Prime Minister Pham Minh Chinh Signals It's Time to Regulate Bitcoin in Vietnam

Today, the National Assembly has conducted discussions on two important draft laws: the draft Law on Management and Investment of State Capital in Enterprises; and the draft Law on the Digital Technology Industry. At the discussion session, Prime Minister Pham Minh Chính emphasized the importance of these two draft laws, affirming that they will establish essential mechanisms and policies to mobilize resources, promote socio-economic development, and lead the country into a new era of development. According to General Secretary Tô Lâm, the new era sets the goal of building a rich, strong, and prosperous country, with the people living in happiness and abundance. To achieve this goal, it is necessary to innovate the mindset in management and administration, based on reality to promote good achievements, while also removing existing obstacles. The Prime Minister stated that the promulgation of the Law on the Digital Technology Industry is absolutely necessary. He emphasized that in the process of drafting the law, it is necessary to be flexible, learn from practice, and gradually expand, without being perfectionistic or hasty, but must take action. The Prime Minister also agreed with the view that preferential policies on land, fees, electricity, water, and appropriate financial support should be implemented to promote the development of the digital economy, green economy, and knowledge economy. According to him, focusing on new technologies is a key factor, in addition to traditional growth drivers such as investment, consumption, and exports. Regarding the pilot mechanism in the draft Law on the Digital Technology Industry, the Prime Minister emphasized that controlled experimentation is necessary, but if too much emphasis is placed on maintaining the safety zone, it will limit the ability to innovate. He suggested that the concept of "control" needs to be reconsidered, as control over time may be more effective than control over scope and subjects. Regarding the draft Law on Management and Investment of State Capital in Enterprises, the Prime Minister noted that the current management model is not yet truly stable, which is understandable in the context of the country's development. He emphasized the need to continue researching, expanding, and gradually adjusting the models, avoiding haste, while protecting and promoting the achievements that have been made, and overcoming the remaining limitations. The Prime Minister also suggested that the draft law needs to boldly implement decentralization and delegation of power. For public investment, it is necessary to comply with the provisions of the Public Investment Law. As for state-owned corporations and enterprises, he emphasized that the Board of Directors needs to be granted the right to make autonomous decisions on investment, without having to seek approval from administrative agencies.