Vietnam to become a regional leader in blockchain by 2030
The application and development of blockchain technology play an important role in building advanced digital infrastructure, ensuring data reliability and security, and contributing to establishing the foundation for the development of the digital technology industry.
Hanoi (VNA)🔯 - On October 22, Deputy Prime Minister Ho Duc Phoc signed Decision No. 1236/QD-TTg, announcing the National Strategy for the Application and Development of Blockchain Technology through 2025, with orientations toward 2030.
Blockchain is recognised as one of the leading technologies of the Fourth Industrial Revolution. The application and development of the technology play an important role in building advanced digital infrastructure, ensuring data reliability and security, and contributing to establishing the foundation for the development of the digital technology industry.
Developing 20 reputable blockchain brands
The strategy outlines Vietnam's goal to become a regional leader in blockchain technology, with a strong international presence in blockchain research, implementation, and application.
Specifically, the government aims to develop 20 reputable blockchain brands within the region, covering platforms, products, and services. Additionally, Vietnam plans to operate at least three blockchain research and testing centres in major cities, forming a national blockchain network. The country also aims to establish its presence in the top 10 blockchain training and research institutions in Asia.
Deputy Prime Minister Ho Duc Phoc signs off on the National Strategy for the Application and Development of Blockchain Technology on October 22, 2024 (Photo: VNA)
To achieve these objectives, the government has developed an Action Plan for 2024-2030, which outlines five key actions: (1) Legal environment development; (2) Infrastructure development, building a blockchain industrial ecosystem; (3) Human resource development for the blockchain industry; (4) Blockchain development and application; (5) Research and international collaboration.
The plan assigns specific ministries and sectors to take responsibility for implementing each action.
Promoting made-in-Vietnam blockchain brands
Apart from ministries and sectors, the Vietnam Blockchain Association (VBA) and professional organisations will lead the effort to develop made-in-Vietnam blockchain brands.
They will be responsible for building mechanisms for the operation and connection of different blockchain networks operating within Vietnam’s blockchain infrastructure. They are also given the task of gathering Vietnamese digital enterprises in building blockchain platforms, fostering information sharing and enhancing the competitiveness of Vietnamese digital technology companies.
Phan Duc Trung, VBA Permanent Vice President said the newly-issued National Blockchain Strategy is a significant milestone for the country's blockchain sector. He emphasised that the strategy reflects the government's commitment to advancing blockchain technology, and the efforts of the community in promoting a transparent, secure, and sustainable digital economy.
Phan Duc Trung, VBA Permanent Vice President (Photo: VietnamPlus)
Regarding the role of the VBA in implementing the strategy, Trung said it is an honor for the association to be recognised for its contributions in collaborating with regulatory bodies to gather feedback from the community.
He stressed the association's responsibility in nurturing a young but promising industry, and reiterated VBA's commitment to fulfilling its assigned tasks, focusing on research, practical applications, and maximising the benefits of blockchain as outlined in the national strategy.
“We believe that the popularisation of blockchain technology, as envisioned in the strategy, would have a clear, positive impact on Vietnam's digital economy, in line with the government's broader vision,” he said.
The National Strategy for the Application and Development of Blockchain Technology to 2025 is by far the highest legal document in the field./.
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