Vietnam Unveils National Blockchain Strategy, Aiming for Global Leadership by 2030

Vietnam has launched an ambitious national blockchain strategy, aiming to become a regional leader in the technology by 2030. The government plans to establish a regulatory framework, promote innovation, and develop blockchain infrastructure while engaging industry stakeholders like the Vietnam Blockchain Association. The strategy will take full effect by 2025, advancing the country’s goal of building a secure, digital economy.

Vietnam Announces National Blockchain Strategy With Ambitious 2030 Growth Targets

Vietnam is taking a major leap into blockchain technology with the announcement of its National Strategy on Application and Development of Blockchain Technology. Signed by Deputy Prime Minister Ho Duc Phoc, the strategy, known as Decision No. 1236/QD-TTg, signals the government’s commitment to making the Southeast Asian nation a blockchain powerhouse by 2030. This initiative, which will take full effect by 2025, places a strong emphasis on the development, research, and application of blockchain technology across various sectors.

Key Focus Areas of the Blockchain Strategy

The strategy outlines five core actions the government plans to take:

1. Improving the Legal Framework: Vietnam seeks to establish a regulatory environment that will foster blockchain innovation and protect stakeholders in the industry.
2. Developing Infrastructure: The government aims to create a blockchain industrial ecosystem, including special economic zones and testing centers for blockchain products.
3. Human Resource Development: There is a focus on cultivating skilled talent in blockchain technology, with training programs and expert recruitment from abroad.
4. Promoting Blockchain Innovation: By supporting blockchain startups and creating collaborative networks, the government aims to stimulate industry growth.
5. Fostering International Cooperation: Vietnam is keen on establishing global partnerships and promoting research to accelerate blockchain advancements.

Vietnam Blockchain Association’s Role

An integral part of the strategy is the Vietnam Blockchain Association (VBA), which will play a key role in fostering blockchain networks and homegrown platforms. The VBA’s involvement underscores the government’s intent to collaborate closely with industry stakeholders to ensure the success of the national blockchain plan. Phan Duc Trung, vice president of the VBA, praised the initiative as a significant milestone toward creating a “transparent, safe, and sustainable digital economy.”

Enhancing Legal Framework for Digital Assets

While the blockchain strategy primarily focuses on technology, it aligns with Vietnam’s broader efforts to regulate the digital asset industry. The country is working to improve its legal framework to tackle financial crimes and strengthen the digital economy. The Ministry of Finance is currently drafting regulations for the digital technology industry, with a priority on addressing issues like money laundering and terrorist financing. Vietnam’s inclusion on the Financial Action Task Force (FATF) grey list in 2023 has added urgency to these efforts.

Vietnam’s Leadership in Blockchain Adoption

Vietnam has consistently ranked as one of the top countries in terms of crypto adoption, currently fifth on Chainalysis’ global adoption index. The country is home to several prominent blockchain projects, including Sky Mavis, the developer behind the popular blockchain-based game Axie Infinity. With the launch of this new blockchain strategy, Vietnam is poised to further solidify its leadership in the blockchain space, both regionally and globally.

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