Deputy Prime Minister Hồ Đức Phớc signed and issued the National Blockchain Strategy on 22 October.
In the National Strategy on the Application and Development of Blockchain Technology to 2025, with orientations to 2030 (the National Blockchain Strategy), which has just been signed and issued by Deputy Prime Minister Hồ Đức Phớc, blockchain is defined as one of the leading technology trends of the Fourth Industrial Revolution.
The application and development of blockchain technology will make an important contribution to building advanced digital infrastructure, ensuring data reliability and security, and laying the foundation for the development of the digital technology industry.
Viet Nam to lead the region in the blockchain industry by 2030
Under the Strategy, the vision to 2030 is for Viet Nam to become one of the leading countries in the region and to hold an international standing in the research, deployment, application and exploitation of blockchain technology.
Specifically, the Government aims to build 20 reputable blockchain brands in the region for platforms, products and services based on blockchain technology; to maintain the operation of at least three blockchain testing centres or sandboxes in major cities to form a national network; and to have representatives in the ranking of the top 10 leading blockchain training and research institutions in Asia.
To achieve these goals, the Action Programme for 2024–2030, issued together with Decision 1236/QĐ-TTg, sets out five specific actions:
(1) Improving the legal environment; (2) Developing infrastructure and forming a blockchain industry ecosystem; (3) Developing human resources for the blockchain sector; (4) Promoting the development and application of blockchain; (5) Promoting research, innovation and international cooperation.
Each activity is specifically assigned to ministries and sectors, such as the Ministry of Information and Communications, the Government Cipher Committee, the Ministry of Education and Training (MOET) and the Ministry of Science and Technology, which take the lead and bear responsibility.
Viet Nam Blockchain Association: promoting "Blockchain Make in Viet Nam" brands
Notably, in addition to ministries and sectors, the Viet Nam Blockchain Association, together with other professional associations, has been assigned to lead the development of "Make in Viet Nam" blockchain platforms, and to build mechanisms for the operation, exploitation, interaction and interoperability of the various types of blockchain networks operating on Viet Nam's blockchain infrastructure.
It is also tasked with bringing together Vietnamese digital technology enterprises to build blockchain platforms, promoting information sharing and strengthening their capacity to compete with foreign enterprises.
Mr Phan Đức Trung, Standing Vice President of the Viet Nam Blockchain Association, said: "The National Blockchain Strategy just issued by the Prime Minister is an important milestone in the blockchain field, demonstrating the Government's commitment and concrete action, the determination of the drafting agency, the Ministry of Information and Communications, and the efforts of the community to promote a transparent, secure and sustainably developing digital economy."
According to Mr Phan Đức Trung, the comprehensive popularisation of blockchain technology, reaching the entire population as targeted by the Strategy, will bring clear benefits to the digital economy that the Government has set out.
Mr Phan Đức Trung, Standing Vice President of the VBA, highlighted the role of the community and expressed support for the National Blockchain Strategy just issued by the Government.
To date, the National Blockchain Strategy is the document with the highest legal standing, reflecting the Government's goals and determination to promote the application of blockchain technology and take advantage of this advanced technology to help realise the goals set for the digital economy and digital society.
Earlier, on 8 October, the Standing Committee of the National Assembly gave its opinion on the draft Law on the Digital Technology Industry submitted by the Minister of Information and Communications.
This is the first time that digital assets have been officially included in a law, with specific provisions defining them as a type of intangible asset protected by law as property rights in accordance with civil law, intellectual property law and other relevant legislation.
Giving digital assets a legal definition is one of the actions to fulfil the Vietnamese Government's commitments on anti-money laundering, countering the financing of terrorism and countering the financing of the proliferation of weapons of mass destruction, with the aim of removing Viet Nam from the grey list of the Financial Action Task Force (FATF) before May 2025.
These commitments are set out in the National Action Plan issued under the Prime Minister's Decision No. 194/QĐ-TTg of 23 February 2024.
Since Viet Nam was placed on the FATF grey list in June 2023, the Viet Nam Blockchain Association (VBA) has made important and active contributions through numerous activities.
These include a series of seven workshops contributing to the development of a legal framework for virtual assets, and dozens of direct or written submissions to the agencies responsible for drafting, reviewing and commenting on these legal provisions, such as the National Assembly's Committee for Science, Technology and Environment, the Ministry of Information and Communications and the Government.
These efforts aim to help build a legal framework for digital assets that suits Viet Nam's practical circumstances and is consistent with international practice.