Vietnam Plans to Build Smart City with Blockchain

Asia Blockchain Review
November 20, 2019

Vietnam recently announced a plan to build a smart city and tackle pressing problems in Ho Chi Minh City using blockchain technology. A Memorandum of Understanding (MoU) was signed with a South Korean firm to work on the project.

Ho Chi Minh City’s adoption of blockchain focuses on the establishment of a smart city that would provide better public services and urban infrastructure. To implement the technology successfully, the city will prioritize blockchain and AI-related projects, including a project called “Support a National Innovative Start-up Ecosystem by 2025” aimed at helping tech start-ups.

Blockchain’s Potential to Build Smart City

Researchers in Vietnam believe blockchain has the potential to benefit newly-emerged and small-scale markets. Trần Vĩnh Tuyến, vice chairman of the city’s People’s Committee, recently spoke about the city’s smart city plan at Saigon Hi-tech Park, stressing the city’s need for blockchain. The city would work with agencies to lay out a roadmap for the use of blockchain in the country, Tuyến added.

The technology had brought significant changes to financial transactions and business operations, according to Lê Bích Loan, acting head of the Saigon Hi-Tech Park’s board of management. Blockchain has brought about transparency and efficiency for the financial and business fields, he added.

Becoming Entirely Blockchain-Empowered

Incubator center Saigon Hi-Tech Park has signed the MoU for its smart city project with South Korea’s CBA Ventures responsible for human resources and technical training on blockchain and AI.

Although Vietnam sees an increasing number of Internet, social media and smartphone users, new technologies still face challenges from the consumer end and government regulations for technologies that still need to be updated. Vietnam also lacks qualified staff in research and development in blockchain and AI.


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