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December 12, 2024

Vietnam’s National Strategy on Blockchain

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Vietnam is a world leader in blockchain adoption and growth, appearing near the top of most rankings of cryptocurrency ownership and blockchain investment. Although the country has taken a cautious approach toward cryptocurrency (banning the use of cryptocurrencies like Bitcoin as a means of payment, for example), the government actively supports blockchain technology and its applications in non-financial sectors. Recognizing blockchain as a core technology of the Fourth Industrial Revolution, as a part of Vietnam’s broader digital transformation agenda, the government issued Decision No. 1236/QD-TTg on October 22, 2024, providing the National Strategy for Blockchain Application and Development to 2025, with Orientation to 2030.

Like the National Strategy on Digital Infrastructure, the National Strategy on Blockchain outlines a very ambitious vision to position Vietnam as a regional leader in blockchain technology. The strategy aims for Vietnam to master and apply blockchain across all socio-economic sectors, supporting the nation’s goal of becoming a stable and prosperous digital nation by 2030.

The specific goals set for 2025 include developing Vietnam’s blockchain infrastructure and ensuring compliance with cybersecurity and data protection laws; advancing blockchain research through three national innovation centers; building and upgrading 10 facilities dedicated to blockchain research and workforce training; and expanding blockchain education by integrating it into university programs.

The strategy also aims to establish at least one blockchain center, special zone, or area, as a pilot, to build a national blockchain network; and foster a blockchain ecosystem by promoting its application across sectors such as banking and finance, transportation, healthcare, education and training, commerce, logistics, postal services, industrial production, energy, tourism, agriculture, public services, and more.

The goals for 2030 include strengthening Vietnam’s national blockchain infrastructure to support both domestic and international services, positioning Vietnam as a global and regional leader in blockchain research, application, and development. The strategy also aims to establish 20 prominent blockchain brands, maintain three blockchain pilot zones in major cities, and secure a position among the top 10 blockchain training and research institutions in Asia.

To achieve these goals, the government has set out an action plan with certain duties and solutions in terms of legal framework, human resources, infrastructure and ecosystem, market and application promotion, and research, innovation and international cooperation. With this action plan, the National Strategy aims to create a supportive regulatory environment, including a sandbox for blockchain applications in finance, transportation, and other sectors to foster new business models that address the country’s socio-economic development needs; an action plan for managing and implementing central bank digital currency (CBDC); and standards for blockchain products and services.

This decision highlights Vietnam’s firm commitment and ambition to use blockchain as a key technology to drive digital transformation and stimulate economic growth. We look forward to the development of a comprehensive legal framework for blockchain in the near future.

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