Vietnam Unveils National Blockchain Strategy to Boost Innovation

Vietnam has officially unveiled its National Blockchain Strategy, as announced by the Ministry of Information and Communications (MIC) on October 23.

This initiative aims to enhance the nation’s blockchain capabilities, establish legal frameworks, and foster innovation as part of what it calls “the Fourth Industrial Revolution.”

The strategy focuses on five primary areas managed by government bodies, including the MIC and the Vietnam Blockchain Association.

Key objectives include enhancing the legal framework, building infrastructure for a blockchain ecosystem, developing a skilled workforce in blockchain technology, encouraging innovation and application, and promoting research, innovation, and international collaboration.

A central aspect of the strategy is the creation of a robust blockchain ecosystem, with plans to develop 20 distinct blockchain brands for various platforms and services. Additionally, the government intends to establish at least three testing centers in major cities to support the development and implementation of blockchain applications, ensuring security and encouraging innovation.

A significant focus of the strategy is the legal recognition of digital assets, which aligns with the government’s commitment to combat money laundering and financing terrorism. By acknowledging digital assets within civil law, Vietnam aims to strengthen its blockchain industry while adhering to international standards.