Vietnam is making strides in advancing its blockchain ecosystem with the release of its National Blockchain Strategy. The Ministry of Information and Communications (MIC) announced the strategy on October 23, with the goal of positioning Vietnam as a regional leader in the sector and aligning with the Fourth Industrial Revolution’s objectives.
The strategy focuses on five core areas overseen by government agencies, including perfecting the legal environment, building infrastructure, promoting innovation, and advancing international cooperation. A key objective is the development of a comprehensive decentralized network industrial ecosystem, supported by initiatives to build platforms, products, and services. The government aims to establish 20 key blockchain brands and three testing centers in major cities to enhance research, development, and application in the decentralized network space.
One crucial aspect of the strategy is the establishment of a legal framework that recognizes digital assets. As blockchain technology becomes more integrated into various industries, regulatory clarity is essential to ensure smooth development. The strategy emphasizes the importance of legal recognition for digital assets to address issues like money laundering and terrorist financing.
In addition to the legal framework, the strategy also highlights the importance of fostering innovation and international cooperation. Vietnam plans to collaborate with other countries to advance research and development in the decentralized network sector, creating opportunities for cross-border cooperation.
Another key element of the strategy is the establishment of a national blockchain network. Vietnam aims to create testing centers in major cities to facilitate development and application of blockchain technology. These centers will serve as hubs for research, innovation, and security, providing the infrastructure necessary to drive adoption across industries and ensure the security and reliability of blockchain applications.
The testing centers will play a critical role in promoting confidence in blockchain technology among businesses and consumers. By creating a secure and reliable environment for blockchain applications, Vietnam hopes to accelerate the adoption of this technology and foster growth in the sector.
Overall, Vietnam’s National Blockchain Strategy represents a significant step towards advancing the country’s blockchain ecosystem and positioning itself as a leader in the region. Through a focus on legal frameworks, innovation, and international cooperation, Vietnam aims to create a conducive environment for the development and application of blockchain technology, driving growth and innovation in various industries.
