Vietnam to become a leader in global blockchain industry | Business

At the event (Photo: VNA)

HCM City (VNS/VNA) – With the boom in blockchain technology and rapid digital transformation, Vietnam has great potential for blockchain development to compete in the global market, speakers at a recent seminar in HCM City said.

Speaking on “Blockchain i digital transformation era”, Huy Nguyen, Deputy Chairman of the Vietnam Blockchain AssociationVietnam said

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

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% of the economic infrastructure will run on blockchain technology systems in the country.

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

Park Bong-Kyu, Chairman of World Blockchain Summit MARVELS and Korea CEO Summit, said that Vietnam has abundant human and technological resources, as well as a large blockchain community.

It has become a potential hub for blockchain projects.

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

It is important to create a legal framework for blockchain and create favorable conditions for research and development of blockchain as well as use resources for the development of 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 Vietnam.

Vietnam is one of the five leading countries in blockchain, and there are currently about 10 innovative Vietnamese start-ups in the field with a capitalization of over USD 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 cap 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./.