Vietnam Blockchain Summit 2022 begins in Hà Nội

VIETNAM, October 20 – HÀ NỘI – The Vietnam Blockchain Summit 2022 began yesterday in the capital Hà Nội. The event reflects the Southeast Asian country’s enthusiasm for adopting cutting-edge technologies and the pursuit of innovation to stimulate national socio-economic development.

Trương Gia Bình, co-founder of FPT Corporation, one of Việt Nam’s leading technology companies, and chairman of the Vietnam Software Association (VINASA), told the summit participants that Việt Nam is ready to embrace the blockchain technology revolution.

“Twenty years ago, we believed that Việt Nam would one day become a hub of new technology,” he said, “The summit this year is a recognition of our pioneering spirit and willingness to embrace the new technology.”

He said that today’s torchbearers are those who will build a new world with technology as a foundation. He urged Việt Nam to strive to become an important technology hub to maintain its development momentum and create technological breakthroughs in the future.

Industry experts have similarly considered Việt Nam, a developing country, as fertile land for blockchain technology with almost unlimited potential for implementation and application. Out of the world’s top 200 blockchain companies, ten were started by Vietnamese people and offered various powerful technology solutions, laying a solid foundation for the future development of the new technology.

In 2021 alone, $6 trillion worth of transactions were settled on the Ethereum platform, according to crypto research firm Messari, compared to $1.25 trillion on Paypal and $13 trillion on VISA. The global blockchain market was valued at $4.67 billion last year. It is projected to reach $7.18 billion in 2022 and $163.8 billion by the end of 2029.

Numerous countries around the world have started using blockchain for citizen ID and administrative applications. The world’s largest companies including IBM, Amazon and McKinsey have also taken advantage of the new technology to better manage their supply chains. Economists said they believe up to $450 billion could be saved annually by using blockchain to fight counterfeiting and reduce business risk in various fields.

Phan Đức Trung, deputy chairman of the Vietnam Blockchain Association, said the technology has the potential to open many new doors for the global economy. The summit, the first to be held in Việt Nam, provided great opportunities for blockchain players to connect, exchange ideas and contribute to the digital economy of the future.

The government of Việt Nam attaches great importance to the development of new technology and the country’s digitization process with the aim of creating value and economic breakthroughs, according to VINASA.

The summit was considered an excellent opportunity for decision makers to listen to recommendations and feedback on how to build a blockchain economic model in Việt Nam.

Already in 2020, new technology has been designated as one of the government’s main priorities in R&D goals, as well as the adoption and implementation of the fourth industrial revolution in Decision 2117/QĐ-TTg approved by the Prime Minister’s Office.

A year later, Prime Ministerial Decree 942/QĐ-TTg has given the green light to the establishment of Việt Nam’s legal framework to pilot, accept and adapt to next-generation digital services. The decision has been well received by Việt Nam’s technology community, which has spearheaded the development of new technology fields, including blockchain, artificial intelligence (AI), virtual reality (VR) and augmented reality (AR).

Speakers at the summit also discussed the latest trends in development, how to train and develop human resources in the field, recommendations for countries to adopt and how companies can use the new technology to improve business performance.

Vietnamese and international leading blockchain companies including Kyber Network, Gala Games, Sky Mavis, DFG, FTX, Binance, BNB Chain, Chainalysis, OKC and AAX were scheduled to hold talks and exhibitions at the summit, which ends today (October 20). VNS