Vietnam aims to lead blockchain innovation with 2030 strategy

Vietnam is setting an ambitious course to become a global leader in blockchain technology by 2030. On October 23, Vietnam’s government announced its National Blockchain Strategy, underscoring blockchain as a cornerstone of the Fourth Industrial Revolution. This plan is part of a larger vision to drive technological innovation and shape the future of the nation’s digital economy. The blockchain strategy is designed to enhance Vietnam’s position on the world stage, fostering blockchain research, application, and international collaboration.

Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association, emphasized that this strategy represents a "pivotal moment for Vietnam," signaling a deep commitment to the development of a transparent, secure, and sustainable digital economy. The country aims to capitalize on blockchain’s potential to transform industries, improve governance, and ensure a safer and more efficient ecosystem for digital assets.

Building a Robust Blockchain Ecosystem

A critical element of Vietnam’s strategy is the development of a comprehensive legal framework that will support blockchain innovation across multiple sectors. As the Vietnamese government continues to refine its blockchain strategy, it emphasizes building an industrial ecosystem conducive to blockchain adoption and growth.

To accomplish this, the country aims to establish Vietnam as a regional hub for blockchain research and deployment. The strategy outlines several key priorities, including strengthening its infrastructure and aligning the legal environment to support blockchain-based applications.
Phan Duc Trung highlighted the importance of the government’s role in creating a favorable regulatory environment:
"The government is committed to creating an open and clear legal framework for blockchain technology, ensuring that Vietnam becomes a leader in both research and application of this critical technology."

Key aspects of the strategy include fostering innovation within the private sector, enhancing government support for blockchain startups, and encouraging international companies to set up blockchain operations in Vietnam. These efforts will be bolstered by improved infrastructure to support blockchain development.

By enhancing its infrastructure, Vietnam will be better equipped to support blockchain applications across various industries, including finance, healthcare, supply chains, and more. The blockchain strategy also aims to cultivate partnerships with leading international organizations to further its vision of becoming a global blockchain powerhouse by 2030.

Legal Recognition of Digital Assets

A significant component of Vietnam’s blockchain strategy is the legal recognition of digital assets. In line with international standards, Vietnam seeks to create a regulatory framework that provides legal protection for digital assets as intangible property. This move will facilitate broader blockchain adoption and the integration of digital assets into the economy.

The legal recognition of digital assets will offer protection under civil law, intellectual property regulations, and other relevant policies. This legal framework is crucial for the long-term stability and growth of the blockchain sector, ensuring the protection of investors and users alike.

Ajay Banga, President of the World Bank, noted the importance of a regulated digital economy:
"Countries that align their regulatory frameworks with international standards will not only protect their economies but also promote innovation and ensure that technologies like blockchain can thrive."

Vietnam’s regulatory alignment will help ensure that digital assets are safeguarded, promoting trust in blockchain technologies. The government’s strategy also includes measures to prevent illicit activities such as money laundering, terrorist financing, and the proliferation of weapons of mass destruction. These efforts will align Vietnam’s blockchain ecosystem with global standards and strengthen its position as a trusted player in the blockchain space.

Human Resource Development and International Collaboration

Another cornerstone of Vietnam’s blockchain strategy is the development of human resources capable of supporting the country’s ambitious goals. The Vietnamese government is investing in education and training programs to ensure that the country has the skilled workforce necessary to drive blockchain innovation.

Phan Duc Trung pointed out the importance of education and collaboration for blockchain success:
"We recognize that to be a leader in blockchain, we need a strong workforce and partnerships with international organizations that share our vision."

By focusing on human resource development, Vietnam aims to create a pipeline of talent that will support blockchain research and application. The government plans to collaborate with academic institutions, private companies, and international organizations to provide training programs and facilitate knowledge transfer. This approach will help Vietnam stay at the forefront of blockchain advancements.

The strategy also encourages international collaboration. By fostering partnerships with global leaders in blockchain technology, Vietnam can accelerate its progress and adopt best practices from other countries. These collaborations will not only enhance Vietnam’s blockchain capabilities but also elevate its global standing as a leader in the digital economy.

Vietnam’s Vision for 2030

Vietnam’s blockchain strategy represents a bold vision for the future. By 2030, the country aims to position itself as a top-tier destination for blockchain research, training, and development in Asia. The strategy highlights the government’s commitment to fostering a strong, blockchain-driven economy that is transparent, secure, and globally competitive.
Ajay Banga emphasized the potential impact of blockchain technology on emerging economies like Vietnam:

"Blockchain has the potential to reshape industries and economies, offering new opportunities for growth, particularly in countries that embrace innovation early."
Vietnam’s blockchain strategy is poised to turn the country into a global leader in blockchain technology, making it a key player in the Fourth Industrial Revolution. The combination of legal frameworks, human resource development, and international collaboration forms the foundation for this ambitious plan, paving the way for Vietnam to become a driving force in blockchain innovation.

As Vietnam continues to advance its blockchain strategy, the global community will watch closely to see how the country harnesses this transformative technology to achieve its vision of a digital-first economy by 2030. The nation’s commitment to legal recognition of digital assets, human resource development, and fostering international partnerships ensures that it is well-positioned to lead the way in blockchain innovation.