On Oct. 22, the Vietnamese government officially unveiled the country’s strategy on the development and application of blockchain technology. The strategy outlines plans to make Vietnam Southeast Asia’s go-to place for blockchain research, deployment, and application. Deputy Prime Minister Ho Duc Phoc reportedly signed and issued the strategy.

According to a report, the strategy commits the Vietnamese government to building 20 prestigious blockchain brands and maintaining the operation of at least 3 blockchain testing centers. The strategy also seeks to have Vietnamese organizations ranked among the region’s top ten blockchain training and research institutions.

To achieve this, the government’s action program for 2023-2030 proposes five key steps. These include perfect the legal environment (1) as well as developing and foster a blockchain ecosystem (2). Creating a pool of human resources for the blockchain industry (3) and promoting blockchain solutions (4) are also among the goals that must be attained. Committing to research and international collaboration to stay ahead in the blockchain space is the fifth goal that Vietnam has committed itself to achieving.

While each of these tasks is assigned to government ministries and agencies, the action program also tasks the Vietnam Blockchain Association (VBA) and associated professional organizations with working on locally based blockchain projects. Commenting on the VBA’s role, the association’s vice president, Phan Duc Trung, said:

“This is an honor, recognizing VBA’s contributions in the past time to management agencies in gathering opinions and contributions from the community. At the same time with the National Blockchain Strategy, VBA is aware of its responsibility towards this very young but potential industry. We are committed to actively and proactively performing the assigned tasks to promote community development in the direction of research, practical application, and maximizing the benefits of blockchain technology as shown in the national strategy.”

Trung added that the association is confident that blockchain will be widely adopted, culminating in the realization of the government’s goal of a digital economy. According to the Vietnam VN report, the National Blockchain Strategy, which has the country’s “highest” legal status, demonstrates Vietnam’s commitment to promoting the application of blockchain technology.

It also showcases the government’s desire to harness the potential of this advanced technology to achieve its goals for the digital economy and digital society.

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