Officially Issued National Blockchain Strategy

In the National Strategy on Application and Development of Blockchain Technology to 2025, with a Vision to 2030 (National Blockchain Strategy) recently approved by the Deputy Prime Minister, Prime minister Ho Duc Phoc signed and issued, blockchain is defined as one of the leading technology trends of the Fourth Industrial Revolution. The application and development of Blockchain technology contributes significantly to building advanced digital infrastructure, ensuring data reliability and security, and contributing to creating a foundation for the development of the digital technology industry.

National Strategy on Application and Development of Blockchain Technology to 2025, with a vision to 2030, was signed and issued on October 22, 2024 (Screenshot)

Vietnam will lead the region in the blockchain industry by 2030 

According to the Strategy and Vision to 2030, Vietnam will become a leading country in the region and have an international position in researching, deploying, applying and exploiting Blockchain technology. Specifically, the Government aims to build 20 prestigious blockchain brands in terms of platforms, products and services on the blockchain technology platform in the region; maintain the operation of at least 3 blockchain testing centers or special zones in major cities to form a national network; Have representatives in the Ranking of the top 10 blockchain training and research institutions in the Asia region.

To achieve this goal, in the Action Program for the 2024-2030 phase, issued together with Decision 1236/QD-TTg, the Government has proposed 5 specific actions, including: (1) Perfecting the legal environment; (2) Developing infrastructure, forming a blockchain industrial ecosystem; (3) Developing human resources for the Blockchain field; (4) Promoting Blockchain development and application; (5) Promoting research, innovation and international cooperation. In which, each activity is specifically assigned to the following ministries and branches: Ministry of Information and Communications, Government Cipher Committee, Ministry of Education and Training, Science and technology,.. preside and take responsibility.  

Deputy Prime Minister Ho Duc Phoc signed and issued the National Blockchain Strategy on October 22, 2024. (Photo: chinhphu.vn)

 Vietnam Blockchain Association: Promoting the Blockchain Make in Vietnam brand

Notably, in addition to the Ministries, Branches, the Vietnam Blockchain Association, along with professional associations and unions, are assigned to preside over: (1) Developing Blockchain platforms Made in Vietnam. Building mechanisms for operation, exploitation, interaction, and interconnection between types of blockchain networks operating on Vietnam's blockchain infrastructure. (2) Gathering Vietnamese digital technology enterprises to build blockchain platforms, promote information sharing, and enhance competitiveness with foreign enterprises. 

Sharing his views on the legal document that guides the development of the Vietnamese blockchain market, Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association, said, “The National Blockchain Strategy recently issued by the Prime Minister is an important milestone in the blockchain field, demonstrating the commitment and specific actions of the Government, the determination of the drafting unit, the Ministry of Information and Communications, as well as the efforts of the community in promoting a transparent, safe and sustainable digital economy.”

Regarding VBA being assigned to the National Blockchain Strategy, Mr. Trung shared, “This is an honor, recognizing VBA's contributions in the past time to management agencies in gathering opinions and contributions from the community. At the same time with the National Blockchain Strategy, VBA is aware of its responsibility towards this very young but potential industry. We are committed to actively and proactively performing the assigned tasks to promote community development in the direction of research, practical application, and maximizing the benefits of blockchain technology as shown in the national strategy. We also believe that the universalization of blockchain technology, reaching all people as the goal of the Strategy, will bring clear effects to the digital economy that the Government has oriented", Mr. Phan Duc Trung emphasized.

Up to now, the National Blockchain Strategy is the document with the highest legal status, demonstrating the Government's goals and determination in promoting the application of blockchain technology, taking advantage of the advantages of this advanced technology to facilitate the realization of the set goals of the digital economy and digital society. 

Mr. Phan Duc Trung represented VBA in a session to give comments to the National Assembly's Committee on Science, Technology and Environment on regulations on Digital Assets in the Digital Technology Industry Bill (Photo: PV)

 Previously, on October 8, 2024, the Standing Committee Congress gave comments on the draft Law on 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 legal document with specific provisions as a type of intangible asset, protected by law as property rights in accordance with the provisions of civil law, intellectual property and other relevant laws.

The legalization of the definition of Digital Assets is one of the actions to realize the Vietnamese Government's commitment to preventing and combating money laundering, terrorist financing and financing of proliferation of weapons of mass destruction, with the goal of removing Vietnam from the Financial Action Task Force (FATF) grey list before the month of May 2025. These commitments are reflected in the National Action Plan, issued in Decision No. 194/QD-TTg dated February 23, 2024 of the Prime Minister.

Since Vietnam was put on the FATF grey list in June 2023 month, the Vietnam Blockchain Association (VBA) has made many important and positive contributions through many specific activities such as a series of 7 workshops to contribute ideas to build a legal framework for Virtual Assets; Dozens of direct or indirect comments in writing to agencies responsible for drafting, reviewing, and commenting on these legal regulations such as the National Assembly's Committee for Science, Technology and Environment, the Ministry of Information and Communications, the Government, etc. to contribute to building a legal framework for Digital Assets that is suitable for the practical situation of Vietnam and similar to international practices./.