Deputy Prime Minister Hồ Đức Phớc has approved a national strategy to develop and apply blockchain technology until 2030.

 

The strategic decision aims to turn Vietnam into a leading country in the region in terms of blockchain research, development and application capabilities.

 

By 2025 a foundational blockchain infrastructure will have been developed, which should comply with all regulations on cybersecurity, network security, and personal data protection.

 

A blockchain ecosystem, tentatively named “Blockchain+”, will be established through the application of blockchain technology in several industries, including finance and banking, transport, healthcare, education, trade, logistics, industrial production, energy, tourism, agriculture, public services and others.

 

By 2030 the infrastructure will have been strengthened and expanded, providing services not only domestically but also to other countries.

 

Vietnam will have become a regional leader in blockchain application, with 20 reputable brands that provide platforms, products and services based on blockchain technology.

 

At least three blockchain technology testing centres will be built in major cities to form a national blockchain network.

 

Vietnam will have become one of the top 10 blockchain training and research institutions in Asia.

 

Blockchain is a technology that enables the secure sharing of information across a network.

 

It can be simply understood as a digital database that records all transactions across the network, with each transaction only becoming accessible when authorised by a digital signature of the owner, making the information stored in the network highly secure.

 

The strategy highlights a number of immediate tasks and solutions to realise the targets for 2025 and 2030.

 

They mainly focus on reviewing and improving existing regulations to facilitate the development of the foundational blockchain infrastructure, and a sound legal framework for blockchain development in Việt Nam.

 

Digital technology companies will be asked to establish their own blockchain platforms to enhance information-sharing capabilities in the private sector, and increase their competitiveness with foreign companies.

 

Phan Đức Trung, deputy chairman of the Vietnam Blockchain Association said: “The strategy marks an important milestone in blockchain development in Vietnam.

 

“It demonstrates the commitment and actions of the Government, the determination of the Ministry of Information and Communications, and the efforts of the community in promoting a transparent, secure, and sustainable digital economy.” — VNS

 

 

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