On October 23, Vietnam announced a forward-looking National Blockchain Strategy, marking a significant turning point in the nation’s digital landscape. This ambitious initiative is aimed at establishing Vietnam as a preeminent center for blockchain research, innovation, and application in the Southeast Asian region by the year 2030. Within the framework of this strategy, the Vietnamese government recognizes blockchain technology as a vital component of the Fourth Industrial Revolution, indicating its critical role in the country’s future growth and development trajectory.
Phan Duc Trung, the Permanent Vice President of the Vietnam Blockchain Association, heralded this strategy as a milestone for the country. The government’s commitment to fostering a transparent, secure, and sustainable digital economy is palpable through this strategic blueprint. It sets Vietnam on a path to not only advance its blockchain capabilities but also to enhance its overarching economic structure, transitioning to a more digitized and efficient model. The plan outlines concrete steps to promote research, deployment, and practical application of blockchain technology, with the intention of cultivating an ecosystem rich in innovation and entrepreneurship.
By 2030, Vietnam envisions a robust international presence in the blockchain arena. This ambitious goal involves developing distinguished blockchain brands and establishing essential infrastructure to back innovation. A focal point of the strategy is to transform Vietnam into a leading destination for blockchain research and training throughout Asia, potentially attracting global talent and establishing partnerships that will bolster its standing in the global market.
One of the key components of this strategy is to refine the legal framework surrounding blockchain technology. By aligning its regulations with international standards, Vietnam aims to enhance the legal status and protection of digital assets, recognizing them as intangible property under the jurisdiction of civil and intellectual property laws. This effort is crucial not just for fostering a thriving blockchain ecosystem but also for ensuring that the economic potential of these digital assets is fully realized.
In addition to legal advancements, the Vietnamese government has placed great emphasis on developing a skilled workforce adept in blockchain technology. By investing in human resource development, Vietnam aims to guarantee that it has the necessary talent pool to support and sustain its blockchain initiatives moving forward.
Ultimately, the Vietnamese government’s strategy demonstrates a comprehensive approach to mitigating risks associated with digital assets, including money laundering and terrorist financing. This aligns with global standards for financial security and transparency, showcasing Vietnam’s commitment to responsible governance in the blockchain sector. Given the country’s ranking among the top five globally in terms of cryptocurrency adoption, these measures reflect a proactive stance in addressing emerging challenges while capitalizing on digital advancements.
Vietnam’s National Blockchain Strategy represents a significant investment in the nation’s digital future, with an emphasis on innovation, legal integrity, and workforce preparedness. As the country embarks on this transformative journey, it is well-positioned to become a central player in the global blockchain landscape.
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