On December 6 in Ho Chi Minh City, the Ministry of Information and Communications and the Vietnam Blockchain Association (VBA) jointly organized the Workshop "Digital Asset Law on the eve of the promulgation of the Law on Digital Technology Industry" to create a forum for organizations and individuals interested in the field of Digital Assets to have the opportunity to directly contribute their opinions before the draft Law on Digital Technology Industry (CCNNS) is completed and submitted to the National Assembly for approval in May 2025.
In his opening speech, Mr. Le Nam Trung, Deputy Director of the Department of Information Technology and Communications Industry, Ministry of Information and Communications, said that the CNCNS Law was drafted with the goal of institutionalizing the Party and State's policies and guidelines on the development of ICT industry and digital technology industry; creating a favorable legal environment for the development of this industry; contributing to digital transformation, creating breakthroughs in productivity, quality and competitiveness of the economy; effectively exploiting and mastering key technologies of the 4.0 revolution to solve Vietnam's development problems.
Appreciating the efforts of the drafting unit, the Ministry of Information and Communications, Mr. Phan Duc Trung, Permanent Vice Chairman of VBA, said that after many amendments, the Law on CNCNS has provided definitions that are very suitable not only for the nature of digital assets, clearly distinguishing between digital assets and encrypted assets, but also very suitable for current legal regulations and similar to the regulatory systems of some economies such as the US.
Mr. Trung believes that the promulgation of the CNCNS Law will help complete the missing piece in the digital transformation process: "We already have Digital Government, Digital Economy, Digital Society, Digital Citizens, so legalizing Digital Assets - the link connecting the above issues will help complete the overall picture of digital transformation".
“In 2024, Vietnam will receive more than 105 billion USD, down from 120 billion USD in 2023 but still about 4 times the total FDI capital and equivalent to 1/4 of the country's total GDP.
Therefore, when the legal corridor is completed, a part of this capital can be transferred to the legal sector, contributing positively to the economy and minimizing the risks of money laundering, terrorist financing or cyber fraud that are currently very painful," Mr. Phan Duc Trung emphasized.
Sharing the perspective of the drafting unit, Ms. Nguyen Minh Hang, Deputy Director of the Legal Department, Ministry of Information and Communications, said that the CNCNS Law is built in the direction of promoting rather than rigidly managing the digital technology industry in general and Digital Assets in particular.
According to Ms. Hang, Digital assets in the world are currently mainly expressed in the form of encrypted assets, very diverse in form that current laws cannot manage with just one set of laws.
If we want to manage all these types of assets, we will have to amend many other laws such as the Civil Law, Banking Law, etc.
Ms. Hang said that the CNCNS Law covers many industrial and digital technology fields. In particular, the drafting unit has devoted nearly 10% of the Law's time (6 articles out of 73 articles), showing that the interest in the field of Digital Assets is very large.
