Vietnam Unveils National Blockchain Strategy to Drive Innovation

• Vietnam seeks to advance innovation in what it refers to as the Fourth Industrial Revolution.
• One of the strategy’s main objectives is to develop Vietnam’s blockchain ecosystem.

A National Blockchain Strategy has been formally released by Vietnam. On October 23, the Ministry of Information and Communications (MIC) unveiled the plan, which outlined a number of important goals to advance the nation’s blockchain capabilities.

It seeks to advance innovation in what it refers to as the Fourth Industrial Revolution, create relevant legal frameworks, and develop blockchain technology.

Developing Vietnam’s Blockchain Ecosystem

Moreover, the Vietnam Blockchain Association (VBA) and the MIC are two of the government organizations in charge of the five key areas the plan describes. The official announcement states that the five suggested actions are: enhancing the legal environment; creating a blockchain industrial ecosystem and infrastructure; training human resources for the blockchain industry; encouraging the development and use of blockchain technology; and encouraging research, innovation, and global collaboration.

Furthermore, one of the strategy’s main objectives is to develop Vietnam’s blockchain ecosystem. The government intends to create 20 blockchain-related platforms, goods, and services under these trademarks. In order to build a nationwide blockchain network, the National Blockchain Strategy also seeks to set up a minimum of three testing facilities in significant cities.

Also, these facilities will be essential to the creation and implementation of blockchain applications, maintaining security and encouraging industry innovation. Since the nation wants to formally regulate digital assets, the plan statement highlights the legal recognition of these assets as a crucial issue.

One measure to fulfill the Vietnamese government’s commitment to stopping and combating money laundering, terrorist funding, and the financing of the spread of weapons of mass destruction is the legalization of the definition of digital assets.

Vietnam is establishing aggressive goals to develop its blockchain sector by recognizing digital assets as protected by civil law and according to international norms.

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