Vietnam sets out blockchain strategy with goal of regional leadership by 2030
In a statement published to Vietnam.vn on Oct. 23, a website run by the Office of Foreign Information Service under Vietnam’s Ministry of Information and Communications, Vietnam revealed its official National Blockchain Strategy.
Key objectives
In announcing its National Blockchain Strategy, the Vietnamese government articulated several key objectives that it feels will lead to Vietnam eventually taking a leadership role in blockchain development within the region.
These key objectives include an emphasis on research relative to the further roll-out of blockchain innovation. The Vietnamese authorities intend to promote blockchain research, innovation and international cooperation. Another specific action area has been identified as perfecting the legal environment with respect to blockchain development.
The development of infrastructure has been cited as a key objective, with the Ministry proposing that this should incorporate the formation of a blockchain industrial ecosystem. Additionally, the statement highlighted the need to focus on developing human resources in respect of blockchain, while also pointing to an overall need to promote blockchain development generally and the application of the technology.
A number of branches of the Vietnamese government have been tasked with achieving these key objectives, including the Government Cipher Committee, the Ministry of Education and Training, the Ministry of Science and Technology, as well as the Ministry of Information and Communications.
Positive reaction
The plan has been broadly welcomed by Vietnam-based crypto stakeholders. Jenny Nguyen, Chief Operating Officer (COO) of Ho Chi Minh City-based crypto venture fund Kyros Ventures, suggested the development was bullish. She wrote:
“This is the most bullish policy on blockchain from the Vietnam Government in history, which not only acknowledges the importance of blockchain, but also defines clear expectations for the development of this technology sector in the years to come.“
Nguyen also pointed out that regulations on digital assets are currently being discussed within Vietnam’s National Assembly, with legislators working towards a 2025 completion date. On the basis of these two developments, she believes that “the future for blockchain and crypto in Vietnam is looking brighter and brighter day by day.”
KardiaChain, a hybrid blockchain infrastructure provider to governments in Vietnam and other Southeast Asian countries, outlined on social media that it had been a key contributor in shaping the strategy. The project believes that the strategy “will enable us as builders more opportunities to impact the country's blockchain development, and further accomplish our mission of mass adoption that we set out on day one.”
Laura Nguyen, head of Vietnam at Ava Labs, said that the strategy was forward-thinking and that consequently Vietnam is “primed to become a blockchain powerhouse, pushing the boundaries of technological innovation and fostering global collaboration.”
As part of the strategy, the Vietnamese government plans to bring about the development of 20 blockchain brands for platforms, products and services. Additionally, the strategy aims to put in place three testing centers located in major Vietnamese urban centers as part of an effort to create a national blockchain network.
