Vietnam Sets Sights on Blockchain Leadership with New National Strategy

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Veronika Rinecker

Editor

Veronika Rinecker

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Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been…

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Last updated:

October 23, 2024 15:27 EDT

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Vietnam took a big step towards becoming a regional leader in blockchain technology with the official release of its new national blockchain strategy on October 22.

The strategy, signed by Deputy Prime Minister Ho Duc Phoc, outlines a comprehensive plan to develop Vietnam’s blockchain ecosystem and capitalize on this technology’s potential.

Vietnam Sets Ambitious Goals

The blockchain strategy sets ambitious goals for Vietnam to achieve by 2030.

These include building 20 Vietnamese blockchain brands across platforms, products, and services, establishing at least three blockchain testing centers or special zones in major cities to create a national network, and having Vietnamese institutions ranked among the top 10 for blockchain research and training in Asia.

To achieve these goals, the strategy outlines five key areas of action.

The first is to perfect the legal environment by establishing clear and well-defined regulations to foster innovation while mitigating risks.

The second is to develop infrastructure by building a robust blockchain infrastructure to support the industry’s growth.

The third is to invest in human resource development by creating a skilled blockchain workforce through education and training programs.

The fourth is to promote the development and application of blockchain technology across various sectors.

The fifth is to foster innovation and international cooperation by supporting research and development initiatives and collaborating with international partners.

The strategy also recognizes the important role of the Vietnam Blockchain Association (VBA) in promoting the “Blockchain Made in Vietnam” brand. The VBA will be responsible for developing Vietnamese blockchain platforms and facilitating collaboration within the industry.

Vietnam Ranks High in Global Crypto Adoption

Vietnam has emerged as a country with high activity levels in local crypto exchanges, merchant services, and decentralized finance (DeFi), securing fifth place on Chainalysis’ Global Crypto Adoption Index 2024.

Vietnam’s blockchain strategy aligns with the county’s recent efforts to legalize digital assets. In February, the Vietnamese government assigned the Ministry of Finance to develop a legal framework by May 2025.

The decision, outlined in Decision 194/QĐ-TTg dated Feb. 23, 2024, is part of Vietnam’s national action plan to combat money laundering, terrorism financing, and the proliferation of weapons of mass destruction.