The Viet Nam Blockchain Union was launched in the capital city of Ha Noi on May 17, the first official legal entity specialising in the field of blockchain technology.

Viet Nam Blockchain Union was launched in Ha Noi on May 17 (Photo: vov.vn)

The union will gather blockchain research and application enthusiasts throughout Viet Nam. It aims to promote the nation's digital economy in other to mark Viet Nam’s position on the world technology map.

Among the union's tasks include expanding relationships with blockchain organisations and communities around the world and creating favourable condition for members to share experiences and resources to research, test, apply, deploy and trade blockchain technology in accordance with Vietnamese law.  Attracting investment for the operation of the blockchain industry and focusing on training and developing digital human resources are other ones.

The Viet Nam Blockchain Union was committed to making contributions to raising community awareness and advising on the development of legal corridors, standards and regulations in the application and development of products and services on the blockchain technology platform, Hoang Van Huay, chairman of the union, said at the first congress on May 17.

Viet Nam has been focusing on researching and applying blockchain, a form of data storage and transmission technology using encryption. The union has been established under Decision No 343/QD-BNV of the Ministry of Home Affairs.

Due to its transparency in data sharing, high confidentiality and trustworthiness, blockchain is being used in many industries such as finance, logistics and retail.

At the same time, the State has supported the development of blockchain technology applications in socio-economic fields, in which pilot priority is given to businesses deploying feasible blockchain projects, bringing benefits to society.

Source: VNA