Vietnam sets blockchain vision for regional leadership

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In its bid to become a regional leader in blockchain technology, Vietnam has unveiled its national strategy. This initiative signals the Southeast Asian country’s commitment to leading the region in blockchain application and development by 2030, with blockchain positioned as a core component in building robust digital infrastructure, fostering innovation, and ensuring data security.

On October 23, Vietnam’s Prime Minister Ho Duc Phoc issued Decision No. 1236/QD-TTg, emphasizing blockchain as a major driver of the Fourth Industrial Revolution. According to local reports, the country sees the technology “contributes significantly to building advanced digital infrastructure, ensuring data reliability and security, and contributing to creating a foundation for the development of the digital technology industry.”

The country’s move comes a month after its neighboring country, Indonesia, debuted in Chainalysis’ global crypto adoption index, climbing to third position and surpassing Vietnam. Vietnam currently ranks 5th in the index, with high scores in centralized service value received ranking and retail centralized service value received ranking.

Key targets in blockchain development

With goals to become a “leading country in the region and internationally recognized in blockchain research, deployment, and application,” Vietnam’s plan includes establishing 20 reputable blockchain brands that offer high-quality products across Asia by 2030. Additionally, the strategy outlines creating three blockchain testing centers in major cities, fostering a resilient national blockchain network.

Local media reported that the government’s Action Program for 2024-2030 focuses on five core initiatives, namely: perfecting the legal environment; developing infrastructure, forming a blockchain industrial ecosystem; developing human resources for the blockchain field; promoting blockchain development and application; and, promoting research, innovation and international cooperation. These pillars are designed to create a dynamic ecosystem supporting industry growth and public blockchain adoption.

‘Make in Vietnam’ movement

The Vietnam Blockchain Association (VBA) has a pivotal role in advancing the National Blockchain Strategy, focusing on developing homegrown blockchain platforms, enhancing collaboration among Vietnamese tech firms, and bolstering local competitiveness. VBA’s Permanent Vice President, Phan Duc Trung, described the initiative as a “milestone in the blockchain field, demonstrating the commitment and specific actions of the Government, the determination of the drafting unit, the Ministry of Information and Communications, as well as the efforts of the community in promoting a transparent, safe and sustainable digital economy.”

Trung reiterated the association’s commitment and expressed his optimism about blockchain’s potential, adding that the association believes that universalizing blockchain technology, reaching all people as the goal of the Strategy, will bring clear effects to the digital economy that the Government has oriented.

Building a transparent legal framework for digital assets

A central component of Vietnam’s National Blockchain Strategy involves establishing a clear legal framework for digital assets. This regulatory framework provides legal definitions for digital assets, treating them as intangible assets protected under civil and intellectual property law. To align with global standards, Vietnam is tightening measures to prevent money laundering, terrorist financing, and other illegal activities.

In support of this commitment, Prime Minister Phoc signed Decision No. 194/QD-TTg in February, outlining a National Action Plan to comply with Financial Action Task Force (FATF) requirements. In response to Vietnam’s placement on FATF’s “grey list” in June 2023, the VBA has intensified efforts to shape regulations through consultations and a series of 2023 workshops to build a framework aligned with international norms.

Vietnam’s path to regional leadership

Vietnam’s National Blockchain Strategy charts an ambitious roadmap to become a leader in Southeast Asia’s blockchain landscape by 2030. By building an advanced digital ecosystem, reinforcing legal frameworks, investing in talent, and strengthening international partnerships, Vietnam is leveraging blockchain as a powerful driver of economic growth. As Trung affirmed, VBA knows its responsibility towards this very young but potential industry.

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