Vietnam’s government has launched an ambitious plan to position the country as the leading blockchain hub in Southeast Asia. The strategy aims to foster the development of blockchain technology through a series of initiatives, including creating recognized blockchain brands, establishing testing facilities, and developing a skilled workforce.
With a comprehensive five-step action plan, the Vietnamese government plans to implement legal reforms, strengthen the blockchain ecosystem, and build international partnerships to achieve its goals.
Strengthening Vietnam’s Position in Blockchain Technology
On October 22, the Vietnamese government officially introduced its national strategy for blockchain technology’s growth and implementation. This blueprint seeks to transform Vietnam into a regional leader in blockchain research, development, and deployment. The strategy was signed by Deputy Prime Minister Ho Duc Phoc and highlights the government’s strong commitment to blockchain’s future in the country.
The plan outlines several ambitious goals, including the establishment of 20 prominent blockchain brands and the operation of at least three blockchain testing centers. Additionally, the government aims to ensure that Vietnamese institutions are ranked among the top blockchain research and training centers in Southeast Asia.
To achieve these objectives, the 2023-2030 action plan outlines five core areas of focus. These include improving the legal framework (1), cultivating a robust blockchain ecosystem (2), developing a skilled workforce for the blockchain industry (3), promoting blockchain solutions (4), and driving research and international collaboration to maintain leadership in the global blockchain space (5).
Legal and Organizational Support for Blockchain Initiatives
The action program also assigns key responsibilities to various government ministries, agencies, and industry associations. The Vietnam Blockchain Association (VBA) plays a crucial role in advancing locally driven blockchain initiatives. Phan Duc Trung, the VBA’s vice president, emphasized the association’s dedication to supporting the growth of this emerging sector, stating:
“We feel honored by the trust you’ve placed in us. We recognize the importance of our role in shaping blockchain policies. With the National Blockchain Strategy in place, VBA is committed to fostering research and practical applications. We aim to maximize the potential of blockchain technology.”
Trung expressed confidence that blockchain will gain widespread adoption and become a cornerstone of Vietnam’s digital economy, which is a key goal of the government’s broader vision for a digital society.
A Bold Step Towards a Digital Future
The Vietnamese government has allowed the Public Blockchain System the country’s most elevated legitimate status. This shows its commitment to using blockchain for economic and social progress.
The strategy places Vietnam at the forefront of technological innovation in Southeast Asia. It also reflects the country’s ambition to embrace blockchain as part of its long-term digital goals.
Conclusion
Vietnam’s blockchain strategy marks a pivotal step towards establishing the country as a regional powerhouse in blockchain innovation. The government has a clear action plan. It focuses on legal reforms, ecosystem development, workforce training, and international collaboration. This strategy aims to capitalize on the growing global demand for blockchain solutions.
Key institutions, like the Vietnam Blockchain Association, are involved in the effort. The country is committed to supporting local blockchain projects. This highlights the collaboration needed to advance the industry.
As the strategy progresses, Vietnam’s leadership in blockchain technology could serve as a model for other Southeast Asian nations, fostering economic growth, technological advancement, and a more digitally connected society.
