Vietnam needs to complete a legal framework to better manage virtual assets (VAs) as well as virtual asset service providers (VASPs), experts said at an annual forum on Blockchain and AI held by the Vietnam Blockchain Association in Hanoi on April 24.
Hanoi (VNA) – Vietnam needs to complete a legal framework to better manage virtual assets (VAs) as well as virtual asset service providers (VASPs), experts said at an annual forum on Blockchain and AI held by the Vietnam Blockchain Association in Hanoi on April 24.
Some 20% of the Vietnamese population own crypto assets which are developed by blockchain technology, they said, stressing without strict management and failure to comply with global taxing principles, VA transactions will pose great challenges for the country in the coming time.
As of the end of December 2023, 32 countries regulated crypto-assets in their jurisdictions, including ten nations of the G20 group officially issuing regulations on VA and VASP, the Alantic Council’s surveys on anti-money laundering and combating the financing of terrorism (AML/CFT) and protection of users and the VASPs revealed.
Standing Vice Chairman of the Vietnam Blockchain Association Phan Duc Trung said 18 related documents have been issued in Vietnam so far. The notable one being the national action plan to carry out the Government’s commitment to preventing money laundering and financing of terrorism and the proliferation of weapons of mass destruction so as to lift Vietnam out of the Financial Action Tasks Force’s list of Jurisdictions under Increased Monitoring (grey list).
He said the plan has focused on the AML/CFT and VASP standard but neglected taxation of VA and protection of users. Therefore, a complete legal framework has not been shaped up yet.
The association hoped to collect opinions from the community and enterprises as well as have dialogue with state management agencies to develop a complete framework before May 2025.
At the event, the association announced the second Switch Up Accelerator, helping startups to call for funds, and highlighted an overview of the blockchain industry in Vietnam and the globe.
The Academy of Blockchain and AI Innovation was debuted on the occasion, aimed at providing blockchain and AI training strategies for 1 million people by 2030, including 100,000 students in 30 universities across the nation./.
Vietnam needs to develop regulations about digital and virtual assets as Industry 4.0 is driving the emergence of new assets and the lack of rules exists is one of the most significant legal problems in asset ownership rights.
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The networks bring together universities, research institutes and domestic and foreign businesses. Members will work closely in training, research, and technology transfer by sharing curricula, improving faculty capacity, providing access to laboratories and research facilities, and jointly implementing science and technology projects.
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Vietnam is actively yet cautiously preparing for the construction of its first nuclear power plant in Ninh Thuan (now the south-central coastal province of Khanh Hoa). The resumption of the programme after years of suspension carries considerable significance for the nation’s development in a new era as it strives to gradually reduce and ultimately phase out coal-fired power to realise the Government’s commitment to Net Zero by 2050.
The government leader reaffirmed Vietnam’s goal of achieving self-reliance in the design, manufacturing, and test of necessary semiconductor chips by no later than 2027.
With the launching of its two-tier local administration model, the city is incorporating technologies such as artificial intelligence (AI) and blockchain to enhance service delivery for citizens and businesses, aligning with the Politburo’s Resolution 57-NQ/TW on breakthroughs in science, technology, innovation, and national digital transformation.
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Taking place on August 1–2, the event features more than 20,000 attendees and over 200 speakers from Vietnam, the h Korea, Singapore, the UAE, Hong Kong (China) and the US.
Dung directed the Ministry of Science and Technology to revise the national startup scheme, ensuring it clearly defines the scope and content, grounded on strong political and legal foundations, international best practices, and well-reasoned arguments for submission to the Government.
The two-day academic forum, themed “Resilience, Sustainability & Digital Transformation in a Changing World: Perspectives from Southeast Asia”, aims to share interdisciplinary research insights, focusing on adaptive capacity, sustainable development, and digital transformation amid evolving global and regional landscapes.
With such a rapid economic growth, Vietnam must diversify energy sources and nuclear power is a rational choice to ensure the national energy security, said Associate Professor Kei Koga from the Nanyang Technological University (Singapore).
Deputy Prime Minister Nguyen Chi Dung emphasised that Vietnam has a clear strategy and ambition in this field, and is rapidly emerging as a central hub and key link in the regional and global semiconductor value chains.
According to Cushman & Wakefield’s latest Asia-Pacific Data Centre Investment Landscape report, Vietnam now ranks second in the region for data centre investment returns, with a yield on cost (YoC) of 17.5–18.8%, just behind Singapore’s 21–23%.
Vietnam is taking drastic yet cautious steps in building a culture of nuclear safety and security, with the aim of having its first nuclear power plant operational by the end of 2030 and using this specific energy source effectively and sustainably.
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The visit aimed to assess the new two-tier local government model, preparations for upcoming Party congresses at levels, and implementation of the Politburo’s Conclusion on school construction in border areas.
At the event (Photo: VNA) 
