Vietnam Presents Ambitious Plan for Blockchain Development

The Vietnamese government officially unveiled the National Strategy on the Application and Development of Blockchain Technology. The initiative aims to establish a legal framework, infrastructure development, and international cooperation.

Ho Duc Phoc, Deputy Prime Minister of Vietnam, signed Decree No. 1236/QD-TTg on the National Strategy on the Application and Development of Blockchain Technology until 2025, which includes plans to implement DLT systems by 2030. The document highlights the importance of blockchain in building advanced digital infrastructure and improving data security.

Vietnam’s new strategy covers five key areas to facilitate the development of blockchain technology in the country, including: 

• improving the regulatory environment;
• developing blockchain infrastructure;
• creating an industrialized blockchain ecosystem;
• training personnel for the blockchain sector;
• supporting research, innovation, and international cooperation. 

All areas will be overseen by Vietnam’s Ministry of Information and Communications (MIC) and the Vietnam Blockchain Association (VBA), which will take full responsibility for building national blockchain platforms and promoting information exchange between local and foreign companies. 

According to the strategy, Vietnam aims to take the lead in blockchain technology research and adoption in the Asian region by 2030. The government announced several ambitious goals for the next six years. Among them are:

• establishing 20 prestigious blockchain brands based on platforms, products, and services;
• opening at least three test centers in major cities to support the national blockchain network;
• ensuring the country’s presence in the top 10 blockchain education and research institutions in Asia.

An important aspect of the strategy is the official recognition of digital assets and the establishment of a legal framework to regulate them. The Vietnamese government plans to legalize digital assets, calling them a protected form of property under civil law. This approach will enable the country to meet international standards in the fight against money laundering, terrorist financing, and the proliferation of weapons of mass destruction. According to Phan Duc Trung, Vice President of the VBA, recognizing digital assets at the legislative level will strengthen Vietnam’s position in the blockchain sector and provide legal protection for cryptocurrency users.

The Ministry of Finance began working on creating a legal framework for Vietnam’s cryptocurrency market back in 2022, and the relevant regulations were signed by the country’s Prime Minister in 2017.