- Vietnam’s new policy aims to position the country as Asia’s blockchain leader by 2030.
- The approach consists of five vital steps to improve the blockchain ecosystem.
Vietnam officially revealed its National Blockchain Strategy on October 22, with the objective of creating the country as a blockchain technology leader in Asia by 2030. This comprehensive plan outlines essential processes for developing blockchain platforms, products, and services. The goal is to establish 20 valuable blockchain-related companies by 2025.
Vietnam’s commitment to blockchain technology comes at an important moment, particularly as Indonesia recently surpassed it in Chainalysis’ global crypto adoption index, ranking third behind India and Nigeria. The Vietnamese government intends to restore its position in the global blockchain scene by prioritizing innovation and regulatory assistance.
The National Blockchain Strategy includes the setup of at least three blockchain testing centers in major cities. These centers will offer essential support for blockchain development and implementation, ensuring security and fostering innovation throughout the national blockchain network. By doing so, they will play a pivotal role in enhancing the ecosystem’s overall effectiveness and creativity.
Strengthening Vietnam’s Blockchain Ecosystem
The strategy specifies five key initiatives to achieve its blockchain objectives improving the legal environment, establishing a strong blockchain infrastructure, expanding human resources, boosting research and international cooperation, and promoting the growth of blockchain applications. These activities will be monitored by many ministries, primarily the Ministry of Information and Communications, to ensure that they are implemented consistently.
To achieve the strategy’s aims, Vietnam intends to encourage collaboration among digital technology enterprises, with the goal of developing blockchain platforms that would increase Vietnamese firm’s worldwide competitiveness. This collaborative effort will also include the Vietnam Blockchain Association, which aims to oversee projects promoting blockchain development across the country.
The government’s aggressive commitment to blockchain technology is consistent with global trends, showing Vietnam’s potential as a major participant in the blockchain industry. As more countries invest in blockchain, Vietnam’s proactive steps may position it well for future breakthroughs and possibilities in this quickly growing field.
Another critical component of the National Blockchain Strategy is the creation of a national blockchain network. Vietnam seeks to set up at least three testing centers in key cities to support decentralized network development and application. These centers will act as research, innovation, and security hubs, providing the infrastructure required to encourage blockchain adoption across a variety of industries.
The announcement of this plan demonstrates Vietnam’s ambition to not only stay up with regional competitors but also to set the norm for blockchain innovation and implementation. As the government continues to focus on legislative frameworks and infrastructure, Vietnam aspires to be a key player in Asian blockchain development.
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