On October 22, 2024, the government issued Decision No. 1236/QD, announcing the National Strategy for the Application and Development of Blockchain Technology by 2025, with a vision toward 2030.
In the National Strategy for the Application and Development of Blockchain Technology by 2025, with a vision toward 2030 (National Blockchain Strategy), recently signed by Deputy Prime Minister Hồ Đức Phớc, blockchain is defined as one of the leading technology trends of the Fourth Industrial Revolution. The application and development of blockchain technology play a crucial role in building advanced digital infrastructure, ensuring data reliability and security, and establishing a foundation for developing the digital technology industry.
Vietnam to Lead the Region in Blockchain by 2030
According to the Strategy, with a vision for 2030, Vietnam aims to become a leading nation in the region and establish an international position in the research, implementation, application, and exploitation of blockchain technology. Specifically, the government aims to build 20 reputable blockchain brands in terms of platforms, products, and services within the region; maintain the operation of at least three blockchain testing centers or special zones in major cities to form a national network; and have representation in the ranking of the top 10 educational and research institutions in blockchain in the Asia-Pacific region.
To achieve this goal, the government outlined five specific actions in the Action Program for the period 2024-2030, accompanying Decision No. 1236/QD-TTG: (1) Complete the legal environment; (2) Develop infrastructure and form a blockchain industrial ecosystem; (3) Develop human resources for the blockchain sector; (4) Promote the development and application of blockchain; (5) Encourage research, innovation, and international cooperation. Each action is assigned to specific ministries and agencies, such as the Ministry of Information and Communications, the Government Cipher Commission, the Ministry of Education and Training, and the Ministry of Science and Technology, which will lead and be responsible for their implementation.
Vietnam Blockchain Association: Promoting the Make in Vietnam Blockchain Brand
Notably, alongside the ministries and sectors, the Vietnam Blockchain Association, and professional associations, has been tasked with leading the following initiatives: (1) Develop Make in Vietnam blockchain platforms by establishing operational mechanisms, exploiting and interacting among various blockchain networks operating on Vietnam’s blockchain infrastructure. (2) Gather Vietnamese digital technology enterprises to build blockchain platforms, promote information sharing, and enhance competitive strength against foreign companies.
Sharing his views on the legal framework that serves as a guideline for the development of the blockchain market in Vietnam, Mr. Phan Duc Trung, Permanent Vice Chairman of the Vietnam Blockchain Association, stated, “The National Blockchain Strategy recently issued by the Prime Minister marks an important milestone in the blockchain sector, demonstrating the government’s commitment and concrete actions, the determination of the drafting unit, which is the Ministry of Information and Communications, as well as the efforts of the community in promoting a transparent, secure, and sustainable digital economy.”
Regarding the Vietnam Blockchain Association (VBA) in the National Blockchain Strategy assignment, Mr. Trung shared, “This is an honor and recognition of VBA’s contributions in recent times, in collaboration with regulatory agencies to gather opinions and input from the community. Alongside the National Blockchain Strategy, VBA is aware of its responsibilities towards this nascent but promising industry. We are committed to actively and proactively carrying out the assigned tasks to promote community development in the direction of research, practical application, and maximizing the benefits of blockchain technology as outlined in the national strategy. We also believe that the comprehensive dissemination of blockchain technology, reaching the entire population as the Strategy aims, will bring tangible benefits to the digital economy that the government has envisioned,” emphasized Mr. Phan Đức Trung.
To date, the National Blockchain Strategy is the highest legal document that reflects the government’s objectives and determination to promote the application of blockchain technology, leveraging the advantages of this advanced technology to facilitate the realization of the set goals for the digital economy and digital society.
On October 8, 2024, the Standing Committee of the National Assembly discussed the draft Law on Digital Technology Industries presented by the Minister of Information and Communications. This marks the first time digital assets have been officially included in a legal document, with specific provisions defining them as intangible assets protected by law as property rights under civil law, intellectual property law, and other relevant legal regulations.
The legalization of the definition of digital assets is one of the actions that reflect the commitment of the Vietnamese government to combat money laundering, terrorism financing, and the proliferation of weapons of mass destruction, to remove Vietnam from the Financial Action Task Force (FATF) gray list before May 2025. These commitments are outlined by the Prime Minister in the National Action Plan, issued under Decision No. 194/QD-TTG on February 23, 2024.
Since Vietnam was placed on the FATF gray list in June 2023, the Vietnam Blockchain Association (VBA) has made significant contributions through various specific activities, including seven workshops to provide feedback on the legal framework for virtual assets. They have submitted dozens of direct or indirect comments in writing to responsible drafting and reviewing agencies, such as the National Assembly’s Committee on Science, Technology, and Environment, the Ministry of Information and Communications, and the government, to help build a legal framework for digital assets that aligns with Vietnam’s actual situation and is consistent with international practices.