Promoting the Make in Vietnam blockchain brand

One of the tasks and solutions set out in the National Blockchain Strategy is to develop Make in Vietnam blockchain platforms and gather Vietnamese digital technology enterprises to build blockchain platforms, promote information sharing, and enhance internal competitiveness with foreign enterprises.

Blockchain is considered one of the leading technology trends of the Fourth Industrial Revolution. (Illustration) Forming an ecosystem for developing the blockchain industry In the National Strategy on application and development of blockchain technology to 2025, with a vision to 2030, recently signed and issued by Deputy Prime Minister Ho Duc Phoc, blockchain is defined as one of the leading technology trends of the Fourth Industrial Revolution. The application and development of blockchain technology contributes significantly to building advanced digital infrastructure, ensuring data reliability and security, and creating a foundation for developing the digital technology industry. According to the Strategy, the goal by 2025 is to form a “Blockchain+” ecosystem through the application of blockchain technology in industries and fields such as finance-banking, transportation, healthcare, education and training, trade, logistics, post-delivery, industrial production, energy, tourism, agriculture, public service provision and other fields. By 2030, Vietnam will become a leading country in the region and have an international position in research, deployment, application and exploitation of blockchain technology. Specifically, the Government aims to build 20 prestigious blockchain brands in terms of platforms, products and services on blockchain technology in the region; maintain the operation of at least 3 blockchain testing centers or special zones in major cities to form a national network; have representatives in the Ranking of the top 10 blockchain training and research institutions in Asia. To achieve this goal, one of the tasks and solutions of the Strategy is to build and perfect the legal framework to create a favorable environment for blockchain application and development. Along with that, developing concentrated information technology parks, creating space to form a blockchain industrial ecosystem; developing human resources for the blockchain field; promoting blockchain development and application; promoting research, innovation and international cooperation... In which, each activity is specifically assigned to ministries and branches such as the Ministry of Information and Communications, the Government Cipher Committee, the Ministry of Education and Training, the Ministry of Science and Technology... to preside over and take responsibility. Notably, in addition to the ministries and branches, the Vietnam Blockchain Association (VBA), along with professional associations and unions, are assigned to preside over: developing Make in Vietnam blockchain platforms; building operating, exploitation and interaction mechanisms, and interconnecting types of blockchain networks operating on Vietnam's blockchain infrastructure. At the same time, gather Vietnamese digital technology enterprises to build blockchain platforms, promote information sharing, and enhance internal competitiveness with foreign enterprises. Important milestone in the blockchain field Sharing his views on the legal document guiding the development of the Vietnamese blockchain market, Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association (VBA) assessed that the promulgation of the Strategy is an important milestone in the blockchain field, demonstrating the commitment and specific actions of the Government, the determination of the drafting unit, the Ministry of Information and Communications, as well as the efforts of the community in promoting a transparent, safe and sustainable digital economy. Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association, in a session giving comments to the National Assembly's Committee on Science, Technology and Environment on regulations on Digital Assets in the draft Law on Digital Technology Industry. Regarding the VBA being assigned tasks in the Strategy, Mr. Phan Duc Trung said that this is an honor, recognizing the contributions of VBA in the past time with management agencies in gathering opinions and contributions from the community. At the same time with the National Strategy on blockchain, VBA is aware of its responsibility towards this very young but potential industry. “We are committed to actively and proactively performing the assigned tasks to promote community development in the direction of research, practical application, and maximizing the benefits of blockchain technology as shown in the national strategy. We also believe that the universalization of blockchain technology, reaching all people as the goal of the Strategy, will bring clear effects to the digital economy that the Government has oriented”, the Standing Vice Chairman of VBA emphasized. Up to now, the National Blockchain Strategy is the document with the highest legal status, demonstrating the Government's goals and determination in promoting the application of blockchain technology, taking advantage of the advantages of this advanced technology to facilitate the realization of the goals set for the digital economy and digital society. Previously, on October 8, 2024, the National Assembly Standing Committee gave its opinion on the draft Law on Digital Technology Industry submitted by the Minister of Information and Communications. This is the first time that Digital Assets have been officially included in a legal document with specific provisions as a type of intangible asset, protected by law as property rights in accordance with the provisions of civil law, intellectual property and other relevant laws. The legalization of the definition of Digital Assets is one of the actions to realize the Vietnamese Government's commitment to preventing and combating money laundering, terrorist financing and financing of proliferation of weapons of mass destruction, with the goal of removing Vietnam from the Financial Action Task Force (FATF) grey list before May 2025. These commitments are reflected in the National Action Plan, issued in Decision No. 194/QD-TTg dated February 23, 2024 of the Prime Minister. Since Vietnam was put on the FATF grey list in June 2023, the Vietnam Blockchain Association has made many important and positive contributions through many specific activities such as a series of 7 workshops to contribute ideas to the development of a legal framework for Virtual Assets; Dozens of comments were made directly or indirectly in writing to the agencies responsible for drafting, reviewing, and commenting on these legal regulations such as the National Assembly's Committee on Science, Technology and Environment, the Ministry of Information and Communications, the Government, etc. to contribute to building a legal framework for Digital Assets that is suitable for the practical situation in Vietnam and similar to international practices.

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