Promoting the Make in Vietnam blockchain brand.

One of the tasks and solutions outlined in the National Blockchain Strategy is to develop Make in Vietnam blockchain platforms and bring together Vietnamese digital technology businesses to build blockchain platforms, promote information sharing, and enhance domestic competitiveness with foreign businesses.

Blockchain is considered one of the leading technology trends of the Fourth Industrial Revolution. (Illustrative image) Forming an ecosystem for blockchain industry development In the National Strategy on the Application and Development of Blockchain Technology to 2025, with a vision to 2030, recently signed and issued by Deputy Prime Minister Ho Duc Phoc, blockchain is defined as one of the leading technology trends of the Fourth Industrial Revolution. The application and development of blockchain technology plays a crucial role in building advanced digital infrastructure, ensuring data reliability and security, and contributing to the establishment of a foundation for the development of the digital technology industry. According to the Strategy, the goal by 2025 is to form a “Blockchain+” ecosystem through the application of blockchain technology in industries and sectors such as finance and banking, transportation, healthcare, education and training, commerce, logistics, postal services, industrial production, energy, tourism, agriculture, public service provision, and other fields. The vision for 2030 is for Vietnam to become a leading country in the region and to have an international position in the research, deployment, application, and exploitation of blockchain technology. Specifically, the Government aims to build 20 reputable blockchain brands in the region in terms of platforms, products, and services based on blockchain technology; maintain the operation of at least 3 blockchain testing centers or special zones in major cities to form a national network; and have representatives ranked among the top 10 blockchain training and research institutions in Asia. To achieve this goal, one of the tasks and solutions of the Strategy is to build and perfect the legal framework to create a favorable environment for the application and development of blockchain. Along with this, it aims to develop concentrated information technology zones, creating space for the formation of a blockchain industrial ecosystem; develop human resources for the blockchain sector; promote the development and application of blockchain; and promote research, innovation, and international cooperation. Each activity is specifically assigned to ministries and agencies such as the Ministry of Information and Communications , the Government Cipher Committee, the Ministry of Education and Training, and the Ministry of Science and Technology, which are responsible for leading and overseeing it. Notably, in addition to ministries and agencies, the Vietnam Blockchain Association (VBA), along with professional associations, is tasked with leading: developing Make in Vietnam blockchain platforms; and building mechanisms for operation, exploitation, interaction, and interoperability between different types of blockchain networks operating on the Vietnamese blockchain infrastructure. Simultaneously, the strategy aims to bring together Vietnamese digital technology businesses to build blockchain platforms, promote information sharing, and enhance domestic competitiveness against foreign businesses. A significant milestone in the blockchain field: Sharing his views on the legal document that provides direction for the development of the Vietnamese blockchain market, Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association (VBA), assessed that the issuance of the Strategy is a significant milestone in the blockchain field, demonstrating the commitment and concrete actions of the Government, the decisiveness of the drafting unit, the Ministry of Information and Communications, as well as the efforts of the community in promoting a transparent, secure, and sustainable digital economy . Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association, during a consultation session with the National Assembly's Committee on Science, Technology and Environment regarding regulations on digital assets in the draft Law on Digital Technology Industry. Regarding the VBA's assignment in the Strategy, Mr. Phan Duc Trung stated that this is an honor, recognizing the VBA's contributions to management agencies in gathering opinions and contributions from the community. Simultaneously with the National Blockchain Strategy, the VBA is aware of its responsibility towards this nascent but promising industry. “We are committed to actively and proactively carrying out the assigned tasks to promote community development towards research, practical application, and maximizing the benefits of blockchain technology as outlined in the national strategy. We also believe that the comprehensive popularization of blockchain technology, reaching the entire population as targeted by the Strategy, will bring tangible results to the digital economy that the Government has envisioned,” the VBA's Standing Vice President emphasized. To date, the National Blockchain Strategy is the highest-ranking legal document, reflecting the Government's goals and determination to promote the application of blockchain technology, leveraging the advantages of this advanced technology to facilitate the realization of the goals set for the digital economy and digital society. Prior to this, on October 8, 2024, the Standing Committee of the National Assembly commented on the draft Law on Digital Technology Industry presented by the Minister of Information and Communications. This marks the first time that digital assets have been officially included in a legal document, specifically defining them as intangible assets protected by law as property rights, in accordance with civil law, intellectual property law, 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 the financing of the proliferation of weapons of mass destruction, with the goal of removing Vietnam from the Financial Action Task Force's (FATF) gray list before May 2025. These commitments are reflected in the National Action Plan, issued under Decision No. 194/QD-TTg dated February 23, 2024, by the Prime Minister. Since Vietnam was placed on the FATF gray list in June 2023, the Vietnam Blockchain Association has made many important and positive contributions through various specific activities such as a series of 7 workshops to provide input on building a legal framework for Virtual Assets; Dozens of people have contributed their opinions directly or indirectly in writing to the agencies responsible for drafting, reviewing, and commenting on these legal regulations, such as the National Assembly's Committee on Science, Technology and Environment, the Ministry of Information and Communications, and the Government, aiming to contribute to building a legal framework for digital assets that is suitable to Vietnam's practical situation and consistent with international practices.

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