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In a move towards technological advancement, Vietnam has announced the launch of a comprehensive National Blockchain Strategy, according to a report by the country's Ministry of Information and Communications this week.
The strategy, signed and issued by Deputy Prime Minister Ho Duc Phoc, sets out ambitious goals to position Vietnam as a leader in blockchain research, deployment, and application by 2030. It seeks to foster a thriving blockchain ecosystem, nurturing the growth of domestic blockchain platforms, products, and services. Additionally, the strategy emphasizes the importance of investing in human capital, developing a skilled workforce capable of driving blockchain innovation and adoption. To achieve these objectives, Vietnam intends to actively participate in international blockchain initiatives and collaborations.
To realize these ambitious goals, the strategy outlines a five-point action plan. First, it calls for the establishment of a robust legal environment that supports blockchain development and adoption. Second, the strategy emphasizes the need to build the necessary infrastructure and foster a vibrant blockchain industrial ecosystem. Third, it highlights the importance of investing in human capital by investing in blockchain education and training programs to nurture a skilled workforce. Fourth, the strategy encourages blockchain development and application across various sectors. Finally, it fosters research, innovation, and international cooperation in blockchain technology.
According to the report, the Vietnam Blockchain Association (VBA) will play a pivotal role in implementing the strategy. The VBA will focus on developing domestic blockchain platforms and promoting their adoption, fostering collaboration among Vietnamese digital technology enterprises, and contributing to the development of a supportive legal framework for blockchain.
Vietnam has also taken significant steps to establish a legal framework for digital assets. The recent inclusion of digital assets in the draft Law on Digital Technology Industry, approved by the Standing Committee of the National Assembly, is a crucial development in its bid to combating money laundering and terrorist financing. It is also a key step towards removing Vietnam from the Financial Action Task Force (FATF) grey list.
Blockhead
Despite having no formal legislation on digital assets, Vietnam is among the top countries for crypto adoption globally. According to recent research by Chainalysis, Vietnam is ranked 5rd in 2023's Global Crypto Adoption and 2nd in Southeast Asia, behind Indonesia.
The Global Crypto Adoption Index is measured by transaction volumes and protocols based on web traffic patterns, weighted by characteristics like population size and purchasing power.
