On 17 May 2022, the Vietnam Blockchain Association was launched in the capital city of Hanoi, becoming the first official legal entity specialising in the field of blockchain technology, connecting the Vietnamese blockchain community and State agencies, aiming to develop a legal framework for Vietnam’s blockchain technology industry, moving forward to becoming a nation of digital economy. 

The Inaugural Ceremony of Vietnam Blockchain Association May 17ᵗʰ, 2022 in Hanoi

On the same day, Mr Hoang Van Huay, the Chairman of Vietnam Blockchain Association and Mr Phung Anh Tuan, Vice President cum General Secretary of the Vietnam Association of Financial Investors (VAFI) entered into a Memorandum of Understanding (MOU) for strategic cooperation.  

The main goal of the Vietnam Blockchain Association is to focus on mobilizing resources, effectively cooperating with and applying blockchain to digitize the digital economy, master and create Vietnamese technology products to participate in the global blockchain market, as well as develop human resources in the blockchain field. Meanwhile, the mission of VAFI is to improve the economic and financial business investment environment, propose to state management agencies on policies related to the development of the financial market and financial institutions, contributing to the development of the financial market in Vietnam. There are many similarities between the two associations, especially when the economy and digital market are becoming more and more aligned. 

The main focus of this cooperation is placed on trade promotion and investment in blockchain applications, with the mutual goal of promoting the digital economy, soon bringing Vietnam to the international level in digital economy and moving towards building a complete legal corridor for blockchain application in Vietnam. The two associations will cooperate comprehensively in all relevant fields of expertise, exchange and train members, enhance common understanding, exchange research results and create favorable conditions for the parties to apply blockchain technology research results into the area of ​​expertise, attracting investment for the operation of the blockchain industry. 

The cooperation took place on the 8th anniversary of Vietnam Science and Technology Day (18 May 2022) and is expected to be a step forward for the digital economy market, thereby accomplish more in the process of socio-economic development of Vietnam.