Vietnam announces national blockchain strategy: Government aims to build 20 Vietnamese blockchain brands by 2030

The Communist Party of Vietnam recently announced the national blockchain strategy, from the "2025 National Strategy for Blockchain Technology Application and Development" to the "Vision 2030." The Vietnamese government also explicitly defines blockchain as a trend of the Fourth Industrial Revolution. Through this national strategy, Vietnam vows to develop its own blockchain brand by 2030 and position Vietnam as a key player in the global blockchain arena.

"Vision 2030" to Build 20 Blockchain Brands in Vietnam by 2030

"Vision 2030" aims for Vietnam to become a leading country in the blockchain industry by 2030, positioning itself internationally in the research, deployment, application, and development of blockchain technology. Specifically, the government's goal is to establish 20 well-known blockchain brands and set up at least 3 blockchain testing centers or blockchain parks in major cities.

To achieve this goal, the government has proposed 5 specific actions, including:

1. Improving relevant regulations
2. Developing infrastructure to form a blockchain industry ecosystem
3. Nurturing human resources in the blockchain field
4. Promoting blockchain development and application
5. Facilitating research, innovation, and international cooperation.

The related plans will be overseen by the Ministry of Information and Communications, the Government Cipher Committee, the Ministry of Education and Training, and the Ministry of Science and Technology.

Vietnam Blockchain Association to Play Key Role in National Strategy

Last June, Vietnam was placed on the Financial Action Task Force (FATF) grey list. The concept of the grey list is similar to being on a watchlist. Since being on the grey list, the Vietnam Blockchain Association (VBA) has organized numerous activities to contribute ideas for establishing a legal framework for digital assets, such as a series of summits starting in 2023.

The Vietnam Blockchain Association has been designated in the national strategy to develop blockchain platforms made in Vietnam and establish connections between blockchain infrastructures in Vietnam. It aims to bring together Vietnamese digital technology companies to jointly build blockchain platforms, promote information sharing, and enhance competitiveness with foreign enterprises.

Regarding the important task assigned to the VBA in the national blockchain strategy, Phan Duc Trung, Vice Chairman of the Vietnam Blockchain Association, stated: "It is an honor that VBA has been recognized for its contribution to national development. As the country announces its blockchain strategy, VBA is aware of its responsibility to this very young but promising industry. We are committed to actively fulfilling the directions of blockchain technology research, application, and maximizing benefits as outlined in the national strategy to drive community development."

Cryptocurrencies Recognized as Assets, Vietnam Government Takes Steps to Fulfill Anti-Money Laundering Commitments

Previously, the Standing Committee of the National Assembly of Vietnam sought opinions on the draft Digital Technology Industry Law submitted by the Ministry of Information and Communications. This marks the first time that digital assets have been formally included in legal documents and are protected as property rights under relevant laws such as civil law and intellectual property law.

The legalization of digital asset definitions is one of the actions taken by the Vietnamese government to fulfill its commitments to prevent and combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction, aiming to remove Vietnam from the FATF grey list.

The announcement by the Communist Party of Vietnam also states that the "National Blockchain Strategy" is the highest legal document to date, reflecting the government's goals and determination to promote the application of blockchain technology. By leveraging the advantages of this advanced technology, the government aims to achieve its established goals for the country and society.