Vietnam Launches National Blockchain Strategy 2025 to Boost Digital Economy

The Vietnamese government has issued Decision No. 1236/QD-TTg, establishing a National Strategy for the application and development of blockchain technology through 2025, with a vision extending to 2030. This strategy aims to position Vietnam as a leader in the blockchain within the region, capitalizing on the technology’s potential to drive economic growth and digital transformation.

The National Blockchain Strategy, approved by Deputy Prime Minister Ho Duc Phoc, recognizes blockchain as a pivotal technology of the Fourth Industrial Revolution. It emphasizes the need for robust digital infrastructure that ensures data reliability and security, laying the groundwork for the development of Vietnam’s digital technology sector.

By 2030, the government envisions Vietnam not only as a regional leader in blockchain but also as an influential player on the international stage. The strategy sets forth specific goals, including the establishment of 20 reputable blockchain brands in platforms, products, and services. It also wants to maintain at least three blockchain testing centers or special zones in major cities. Furthermore, the government aims to have representatives among the top 10 blockchain training and research institutions in Asia.

To achieve these ambitious objectives, the government outlined an Action Program for the period from 2024 to 2030:

Legal Environment Improvement
Infrastructure Development
Human Resource Development
Promotion of Blockchain Development and Application
Encouragement of Research, Innovation, and International Cooperation

Each initiative will be overseen by various ministries, including the Ministry of Information and Communications and the Government Cipher Committee.

Driving Development and Ensuring Compliance

The Vietnam Blockchain Association (VBA) will also play a major role in this strategy. It is tasked with spearheading the development of “Made in Vietnam” blockchain platforms and facilitating collaboration among digital technology enterprises. Mr. Phan Duc Trung, Permanent Vice President of the VBA, praised the National Blockchain Strategy as a significant milestone.

Trung stated that the VBA is honored to contribute to this initiative. He emphasized the importance of making blockchain technology accessible to all, as outlined in the national strategy.

This move aims to align Vietnam with international practices and combat money laundering and terrorist financing, with the goal of removing the country from the Financial Action Task Force (FATF) grey list by May 2025.

Since being placed on the FATF grey list in June 2023, the VBA actively contributed to developing a legal framework for virtual assets. Through workshops and consultations, the association has provided critical insights to government agencies, reinforcing its commitment to creating a conducive environment for the growth of the blockchain industry.

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