Vietnam's Deputy Prime Minister Ho Duc Phoc has just announced a fully-fledged national strategy for blockchain development.
Vietnam's Deputy Prime Minister Ho Duc Phoc has just announced a fully-fledged national strategy for blockchain development. The initiative, announced on Oct. 22 and given the formal nomenclature of Decision No. 1236/QD-TTg, signals a serious step toward establishing the nation as a regional powerhouse in blockchain technology.
The strategy aims to be fully realized by 2025 and thus presents a very ambitious vision to transform digital infrastructure in Vietnam through blockchain innovation. To leaders, the technology represents a building block of the next industrial revolution that assures data of heightened security and reliability, while guaranteeing further growth in the digital technology sectors.
The same official paper further states that promoting and applying blockchain technology will help raise digital infrastructure to the advanced stage.
The Vietnamese government’s ambitious programs have been presented as a five-pronged approach encompassing the development of the legal framework, infrastructure, human resources, promotion of applications, and international cooperation.
A notable aspect of the initiative is the government's collaborative approach, involving multiple agencies including the Ministry of Information and Communications, Government Cipher Committee, and Ministries of Education and Training and Science and Technology. The inclusion of the Vietnam Blockchain Association (VBA) as a key stakeholder demonstrates the government's commitment to working with industry experts.
VBA's vice president, Phan Duc Trung, called the strategy a huge milestone toward building a "transparent, safe, and sustainable digital economy."
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