- Vietnam has launched its National Strategy on Blockchain Technology, aiming to become a regional leader by 2030.
- By 2025, Vietnam plans to establish three national innovation centers and integrate blockchain education into universities and training institutions.
- The strategy emphasizes applying blockchain across diverse industries, including finance, healthcare, logistics, and public services, to enhance efficiency, transparency, and competitiveness.
- Vietnam intends to refine its legal framework for blockchain to create a business-friendly environment while maintaining compliance with security and privacy standards.
Vietnam has launched a national blockchain strategy to position itself as a regional leader in blockchain technology.
Ho Duc Phoc, Deputy Prime Minister of Vietnam, has signed Decision No.1236/QD-TTg, outlining the nation’s “National Strategy on the Application and Development of Blockchain Technology to 2025, with a Vision to 2030.”
The strategy sets Vietnam on a fast track toward leveraging blockchain’s potential to transform its digital economy, aiming for a competitive edge in both Southeast Asia and globally.
This strategic blueprint underscores Vietnam’s ambition: by 2030, the country seeks to establish itself as a top player in blockchain research, development, and application.
The plan envisions a future where Vietnam’s blockchain capabilities are embedded across various socio-economic sectors, serving as a foundation for the country’s digital transformation goals.
Building a Blockchain Backbone
The immediate objective, set for 2025, is to lay a robust foundation for blockchain development. This includes creating a national infrastructure for blockchain that aligns with strict regulations on network security, information security, and data privacy.
Such an infrastructure aims to ensure smooth operation, compliance, and maintenance of blockchain applications, while also promoting interoperability and integration between different blockchain networks.
To support the burgeoning blockchain landscape, Vietnam plans to establish three national innovation centers dedicated to blockchain R&D. Furthermore, it aims to integrate blockchain technology into educational institutions, ranging from universities to vocational schools. This will ensure that a new generation of tech-savvy professionals is ready to drive the industry’s growth.
By 2025, the goal is to have 10 research and training institutions specialized in blockchain technology, thereby addressing the critical need for skilled labor in this sector.
The strategy doesn’t stop at infrastructure. It also emphasizes the importance of developing a “Blockchain+” ecosystem, where blockchain solutions are applied across diverse industries such as finance, healthcare, logistics, energy, and even public service delivery.
This wide-ranging approach signals the government’s belief in blockchain’s potential to enhance transparency, efficiency, and security in sectors critical to national development.
Towards a Global Blockchain Hub
Looking beyond 2025, the strategy for 2030 is centered on consolidating and expanding Vietnam’s blockchain infrastructure to serve both domestic and international markets.
The aim is to establish 20 reputable blockchain brands that can compete regionally, ensuring that Vietnam becomes known not only for implementing blockchain solutions but for innovating new ones.
The plan further includes the development of three specialized zones in key cities where blockchain technology can be piloted, creating a sandbox environment that facilitates experimentation and innovation. This approach allows for a controlled environment to test new applications, refine the technology, and scale successful projects.
Moreover, Vietnam has set its sights on becoming a top player in blockchain training and research, aiming to have institutions ranked among the top 10 in Asia. This strategic focus on human capital development reflects an understanding that blockchain’s value lies not only in technology but in the expertise that drives its deployment and adoption.
Navigating Legal and Regulatory Terrain
The government’s strategy also acknowledges the complex regulatory challenges that come with the widespread adoption of blockchain technology. As part of its plan, Vietnam will review and adjust its legal framework to foster an environment conducive to blockchain innovation. This includes crafting policies and standards that govern blockchain platforms, products, and services, with a focus on ensuring interoperability and fostering an open ecosystem for blockchain-based transactions.
Vietnam’s commitment to creating a favorable regulatory environment aims to strike a balance between encouraging innovation and maintaining oversight to prevent misuse. The strategy emphasizes the need for a framework that supports “Make-in-Vietnam” blockchain platforms, signaling a push for domestically developed solutions that could compete with international counterparts. This nationalistic angle suggests a desire to cultivate homegrown capabilities while also fostering collaboration between local digital enterprises and global players.
Challenges Ahead in a Crowded Field
Despite the ambitious targets, Vietnam faces several challenges in realizing its blockchain vision. The region already includes blockchain frontrunners like Singapore, which has made significant strides in blockchain adoption and regulation.
Competing on a global stage will require Vietnam to not only accelerate its infrastructure development but also to attract and retain top-tier talent and investment.
Moreover, the global regulatory landscape for blockchain is still evolving, with varying approaches to digital assets and decentralized technologies across different jurisdictions. Vietnam’s ability to navigate these complexities and establish clear and investor-friendly regulations will be crucial in attracting foreign investment and partnerships.
A Vision of Blockchain-Driven Prosperity
The “National Strategy on the Application and Development of Blockchain Technology to 2025, with a Vision to 2030” represents more than just a technological ambition; it is a central component of Vietnam’s vision for a digital future. By positioning itself as a leader in blockchain, Vietnam aims to achieve not only technological mastery but also economic resilience and global relevance in the digital era.
This strategy reflects a broader trend among emerging economies that are seeking to harness disruptive technologies to fuel growth and enhance their global standing. Vietnam’s plan could serve as a blueprint for other nations that wish to navigate the complex yet rewarding path of blockchain adoption.
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