Ho Chi Minh City reportedly plans to come up with a blockchain-focused regulatory framework, in preparation for the introduction of smart cities. 

Tran Vinh Tuyen – Vice Chairman of the Ho Chi Minh’s People’s Committee – has specifically revealed the update at the 6th annual global conference of Saigon High-Tech Park (SHTP). 

During the conference, the SHTP also agreed on a Memorandum of Understanding (MoU) with the South Korea-based CBA Ventures, with a primary goal to accelerate the exploration and implementation of blockchain tech. 

Le Bich Loan – the senior member of SHTP board of management – highlighted that blockchain tech has brought efficiency, transparency and simplicity to the existing financial transaction systems, concerning the aspect of online payments.

Furthermore, the Vietnamese Ministry of Science and Technology reportedly looks to provide specific supports for blockchain-based startups, via the new country-wide initiative – dubbed “Supporting the National Innovation Initiative to 2025.”

The Vietnamese authorities have granted authorization for the project since May 2016, and ensured to establish numerous advantageous conditions that help speed up the business development of up to 2000 startups. 

Smart cities works as a concept which utilize features of blockchain and A.I, in an effort to make municipal government services and citizen welfare more enhanced in quality. Blockchain – with its ability to offer transparency, speed and immutability of records – has been chosen for this type of projects on a global scale.

As The Crypto Sight reported, Dr. William H. Nguyen, CEO and founder of Beowulf Blockchain gave a lecture at the event, providing the company’s unique glimpse into the development for smart cities in Vietnam through its advanced blockchain technology such as its innovative full-fledged telemedicine platform – HANA and QUICKOM – the communication system on QR code.