Developing Blockchain Regulations for Smart Cities in Ho Chi Minh City

Ho Chi Minh City (HCMC) will develop a regulatory framework and policies that associated with Blockchain technology for the development of smart cities, a top city official said.

On November 8, the 6th annual international conference of Saigon High-Tech Park (SHTP) in 2019, took place in Ho Chi Minh City with the main topic “Blockchain technology for smart cities”. The conference aimed to provide the latest achievements in Blockchain technology researches and developments in the world as well as potential applications in Vietnam, especially to support HCMC to become a Smart City base on applications of Blockchain technology, Le Bich Loan, acting head of the Saigon Hi-Tech Park’s board of management said.

According to Mrs. Loan, blockchain tech has made financial transaction systems more transparent, efficient, and easier to use in terms of online payments.

Le Bich Loan (left), at the signing of an MoU between the incubator center and South Korea’s CBA Ventures last Friday in HCM City – Photo: Bo Xuan Hiep

“The city will give top priorities to projects that apply science and technology, especially the use of Artificial Intelligence (AI) in solving the city’s problems and for smart urban development”, Tran Vinh Tuyen, Vice Chairman of the Ho Chi Minh’s People’s Committee, spoke at conference. He added that the city would work with agencies to build a roadmap for the application of blockchain in the country.

At the same event, the SHTP signed a cooperation agreement with South Korea’s CBA Ventures to promote the research and application of blockchain technology.

In addition, Vo Thi Trung Trinh, deputy director of the city’s Department of Information and Communications, said that blockchain could be used in public services and urban management.

Ministry of Science and Technology prioritizes Blockchain tech

The Ministry of Science and Technology also announced plans to give priority to blockchain startups through a new national project “Support a National Innovative Start-up Ecosystem by 2025,” vice Tuyen said.

The program was approved by the Vietnamese government in May 2016 and aims to create favorable conditions for business development. The initiative provides support to 2,000 startups, according to the ministry’s website.

Smart cities and Blockchain

The concept of a smart city envisions the use of emerging technologies such as blockchain and artificial intelligence to improve the quality of municipal government services and citizen welfare. 

Blockchain tech helps to ensure transparency, eliminating intermediaries, classifying, creating trust, increasing security, accessibility, saving costs and transaction speed. So far, four countries have led the application of this technology in smart cities: the United Arab Emirates, Estonia, China, and the United States.

China recently introduced a new blockchain-based city identification system on Nov. 4. In June 2019, Automotive giant China Wanxiang Holding partnered with blockchain-based tech firm PlatOn to develop a smart city in Hangzhou.

Viet Nam could emerge as one of the next blockchain hubs in Southeast Asia and across the globe, which would help attract foreign investment thanks to huge cryptocurrency transactions and a labour force with strong caliber, according to Forbes magazine.

Hanna

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