Vietnam Fosters Blockchain Development

10:08:59 AM | 5/20/2022

The Vietnam Blockchain Association has become the first official legal entity to bring together enthusiasts to conduct blockchain research and application throughout Vietnam.

Given its transparent, sustainable information sharing and high security, blockchain is one of the technology megatrends that have engaged governments, scientists and the business community. In recent years, Vietnam has also witnessed the rapid introduction and development of blockchain technology.

Among the Top 200 blockchain companies, 5-7 were established by Vietnamese.

Currently, there are about 10 innovative blockchain startups founded by Vietnamese people, with a market capitalization of over US$100 million. Besides, Vietnamese tech unicorns have started to appear on the global blockchain market.

Speaking at the launch ceremony of the Vietnam Blockchain Association, Nguyen Huu, Vice President of the Vietnam Blockchain Association, said Vietnam is not inferior to the world in this blockchain wave.

“I believe that at the current rate of development, in just five years, blockchain will spread to every corner of life and come into life in a very normal way,” he said.

To do this, two resolute factors need to be taken into account, including official support for blockchain from the community and blockchain applications with practical value in life.

“It all needs a smooth coordination of the community, policy and business agencies,” he said, believing that the Vietnam Blockchain Association will play an extremely important role in strengthening the development of the blockchain industry, and creating sustainable values for the country. "Then, it will attract large investment funds in the world and specially high-quality human resources from all over the world," Huy added.

At the first congress, Mr. Hoang Van Huay, President of the Vietnam Blockchain Association, said that the Vietnam Blockchain Association is committed to raising public awareness and advising the development of legal frameworks, standards and regulations for application and development of blockchain-based products and services.

In the coming time, the Vietnam Blockchain Association is expected to bring together businesses, organizations and individuals who are passionate or active in blockchain technology in Vietnam to share experiences and resources together to promote blockchain development to successfully implement national digital transformation and digital economy development in Vietnam.

In addition, the association and its members will mobilize resources and cooperate effectively with research institutes and universities in Vietnam to jointly form scientific and technological projects and tasks in blockchain industry to develop, master and create Vietnamese technology products accepted by the global blockchain market, and develop human resources for the blockchain industry.

By Vietnam Business Forum