure, and a sound legal framework for blockchain development in Việt Nam.
Digital technology companies will be asked to establish their own blockchain platforms to enhance information-sharing capabilities in the private sector, and increase their competitiveness with foreign companies.
Phan Đức Trung, deputy chairman of the Vietnam Blockchain Association said: “The strategy marks an important milestone in blockchain development in Việt Nam.
“It demonstrates the commitment and actions of the Government, the determination of the Ministry of Information and Communications, and the efforts of the community in promoting a transparent, secure, and sustainable digital economy.” — VNS
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Vietnam’s blockchain strategy aligns with the county’s recent efforts to legalize digital assets. In February, the Vietnamese government assigned the Ministry of Finance to develop a legal framework by May 2025.
The decision, outlined in Decision 194/QĐ-TTg dated Feb. 23, 2024, is part of Vietnam’s national action plan to combat money laundering, terrorism financing, and the proliferation of weapons of mass destruction.
