Ho Chi Minh City confirmed that it will create a blockchain-oriented regulatory framework for the development of various smart cities in China. Vice Chairman of the Ho Chi Minh’s People’s Committee, Tran Vinh Tuyen, made that announcement during the 6th annual international conference of Saigon High-Tech Park (SHTP).
During the same event, SHTP which is a renowned incubator for high tech businesses signed a memorandum of understanding with South Korea’s CBA Ventures. The move aims to promote the research and application of blockchain technology.
A senior executive at the Saigon Hi-Tech Park’s board of management, Le Bich Loan, insisted that blockchain technology has made financial transaction systems more transparent, efficient, and easier to use with regards to online payments.
Ministry Prioritizes Blockchain
Viet Nam News said that the country’s Ministry of Science and Technology also confirmed its plans to prioritize blockchain-focused startups. Priority will fall on those within the national program “Supporting the National Innovation Initiative to 2025.”
That program was approved by the Vietnamese government in May 2016. Reports state that it aims to develop favorable conditions for business growth. The initiative offers support to 2,000 startups as published on the ministry’s website.
Blockchain and Smart Cities
The smart city concept features the use of emerging technologies like blockchain and artificial intelligence. These technologies enhance the quality of municipal government services and citizen welfare.
Blockchain has been increasingly implemented in smart city projects globally. It is a major technology that is expected to enhance the transparency, speed, and immutability of records. Recently, China introduced a new blockchain-based city identification system on November 4.
Automotive giant China Wanxiang Holding partnered with PlatOn, a blockchain-based tech firm, to develop a smart city in Hangzhou in June 2019. Earlier in the year, Reno announced it was setting up a new blockchain-based autonomous vehicle smart city project.