Vietnam Unveils Ambitious Roadmap to Become Southeast Asia's Blockchain Hub

Vietnam hopes to incubate 20 blockchain brands in the next seven years.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 24 October 2024 17:51 IST

Vietnam Unveils Ambitious Roadmap to Become Southeast Asia's Blockchain Hub

Photo Credit: Unsplash/ Callum Parker

The plan has been finalised by Vietnamese Prime Minister Pham Minh Chinh

Highlights

Vietnam will establish blockchain testing centres across the nation
Vietnam is looking to train residents in blockchain development
The country wants to explore AI and other emerging technologies

The Vietnamese government has unveiled a detailed roadmap aimed at positioning the country as a leading hub for blockchain technology. The roadmap includes a five-step action plan that will bring legal reforms and establishment of international collaborations for blockchain research and development. According to government estimates, if the plan is rigorously implemented, Vietnam could emerge as the epicenter of blockchain innovation in Southeast Asia by 2030.

In the next seven years, Vietnam plans to incubate 20 blockchain brands catering to a variety of service and operational sectors under the ‘National Blockchain Strategy', a report by a government-backed Vietnamese publication said this week.

To achieve this goal, Vietnam will be taking efforts to train and create human resources in this rather nascent technology. In addition, the authorities there will be putting a network of blockchain testing centres across the nation.

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The roadmap developed by Vietnamese officials outlines the creation of a blockchain industrial ecosystem and promotes the adoption of blockchain solutions across various sectors.

Vietnam's Ministry of Information and Communications, Ministry of Education and Training, as well as the Ministry of Science and Technology have been roped in to play crucial roles in executing these plans. The Vietnam Blockchain Association will also be working alongside these ministries to accelerate R&D around the distributed ledger technology (DLT).

As per a report by Dangcongsan.vn, this plan has been finalised by the Vietnamese Prime Minister Pham Minh Chinh.

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“The National Blockchain Strategy recently issued by the Prime Minister is an important milestone in the blockchain field, demonstrating the commitment and specific actions of the government as well as the efforts of the community in promoting a transparent, safe and sustainable digital economy,” the report quoted Phan Duc Trung, Vice President of the Vietnam Blockchain Association as saying.

This development follows shortly after Vietnam officially recognised digital assets as a form of intangible property, granting them legal protection under a newly introduced legal framework.

In May, Vietnam also launched the Academy of Blockchain and AI with plans to train a million residents in emerging tech.

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Further reading: Cryptocurrency, Vietnam, Blockchain Hotspot

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More