Vietnam has officially issued its National Strategy on Application and Development of Blockchain Technology, aiming to position itself as a leading player in the blockchain industry by 2025, with a longer-term vision extending to 2030. This strategy, outlined in Decision No. 1236/QD-TTg, was signed by Deputy Prime Minister Ho Duc Phoc and highlights blockchain as one of the key drivers of the Fourth Industrial Revolution. The government’s focus on blockchain technology aims to enhance digital infrastructure, ensuring reliability, security, and contributing to the broader growth of Vietnam’s digital economy.
Key Objectives for 2030
The national strategy sets ambitious goals for Vietnam’s blockchain landscape by 2030, aiming to establish the country as a regional leader in blockchain research, deployment, and application. Among its targets are the creation of 20 prominent blockchain brands in platforms, products, and services, recognized across the region. Additionally, the government plans to maintain at least three blockchain testing centers or special zones in major cities, forming a national blockchain network. Vietnam also aims to place its educational institutions among the top 10 blockchain training and research centers in Asia.
To support these goals, the government has laid out an action program for the period 2024-2030. This program involves five main activities: improving the legal environment, developing blockchain infrastructure and an ecosystem, building human resources for blockchain, promoting the development and application of blockchain, and enhancing research, innovation, and international collaboration. Various government ministries, including the Ministry of Information and Communications and the Ministry of Education and Training, will oversee and implement these activities.
Promoting Blockchain Innovation and Collaboration
One of the significant aspects of the National Blockchain Strategy is the active role assigned to the Vietnam Blockchain Association (VBA). Alongside various ministries, the VBA will focus on developing “Made in Vietnam” blockchain platforms. The association will work on creating frameworks for the operation and interaction of blockchain networks within the country’s infrastructure. Additionally, it will help to unite local technology firms to foster the growth of the blockchain sector, promote information sharing, and enhance competitiveness against foreign entities.
In a statement, Phan Duc Trung, Permanent Vice President of the VBA, expressed that the National Blockchain Strategy marks a critical step for blockchain development in Vietnam. The government’s commitment and the collective efforts of regulatory bodies and the blockchain community demonstrate a concerted push toward a transparent, secure, and sustainable digital economy. Trung highlighted the significance of VBA’s role, emphasizing its responsibility in advancing the blockchain industry through research and practical application, as outlined in the national strategy.
He further noted the potential of blockchain technology to transform Vietnam’s digital economy, with universal access to blockchain being a key goal of the strategy. This, he believes, will yield tangible benefits and drive digital economic growth in line with the government’s vision.
Strengthening Legal Framework for Digital Assets
In tandem with the National Blockchain Strategy, Vietnam is also making strides in the legal recognition of digital assets. The draft Law on Digital Technology Industry, reviewed by the Standing Committee Congress in October 2023, marks the first time digital assets have been officially recognized as intangible property protected by law. This legal definition will cover property rights related to digital assets under civil law, intellectual property law, and other relevant legal frameworks.
The legalization of digital assets is part of Vietnam’s efforts to combat financial crimes, including money laundering and terrorist financing. The government’s goal is to remove Vietnam from the Financial Action Task Force (FATF) grey list by May 2025. The inclusion of digital assets in the legal framework is one of the actions under the National Action Plan, which aims to strengthen financial oversight and improve compliance with international regulations.
Since Vietnam’s inclusion in the FATF grey list in 2023, the VBA has been actively contributing to the development of a legal framework for virtual assets. This has included organizing workshops, providing written feedback, and collaborating with regulatory bodies to ensure that the framework is both practical for Vietnam and aligned with global standards.
Vietnam’s National Blockchain Strategy and the accompanying legal developments reflect a clear commitment to advancing the blockchain and digital asset sectors. As the country continues to foster innovation, build infrastructure, and enhance legal protections, it is positioning itself to become a key player in the global blockchain ecosystem.
