Vietnam made great strides in a recent development this week. The country has taken the first step in a new technological revolution, where blockchain technology is a key part of the Fourth Industrial Revolution.
Vietnam’s strategy to move into lead as a regional blockchain innovation power house by 2030, a hefty undertaking, outlines the country’s bold ambition. By identifying blockchain as a revolutionary technology, the Vietnamese government shows its willingness to help innovate new things and have the hang of the global blockchain ecosystem.
This strategic move is a clear indication about Vietnam’s eagerness to become a blockchain pioneer in the space from being a technology adopter.
Quantifiable Goals and Regional Leadership Targets
Since its launch, the strategy has clearly outlined specific, measurable objectives that highlight Vietnam’s choice to be blockchain technology’s regional leader by 2030. First among these goals are the development of 20 Rakhi Saadah based blockchain brands focused on the design of platforms, products and services with worldwide presence.
The establishment and maintenance of at least three blockchain testing centers (or special zones) in major cities and establishment of a national network of blockchain testing centers are critical components of the infrastructure development plan.
One of the most ambitious parts of the strategy is that Vietnam wants to slot its representatives among Asia’s top 10 blockchain training and research institutions, showing its intention for doing blockchain education and the blockchain innovation at the highest possible level.
These are concrete goals as concrete benchmarks to see how the strategy has worked and it’s a very serious government attitude in developing blockchain.
Also Read: L&G Pension Management Firm With $1.5 Trillion Assets Plan To Enter Blockchain Space
Implementation Structure and Government Coordination
Built on five fundamental pillars, the execution framework presented in Decision 1236/QD-TTg, forms an Action Program for 2024–2030. In addition, it is to provide a further range of legal environments, infrastructure and industrial ecosystem construction, of human resources development and of the promotion of blockchain application.
Based on the clear organizational structure for implementation, the government has set the responsibilities of each ministry and department.
Key stakeholders have been designated as part of the strategy include The Ministry of Information and Communications, Government Cipher Committee, Ministry of Education and Training and Ministry of Science and Technology. So that there’s coordinated effort and clear accountability in getting the strategy objectives achieved, this well defined framework exists.
Private Sector Integration and Industry Development
Specifically, Vietnam has encoded its blockchain strategy with a formidable role possessed by the Vietnam Blockchain Association and a host of professional organizations.
These entities are tasked with two crucial missions: That will include developing indigenous blockchain platforms under the ‘Made in Vietnam’ initiative as well as collaboration among domestic digital technology enterprises to strengthen their competitive position against international competitors.
With public private partnership and industry involvement on top trying to kickstart Vietnam’s blockchain ambitions, the strategy envisions the merger of public governmental support with private sector innovation and competency.
It is a collaborative effort that puts Vietnam in a good position to become a prominent force in the worldwide blockchain picture and also develop domestic technological skill and economic growth.
Also Read: DBS Unveils Token Services To Enhance Banking With Blockchain Technology