Vietnam’s new blockchain strategy emphasizes legislative frameworks, infrastructure, and international cooperation to foster innovation and a vibrant ecosystem.
Vietnam has officially introduced its National Blockchain Strategy. On Oct. 23, the Ministry of Information and Communications (MIC) unveiled the plan, which highlights key objectives to advance the country’s blockchain technology.
The strategy aims to build blockchain infrastructure, establish legal frameworks, and encourage innovation as part of what it refers to as “the Fourth Industrial Revolution.”
Key Action Areas
The strategy lays out five key focus areas that will be overseen by government bodies such as the MIC and the Vietnam Blockchain Association. According to the announcement, the five main actions include:
“(1) Perfecting the legal environment; (2) Developing infrastructure, forming a blockchain industrial ecosystem; (3) Developing human resources for the Blockchain field; (4) Promoting Blockchain development and application; (5) Promoting research, innovation and international cooperation.”
Blockchain Infrastructure
A core objective of the strategy is to develop Vietnam’s blockchain ecosystem. The government plans to create 20 blockchain platforms, products, and service brands.
Additionally, the strategy includes establishing at least three testing centers in major cities to create a national blockchain network.
These centers will focus on fostering the development and implementation of blockchain applications, ensuring security, and promoting innovation within the sector.
Digital Assets and Legal Framework
One of the key points raised in the strategy is the legal recognition of digital assets, as the government seeks to formalize regulations surrounding them. The strategy notes:
“The legalization of the definition of Digital Assets is one of the actions to realize the Vietnamese Government’s commitment to preventing and combating money laundering, terrorist financing, and financing of proliferation of weapons of mass destruction.”
By aligning with international standards and recognizing digital assets under civil law, Vietnam is setting ambitious goals to strengthen its blockchain industry.
