VIETNAM, Ho Chi Minh City — The City plans to develop a regulatory framework and policies associated with blockchain technology to minimise potential risks in building a smart city, a top city official has said.
At Saigon Hi-tech Park’s annual conference last Friday, Trần Vĩnh Tuyến, vice chairman of the city’s People’s Committee, said the city would work with agencies to build a roadmap for the application of blockchain in the country.
Võ Thị Trung Trinh, deputy director of the city’s Department of Information and Communications, said that blockchain could be used in public services and urban management. To build a smart city, the city needs technology-based solutions to build a digital government, she added.
During the conference event, the management board of the High-tech Park and HD KING Technology World Co. Ltd. signed a Memorandum of Understanding (MoU) to promote blockchain technology and AI to support the development of HCM City’s smart-city plans.
Vietnam has become an emerging leader in the field of blockchain technology in the last couple of years. More than 2,000 people attended the Vietnam Blockchain Week Conference last year, indicating that a strong blockchain community is growing well in the country. The South-East Asian nation is among the world’s top 20 countries in terms of the number of internet users, social media users and smartphone users.
Emerging country in blockchain
The young population, fast internet development, and increased number of e-payments are excellent factors that make blockchain viable in Vietnam. However, the country lacks a specific legal framework to supervise new tech-based business models such as lending, fintech and digital asset management. However, we cannot deny the fact that there is so much potential for this emerging country with nearly 100 million population.
To build a sustainable blockchain ecosystem, all major players including incubators, accelerators, and community building should unite and be involved as Vietnam will likely as one of the next blockchain hubs in Southeast Asia and across the globe, which would help attract foreign investment thanks to huge cryptocurrency transactions and a labour force with strong calibre.
“The city will give top priorities to projects that apply
science and technology, especially the use of artificial intelligence (AI)
in solving the city’s problems and for smart urban development; … the
Ministry of Science and Technology will give priority to blockchain
– Trần Vĩnh Tuyến, vice chairman of the city’s People’s Committee