Crypto-Curious Vietnam Committed To Speeding Up Blockchain Development | Vietcetera
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May 26, 2022

Crypto-Curious Vietnam Committed To Speeding Up Blockchain Development

Vietnam has finally launched its first official blockchain association, and it’s expected to be the catalyst in developing a legal framework for the blockchain technology.
Crypto-Curious Vietnam Committed To Speeding Up Blockchain Development

Despite not having concrete policies and human resources for the segment, blockchain was already a big thing among Vietnamese since 2021. | Source: Shutterstock

When Vietcetera interviewed cryptocurrency guru and founder of for-female blockchain literacy program Thy-Diep Ta back in February, she admitted that Vietnam’s usage of cryptocurrency isn’t as big and prevalent compared to other economies. For someone who navigates the blockchain game on a daily basis, the Vietnamese-German social entrepreneur knows that this technology will eventually become an essential part of global trading.

Fast forward to today, with Vietnam having launched its first national association with a legal entity that will represent blockchain researchers, business owners, and consultants, the country has finally acknowledged the huge potential of blockchain technology in driving its economy forward.

An inaugural ceremony held in Hanoi on May 17 marked the beginning of the Vietnam Blockchain Association’s (VBA) pivotal role in promoting blockchain technology’s application in a digital economy, leveraging the country’s position on the global technology map.

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Source: Vietnam Blockchain Association

Despite not having concrete policies and human resources for the segment, blockchain was already a big thing among Vietnamese since 2021. As a matter of fact, Vietnam ranked 10th on the Global Cryptocurrency Acceptance Index last year — proof of Vietnamese openness to adapt to the technology.

And as the number of enterprises, researchers, and engineers pursuing the technology continue to increase, the VBA becomes a legal platform on which industry players can connect, collaborate, share and support each other.

Vietnam Blockchain Association will bridge the local blockchain community with government agencies to build a legal framework for the blockchain industry, aligning with the nation’s plan to develop a digital economy. At the same time, the Association will be the hub for blockchain enthusiasts to research, experiment, evaluate, standardize, and foster the application of blockchain technology in Vietnam.

The 6 objectives of Vietnam Blockchain Association:

  1. To gather members and utilize resources from Vietnamese blockchain enterprises and talents for the Association’s mission.
  2. To set member standards, which is essential since Vietnam has not had a legal framework for blockchain. Such a framework will benefit Vietnamese blockchain startups when looking for funding and investment in the future.
  3. To encourage cooperation to exchange professional knowledge.
  4. To make blockchain knowledge accessible.
  5. To promote a legal corridor for blockchain technology.
  6. To promote international cooperation.

“Vietnam Blockchain Association is committed to raising the community awareness and providing consultation on building legal framework, regulations, and standards in developing services and products on blockchain,” said VBA Chairman Hoang Van Huay.

“We hope to see many enterprises and individuals joining us to grow the Association into a strong organization to accelerate the growth of blockchain technology in Vietnam.”

Ushering in Industry 4.0 in Vietnam

Vietnam has already laid down new industrial policies that outline its goals to boost industrialization. With its sights set on being among the top three ASEAN countries in the Competitiveness Industrial Performance index, the country’s action plans are all about speeding up the industrialization process.

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Source: Vietnam Blockchain Association

Various sectors of the local economy can reap immense benefits from greater research and development (R&D) and technological innovations. But for it to be ready for the Fourth Industrial Revolution or Industry 4.0, Vietnam needs to be fully prepared to adapt and fully understand digital technologies such as big data, cloud, Internet of Things, robotics, and yes, blockchain.

This was echoed by Vu Chien Thang, deputy minister of the Ministry of Home Affairs, as he emphasized blockchain technology as the pillar of Industry 4.0, and the mission of VBA to usher in a new era for Vietnam. The decision to establish VBA came from the Ministry of Home Affairs.

“The Association is to protect their members’ legal rights and benefits in researching, establishing standards, developing and applying blockchain technology in all aspects of society, nurturing the human resource that adapts well to the global Industry 4.0, and contributing to socio-economic development.”

Tran Van Tung, deputy minister of the Ministry of Science and Technology, further noted: “We hope that the association would gather talents to bolster the research and application of blockchain, and play a pivotal role in the national digital transformation and developing the digital economy.”

The coming months will see the Vietnam Blockchain Association fulfilling its mission through programs, including a blockchain summit, an enterprise chain program, and digital asset security risk and information management.