On July 11, 2024, the Vietnam Blockchain Association and its member company, AlphaTrue JSC, welcomed a delegation from the National Assembly’s Committee on Science, Technology, and Environment, led by Mr. Nguyen Phuong Tuan, Deputy Chairman of the Committee. The visit aimed to provide input for the second draft of the Law on Digital Technology Industry.
The delegation from the National Assembly’s Committee on Science, Technology, and Environment (KHCN&MT), led by Mr. Nguyen Phuong Tuan, Deputy Chairman of the Committee, along with committee members: Standing Member Nguyen Thi Kim Anh, Standing Member Nguyen Ngoc Son, Specialized Member Le Hoang Hai, and Director General of the KHCN&MT Department Tran Ngoc Hoa. The delegation also included representatives from the Ho Chi Minh City Department of Information and Communications and local government agencies, who participated in discussions and provided feedback during the visit to the headquarters of the Vietnam Blockchain Association in Ho Chi Minh City.
On behalf of the Vietnam Blockchain Association (VBA), the delegation included Mr. Phan Duc Trung, Standing Vice President of VBA; Mr. Tran Viet Hung, Former Deputy Chief of the Office of the Central Committee of the Communist Party; Ms. Nguyen Van Hien, Secretary General of VBA and Deputy Director of the ABAII Institute of Blockchain and Artificial Intelligence; Mr. Tran Huyen Dinh, Founder and CEO of AlphaTrue JSC; Mr. Pham Anh Khoi, Investment Director of Decom Invest JSC; and Mr. Hang Minh Loi, Director of DecomStars JSC.
Sharing the purpose of the visit, Mr. Nguyen Phuong Tuan, Deputy Chairman of the National Assembly’s Committee on Science, Technology, and Environment, stated: “Following the initial working session with the VBA on June 15 regarding feedback on the draft Law on Digital Technology Industry, our delegation aims to engage in deeper discussions with both sides to develop more specific proposals and recommendations. These will be based on in-depth research reports and analyses provided by the VBA. These inputs will play a crucial role in the study and refinement of the draft Law on Digital Technology Industry, which is expected to be submitted to the 15th National Assembly for review and comment at the upcoming 8th session.”
During this second working session, the National Assembly delegates spent considerable time listening to the opinions of leading enterprises in the industry, such as AlphaTrue JSC, a pioneer in the Web3 space with comprehensive Fintech solutions, gamification products, and community-focused offerings like the ChainTracer program for tracking fraudulent projects and issuing NFT certificates.
Mr. Tran Huyen Dinh, Founder and CEO of AlphaTrue JSC, stated, “AlphaTrue is a startup that provides multi-industry strategies and comprehensive solutions for businesses in the Blockchain and Web3 space. In addition to supporting individual startups, incubating projects, and offering solutions to partner businesses, AlphaTrue is committed to contributing and promoting the development of a community that adheres to the legal framework for digital and virtual assets, which is currently being formulated and enacted.”
Regarding the legal framework for digital assets, Mr. Phan Duc Trung emphasized that the foundation of a comprehensive and complete legal framework must begin with the formalization of a well-rounded and thorough definition of digital assets.
Currently, the draft Digital Technology Law stipulates that digital assets include: security tokens/asset-backed tokens, payment tokens, utility tokens, and mixed tokens.
“This definition is incomplete and should be expanded to encompass four main types of digital assets: encrypted assets, tokenized real-world assets, virtual assets, and Central Bank Digital Currencies (CBDCs). This would ensure comprehensive state management while meeting modern technology demands and development trends.” Mr. Trung stressed.
Continuing the program, Mr. Pham Anh Khoi, Investment Director of Decom Invest JSC, presented the application of tokenized real-world assets (RWA) and blockchain in resource and environmental management. He specifically addressed forest and natural resource management, waste management, climate change monitoring, land information management, and real estate.
Regarding Artificial Intelligence (AI) issues, Mr. Dao Trung Thanh, Deputy Director of the ABAII Institute of Blockchain and Artificial Intelligence, contributed various insights on approaches and management practices aligned with international standards. He emphasized AI ethics and community standards, expressing the hope that forthcoming legal regulations will facilitate Vietnam in fully leveraging its current strengths, such as its young population, rapid technological adoption, and readiness for innovation, in integrating with global digital technology trends.
Following the presentations and feedback, the delegation from the National Assembly’s Committee on Science, Technology, and Environment, along with leaders from the Vietnam Blockchain Association and AlphaTrue JSC, engaged in an open and candid discussion about practical blockchain applications, aiming to explore common solutions.
Notably, the National Assembly delegates highly appreciated and acknowledged the important feedback from the VBA regarding digital assets, which were addressed in Article 10 of the draft Law on Digital Technology Industry, set to be presented at the upcoming 8th session of the National Assembly.
Prior to this, on June 15, 2024, a delegation from the Committee on Science, Technology, and Environment, led by Mr. Le Quang Huy, Member of the Central Committee of the Communist Party and Chairman of the Committee, made their first visit and held a working session on the draft Law on Digital Technology Industry at the representative office in Hanoi.
