Vietnam poised to become leader in global blockchain industry

With the recent boom in blockchain technology and speedy digital transformation, the nation boasts huge potential for blockchain development to compete in the global market, heard a recent seminar held in Ho Chi Minh City.
A clear legal framework for blockchain is needed to promote its on-track development and application in Vietnam. (File Photo)
With the recent boom in blockchain technology and speedy digital transformation, the nation boasts huge potential for blockchain development to compete in the global market. (File Photo)

Upon addressing the “Blockchain in the digital transformation era” seminar, Huy Nguyen, deputy chairman of the Vietnam Blockchain Association, said the nation is one of the leading countries in terms of encouraging research and application of new technology in everyday life, he said.

The Government has initiated a range of great supportive policies on digital development and digital transformation. In addition, the country is also entirely open-minded to new technologies such as blockchain, thereby allowing start-ups in the country to develop rapidly.

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

The Government will therefore continue to prioritise the development of new technologies and identify these as potential spearheads for economic development in the future, according to Trung.

It will continue to facilitate, encourage, and promote businesses to accelerate the digital transformation process, in which blockchain technology is the mainstay.

It is therefore anticipated that by 2030, blockchain will create 40 million jobs, with 10% to 20% of the economic infrastructure to be run on blockchain technology systems domestically.

Choi Soo-hyuk, president of the Korea Blockchain Startup Association, said the country has huge potential in terms of blockchain technology, with many businesses, scientists, and engineers pursuing research and application of the technology.

Park Bong-Kyu, chairman of World Blockchain Summit MARVELS and Korea CEO Summit, said the nation boasts an abundance of human and technology resources, as well as a large blockchain community.

Therefore, it has become a potential hub for blockchain projects. Participants also noted that there are challenges ahead, such as a lack of legal framework for blockchain development.

It can be viewed as vital to create a legal framework for blockchain and create favourable conditions for blockchain research and development, as well as utilizing resources for the greater development of blockchain applications.

It is also essential to revise the legal framework for international capital raising, a process which will make it easier for start-ups.

The US-based Globe Newswire, one of the world’s largest newswire distribution networks, anticiapates a bright future ahead for blockchain technology in Vietnam.

The nation is one of the leading five countries in terms of blockchain, with there currently being about 10 innovative Vietnamese start-ups in the field with a capitalisation of more than US$100 million.

Among the top 200 companies which have developed based on blockchain technology, seven have been founded by Vietnamese people.

Axie Infinity, a blockchain game published by Sky Mavis, has attracted hundreds of thousands of gamers from all over the world. As of March 29, it had a market capitalisation of roughly US$4 billion, according to details given by

Other Vietnamese companies include Thetan Arena, Coin98, and Elemon, all of which have been welcomed by the international blockchain developer community.

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(Source: VOV)