Author: Wang Yanhua
HO CHI MINH — Thousands gathered early Thursday morning at a convention center at the heart of Ho Chi Minh City, for Blockchain Festival Vietnam.
Vietnam is emerging as a bustling blockchain hub in Southeast Asia. Excitement is palpable in the packed conference hall as industry leaders, entrepreneurs, and students gather and rub shoulders.
Vietnamese government representatives speaking at the event expressed optimism at the nascent industry.
They largely adopt a bullish and open-minded outlook towards blockchain regulations.
In his opening speech, Dr Dao Dinh Kha, the Director General of the IT Department, Ministry of Information and Communication in Vietnam, said, “Along with IoT, AI and Big Data, blockchain is one of the key technologies we are focusing on.
“The IT sector is considered as one of the main driving forces of economic development in Vietnam, and has received received a lot of support especially in terms of taxation and infrastructure incentives.”
Le Ngoc Giang, representing the Vietnamese Ministry of Justice, said, “We want to give the new technologies space and avoid imposing restrictive legislation before initial ambiguities are resolved.”
In an interview with Block Asia, Dr Dao said the most difficult aspect of regulating the industry is restricting it appropriately in certain fields.
“We need to have clear policy frameworks to allow the market to use blockchain effectively. In some fields, we need to regulate blockchain because it’s not constructive,” he said.
Dr Dao has a cautious attitude towards cryptocurrencies, “The management of currency and the finance sector is a big responsibility for the government. We’re not going to forbid it, but we need to carefully evaluate this new technology.
“After all, as the Vietnamese proverb goes, the late buffalo does not get water to drink.”