Creating a legal corridor for blockchain development in Việt Nam
VIETNAM, August 8 – HÀ NỘI — Facing the explosive wave of global technology, with increasingly favorable policies and growing interest from businesses, the Vietnamese blockchain market is expected to continue to develop positively.
The National Assembly’s Foreign Affairs Committee in collaboration with the Việt Nam Blockchain Association held a seminar on international experience in blockchain technology development and recommendations for Việt Nam last week.
The conference aims to learn and improve experience, standardize solutions for the development and application of blockchain technology, towards perfecting the legal system, and building institutions and guidelines to create a legal corridor for technology-related activities.
Phan Đức Trung, permanent vice president of the Việt Nam Blockchain Association, said: “Blockchain technology is a kind of database, information is stored in blocks and linked together.”
Blockchain can be compared to a ledger that records all data in the system. Blockchain differs from conventional data in its data storage structure.
Blockchain collects data information and groups them into blocks that contain a lot of information. Blockchain is used in 65 fields such as banking, securities and funds, insurance, government administration and infrastructure.
In the opening speech of the seminar, Deputy Chairman of the Foreign Affairs Committee of the National Assembly Nguyễn Mạnh Tiến emphasized that blockchain technology increasingly attracted the attention of socio-economic and political sectors around the world as this technology had revolutionized traditional trade due to the ledger function.
“Every record in this ledger is secured by cryptographic rules that keep the information safe and unforgeable,” he added.
The application of blockchain technology created many benefits in increasing the efficiency of work processes, storing data, managing the supply of goods, reducing errors in document flow and duration, and reducing logistics time, said Tiến.
The deputy also noted that the blockchain’s “big playground” needed direction and guidance.
Aiming for Việt Nam not to be “left behind” in the technological development of many countries, the document of the 13th Party Congress for the first time emphasized digital transformation and digital economic development, emphasizing the need to “develop the digital economy on basis of science and technology and innovation”.
At the same time, the document sets demands for growth innovation, economic restructuring, and good utilization of the opportunities of the fourth industrial revolution, towards the goal “the digital economy shall contribute about 20 percent of GDP by 2025, about 30 per percent of GDP by 2030”.
In order to carry out the above task, Tién said that in addition to the efforts of the government and related agencies and organizations, it was necessary to have the support and experience sharing of countries in the digitization process, as well as companies in building and perfecting a system of legal documents related to this field, and monitor for the government’s implementation of the budget and international commitments, resolutions, documents and other legislation from the National Assembly on policies to develop the digital economy. — VNS
