Việt Nam will become a leader in the global blockchain industry

VIETNAM, July 24 –

HCM CITY — With the boom in blockchain technology and rapid digital transformation, Việt Nam has great potential for blockchain development to compete in the global market, speakers said at a seminar last Friday in HCM City.

Huy Nguyễn, Deputy Chairman of Việt Nam Blockchain Association, speaking on “Blockchain in the Digital Transformation Era”, said that Việt Nam has become an emerging market for blockchain thanks to the achievement in digital transformation and digital economy.

The country is one of the leading countries when it comes to encouraging research and the application of new technology in everyday life, he said.

The government has a very supportive policy for digital development and digital transformation. The country is also completely open to new technologies such as blockchain, which means that start-ups in the country can develop quickly.

Phan Đức Trung, also deputy chairman of the association, said the April launch of the Việt Nam Blockchain Association, the first official legal entity, aims to gather enthusiasts for the research and application of blockchain technology throughout Việt Nam.

The association aims to promote the digital economy and bring Việt Nam to the international level in the digital economy.

It also connects and gathers the blockchain community in the country and builds a bridge to bring Vietnamese products to the world and attract more international resources to Việt Nam.

It will also promote training of personnel and attract international investment in Việt Nam, he added.

The government will continue to prioritize the development of new technology and identify these as potential spearheads for economic development in the future, according to Trung.

It will continue to facilitate, encourage and promote enterprises to accelerate the digital transformation process where blockchain technology is the mainstay.

It is expected that by 2030, blockchain will create 40 million jobs, and 10-20 percent of the economic infrastructure will run on blockchain technology systems in the country.

Choi Soo Hyuk, president of the Korea Blockchain Startup Association, said Việt Nam has great potential in blockchain technology with many businesses, researchers and engineers engaged in research and application of the technology.

Park Bong-Kyu, chairman of the World Blockchain Summit MARVELS and Korea CEO Summit, said Việt Nam has abundant human and technological resources as well as a large blockchain community.

It has become a potential hub for blockchain projects, such as diverse choices and low costs.

The participants also noted that challenges lie ahead, such as the lack of a legal framework for blockchain development.

They recommended that it was important to create a legal framework for blockchain and create favorable conditions for research and development of blockchain as well as to spend resources on developing blockchain applications.

It is also important to revise the legal framework for international capital raising, so that it becomes easier for start-ups.

The US-based Globe Newswire, one of the world’s largest news wire distribution networks, has anticipated a bright future for blockchain technology in Việt Nam.

Việt Nam is one of the five leading countries in blockchain, and there are currently around 10 innovative Vietnamese start-ups in the field with a capitalization of over US$100 million.

Among the top 200 companies developed based on blockchain technology, seven are founded by Vietnamese.

Axie Infinity, a blockchain game published by Sky Mavis, has attracted hundreds of thousands of players from around the world. As of March 29, it had a market value of around $4 billion, according to Coinmarketcap.com.

Other Vietnamese companies such as Thetan Arena, Coin98 and Elemon have also been welcomed by the international blockchain developer community.

The seminar was held during the Việt Nam-Korea Cooperation Forum to mark the 30th anniversary of the establishment of diplomatic relations.

The forum aims to connect the overseas Vietnamese community with business opportunities in Việt Nam, and help Vietnamese companies, especially small and medium-sized enterprises, to explore business opportunities in South Korea.

South Korea has invested $74.7 billion in 9,223 projects in Việt Nam and is the country’s third largest trading partner, with two-way turnover worth $78 billion last year.

The two countries aim to increase trade to $100 billion by 2023 and $150 billion by 2030. — VNS