Vietnam’s new blockchain strategy focuses on legal frameworks, infrastructure and international cooperation, as it aims to boost innovation and build a thriving ecosystem.
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Vietnam has officially released a National Blockchain Strategy.
The Ministry of Information and Communications (MIC) announced the strategy on Oct. 23, outlining several key objectives to develop the country’s blockchain capabilities.
It aims to develop blockchain technology, establish relevant legal frameworks and promote innovation in what it calls “the Fourth Industrial Revolution.”
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Key action areas
The strategy outlines five key areas, overseen by government agencies, including the MIC and the Vietnam Blockchain Association.
According to the official announcement, the five proposed 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.“
Deputy Prime Minister Ho Duc Phoc signing and issuing the National Blockchain Strategy on Oct. 22. Source: MIC
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Blockchain infrastructure
Developing Vietnam’s blockchain ecosystem is a central goal of the strategy. The government plans to build 20 blockchain brands for platforms, products and services.
Additionally, the National Blockchain Strategy aims to also establish at least three testing centers in major cities to create a national blockchain network.
These centers will play a crucial role in developing and deploying blockchain applications, ensuring security and promoting innovation in the industry.
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Digital assets and legal framework
An important factor raised in the strategy announcement is the legal recognition of digital assets, as the country aims to formalize regulation around them:
“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 as protected under civil law, Vietnam is setting ambitious targets to strengthen its blockchain industry.
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