Vietnam has set its sights on becoming a blockchain powerhouse within Southeast Asia, with an ambitious new National Strategy on Blockchain Application and Development. Approved in late October 2024, this strategy, spearheaded by the Ministry of Information and Communications (MIC) and the National Electronic Authentication Center (NEAC), aims to integrate blockchain far beyond the realm of cryptocurrency, extending its influence across a wide array of industries.
Six Pillars for a Digital Future
The strategy is built around six essential pillars, each designed to drive Vietnam’s digital evolution:
1. Digital Infrastructure – Creating the foundational support needed for blockchain technology to thrive across various sectors.
2. Digital Technology Industry – Encouraging blockchain growth within Vietnam’s tech ecosystem.
3. Control Mechanisms for Growth – Implementing flexible regulations that adapt to blockchain’s evolving applications.
4. Value Creation through Technology – Pushing blockchain beyond cryptocurrencies to unlock value in sectors like supply chain management and digital identification.
5. Comprehensive Digital Transformation – Enhancing transparency and efficiency across both public and private sectors.
6. Sustainable Digital Economy – Building a lasting digital economy that will support Vietnam’s economic stability.
With this blueprint, Vietnam aims to create a robust environment where blockchain technology can be integrated into daily life, making it accessible and relevant across industries and to the general public.
Reshaping Public Perception of Blockchain
In the past, blockchain has mostly been associated with cryptocurrency in Vietnam. But the government’s new vision extends far beyond that. The NEAC’s Director, Ms. To Thi Thu Huong, emphasizes that blockchain is key to supporting a prosperous digital nation. By encouraging the adoption of blockchain technology across different sectors, Vietnam hopes to build a resilient, digitally empowered society that recognizes blockchain’s value as an innovative tool for growth.
This strategy also aims to reshape how the public views blockchain. Rather than seeing it solely as a technology tied to finance, people will come to understand it as a game-changing force with applications in digital identification, authentication, and secure data management. The strategy’s ultimate goal is to harness blockchain’s potential to unlock new economic and societal value for the entire country.
Building the Foundations for Widespread Blockchain Integration
In the coming years, NEAC will focus on building a strong infrastructure for blockchain that allows for experimentation and innovation. Ministries, local authorities, and private businesses will be encouraged to test and integrate blockchain solutions, laying the groundwork for widespread adoption.
Experts point out that a legal framework and supportive policies will be essential to encourage investment in blockchain research and development. These policies will not only help the technology flourish but also ensure it’s governed responsibly as it becomes a bigger part of daily life. Regulatory standards around interoperability and security are especially crucial to making blockchain resilient and reliable.
To drive the strategy forward, the Vietnamese government also plans to foster partnerships with international organizations, research institutions, and private enterprises. This collaborative approach will bring global expertise into Vietnam’s blockchain ecosystem, strengthening its capacity to adapt and evolve.
Vietnam’s Path to Blockchain Leadership
With this well-rounded and visionary strategy, Vietnam is laying the groundwork for a thriving digital economy powered by blockchain technology. The country’s leaders recognize the potential of blockchain to foster transparency, efficiency, and growth, and they’re determined to establish Vietnam as a regional leader in this space.
In a world where digital transformation is increasingly critical, Vietnam’s commitment to blockchain development could place it at the forefront of Southeast Asia’s digital economy. The journey to 2030 will be one to watch, as Vietnam turns its blockchain ambitions into reality and shapes a future that embraces innovation and technological leadership.
