The challenge for Blockchain remains the unclear legal framework.

This was one of the remarks made by Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association, at the ceremony celebrating the first anniversary of the Association's establishment.

Mr. Phan Duc Trung, Vice President of the Blockchain Association, shared his thoughts at the ceremony celebrating the first anniversary of the Vietnam Blockchain Association. Photo: Le My

At the ceremony, Mr. Hoang Van Huay, Chairman of the Vietnam Blockchain Association, stated that after one year of establishment, the Association has made significant contributions to economic and social development by widely popularizing this technology to businesses and the technology community nationwide; promoting the training of Blockchain human resources in key sectors, especially universities; and promoting the application of Blockchain technology in economic and technical sectors to meet social development needs.

According to Mr. Hoang Van Huay, the initial success of the Association is that Blockchain technology has spread into the country's economic and social sectors, and in the future, it will continue to gather forces to promote the development of this new technology.

Speaking at the event, Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association, said that in 2023, the Association will focus on improving the quality of its participating members; supporting fundraising for domestic blockchain startups, especially by collaborating with national universities to support student entrepreneurship. This fundraising will be conducted from both domestic and international funds.

However, according to Mr. Phan Duc Trung, one of the major challenges to developing Blockchain technology domestically is the lack of a clear legal framework for this field, which is a significant obstacle to its development.

Speaking on this issue, Mr. Tran Van Tung, Deputy Minister of Science and Technology, also suggested that the Association should research, propose, and advise state management agencies to soon complete the legal framework for Blockchain to promote the development of this industry; support the use of Blockchain technology to participate in building large databases serving digital transformation; and at the same time, combine training to create a team of Blockchain professionals with the same level of expertise as experts worldwide; and create a Blockchain network both domestically and internationally, especially in the area of startups.

When Vietnamese people buy land and recruit people using Blockchain technology , Blockchain technology is increasingly showing its influence in Vietnam and is expected to play a crucial role in the digital economy.

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