Vietnam has embarked on a transformational journey to elevate its blockchain sector by launching the National Blockchain Strategy. Unveiled by the Ministry of Information and Communications (MIC) on October 23, this strategic initiative lays a comprehensive roadmap for developing a decentralized network. The strategy aspires to position Vietnam as a “regional leader” in blockchain technology, aligning with the global objectives of the Fourth Industrial Revolution to weave major technological advancements into the economic fabric.
Legal Frameworks and Digital Asset Recognition
The recently published report delineates five principal focus areas managed by government bodies such as the MIC and the Vietnam Blockchain Association. These focus areas encompass enhancing the legal environment, constructing robust infrastructure, fostering innovation, and promoting international collaboration. A pivotal goal of the strategy is to cultivate a comprehensive industrial ecosystem for decentralized networks. This ecosystem will be nurtured through national initiatives aimed at developing decentralized platforms, products, and services.
Vietnam’s government has set ambitious targets, including the establishment of 20 key blockchain brands and a minimum of three blockchain testing centers in major urban areas. These efforts are intended to bolster research, development, and application of decentralized networks. A critical aspect of the National Blockchain Strategy is the formulation of a legal framework that acknowledges and embraces digital assets. As blockchain technology increasingly permeates finance, supply chains, and logistics, regulatory clarity becomes indispensable for the seamless evolution of decentralized applications.
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The strategy underscores the necessity of legal recognition for digital assets to effectively tackle issues such as money laundering, terrorism financing, and the financing of weapons proliferation. Beyond legal structures, the strategy emphasizes innovation and international collaboration. Vietnam plans to engage in partnerships with other nations, advancing research and development in decentralized networks that foster cross-border cooperation within the industry.
Building a National Blockchain Network
A cornerstone of the strategy is the creation of a national blockchain network. Vietnam aims to establish at least three testing centers in key cities to further the development and application of decentralized networks. These centers will act as hubs for research, innovation, and security, offering the infrastructure necessary to propel blockchain adoption across various sectors.
The testing centers are envisioned to play a vital role in ensuring the security and dependability of blockchain applications, thereby instilling trust in the technology among businesses and consumers. As the global digital currency market continues to expand, Vietnam’s strategic steps towards blockchain leadership are poised to set a benchmark for other countries aiming to integrate decentralized technologies into their economies.
