Vietnam’s National Blockchain Strategy Aims for Regional Dominance by 2030

Key Takeaways

• Vietnam has laid out its plans to become a dominant force in the blockchain industry by 2030.
• The country said it would deploy three or more blockchain testing centers across its major cities.
• Vietnam has been among the leading countries in terms of crypto usage in recent years.

Vietnam has unveiled its National Blockchain Strategy with the lofty goal of becoming the regional leader in the field by 2030.

The country will focus on carving out an international position in researching and deploying blockchain strategy, with a commitment from the government to build 20 “prestigious” blockchain brands.

Vietnam’s Blockchain Dominance

On Wednesday, Oct. 23, Vietnam laid out its plans to become a dominant force in the blockchain industry over the next five years.

The government has proposed five key areas that they believe will help them achieve the goal:

• Perfecting the legal environment.
• Developing infrastructure.
• Developing human resources for the Blockchain field.
• Promoting Blockchain development and application.
• Promoting research.

According to the announcement , the government will encourage Vietnamese digital technology firms to build blockchain platforms and promote information about the technology’s benefits.

As part of its strategy, the country will deploy the creation of three or more blockchain testing centers, or “special zones,” across its major cities.

Vietnam hopes its tech enterprises will become more competitive with foreign companies.

Phan Duc Trung, Vice President of the Vietnam Blockchain Association, said the move is an “important milestone in the blockchain industry” and highlights the community’s efforts to promote a “transparent, safe and sustainable digital economy.”

Legalization of Digital Assets

Vietnam has been among the leading countries in terms of cryptocurrency usage in recent years.

The country has also seen the rise of blockchain gaming , with companies like Sky Mavis, the creators of Axie Infinity, achieving global recognition.

However, despite being a growing hub for cryptocurrency, The State Bank of Vietnam has previously claimed that crypto is not legal tender and cannot be used as a medium of exchange.

The Vietnam government said it was committed to legalising the use of digital assets to meet its ambitions.

Vietnam was placed on the Financial Action Task Force (FATF)’s gray list in June 2023, a list of countries that need to improve their anti-money laundering systems.

The government said that legalizing the definition of digital assets would help remove the country from the gray list before May 5.