The Ministry of Information and Communications (MIC), led by the National Electronic Authentication Center (NEAC), has embarked on an ambitious plan to implement Vietnam’s National Strategy on Blockchain Application and Development.

This strategy, which was officially approved on October 22, aims to propel Vietnam into the ranks of the leading nations in blockchain research and application within Southeast Asia.

According to NEAC, to fully harness its potential, blockchain technology needs to be popularized and socialized to reach various fields, industries, and the general public. Illustration: Fintechweekly.com

According to Ms. To Thi Thu Huong, Director of NEAC, the center is fully prepared to develop an action plan to execute this national blockchain strategy. She explained, “This strategy will position Vietnam among the top countries in blockchain application and research in the region, ensuring that we master and utilize blockchain across all social and economic sectors, contributing to a stable and prosperous digital nation.”

The comprehensive blockchain strategy will be a game-changer for Vietnam, moving beyond cryptocurrency applications to highlight blockchain’s transformative potential across various sectors. The national strategy intends to reshape public perception of blockchain, focusing on its potential as an innovative technology to unlock new societal and economic value.

A representative from NEAC emphasized that blockchain technology, now gaining traction in Vietnam, was historically underutilized, mostly recognized for cryptocurrency. The new approach, however, broadens its applications, marking blockchain as an essential tool for diverse sectors such as digital identification, authentication, and supply chain management.

Vietnam’s blockchain roadmap includes six key pillars:

- Digital infrastructure

- Digital technology industry

- Control mechanisms for growth

- Technology-driven value enhancement

- Comprehensive digital transformation

- Building a sustainable digital economy and society.

Initially, NEAC’s efforts will be concentrated on establishing a robust blockchain infrastructure to facilitate blockchain applications across Vietnam. This foundational development will allow ministries, sectors, local authorities, and private enterprises to test, implement, and integrate blockchain solutions within their domains.

An industry expert who has conducted extensive research on blockchain remarked, “To effectively implement this national blockchain strategy, the government needs not only to foster investment in blockchain research but also to establish a legal framework that supports and governs blockchain applications.”

The expert added that policies should encourage investment in research, while pilot projects could test blockchain in various industries. This approach will help keep regulations aligned with the evolving technology.

“Additionally, setting standards for blockchain interoperability and security will reinforce system resilience. The government should also encourage partnerships between research institutions, private enterprises, and international organizations to ensure these standards are integrated into regulatory policies and software frameworks,” the expert noted.

Through its national blockchain strategy, Vietnam is laying a comprehensive foundation for the future of digital innovation, driving the country’s development as a leading player in the global digital economy.