Vietnam has taken a significant step towards developing its blockchain ecosystem with the release of its National Blockchain Strategy.
Strategy, announced by the Ministry of Information and Communications (MIC) on October 23 outlines a roadmap for developing decentralized networking in the country and aims to position Vietnam as a “regional leader” in the sector.
The strategy is aligned with the goals of the Fourth Industrial Revolution, a global initiative to integrate mainstream technologies into economies.
Legal framework and recognition of digital assets
As revealed in a report released today, Vietnam’s strategy identifies five main areas of focus overseen by government agencies, including the MIC and the Vietnam Blockchain Association.
These areas include “improving the legal environment, building infrastructure, promoting innovation and developing international cooperation.”
One of the outstanding goals is to create a comprehensive decentralized networked industrial ecosystem, which will be supported by national initiatives to build decentralized network platforms, products and services.
According to the report, the Vietnamese government intends to establish 20 key blockchain brands and at least three blockchain testing centers in major cities to enhance the research, development and application of decentralized networks.
Another key aspect of Vietnam’s strategy is its focus on establishing a legal framework that recognizes digital assets.
As blockchain technology becomes increasingly integral to finance, supply chains and logistics, regulatory clarity is imperative to ensure the velvety development of decentralized network applications.
The strategy highlights the importance of legal recognition of digital assets to address issues such as money laundering, terrorist financing and the financing of weapons proliferation.
In addition to the legal framework, the strategy highlights the importance of supporting innovation and international cooperation in the industry.
Vietnam plans to cooperate with other countries to advance research and development of decentralized networks, creating opportunities for cross-border cooperation in this sector.
Construction of a national Blockchain network
Another key element of the strategy is the creation of a national blockchain network. Vietnam aims to establish at least three testing centers in major cities to facilitate the development and application of the decentralized network.
These centers will serve as hubs for research, innovation and security, providing the infrastructure necessary to support blockchain adoption across industries.
Test centers will also play a key role in ensuring the security and reliability of blockchain applications, promoting trust in the technology among both enterprises and consumers.
Featured image created with DALL-E, chart from TradingView
