Blockchain – a new technology for Vietnam’s digital economy

Vietnam is not only an exciting market for the application of Blockchain technology in the digital era, but also one of the leading countries in encouraging research and application of new technology in everyday life.

That was the message from the “Vietnam NFT Summit - Solutions For A New Era” solution held in Hanoi on June 4.

Ngo Duc Thang, Director of the Government Cipher Committee, said that blockchain is one form the digital technology on the list of priorities for research, development and application for the 4th Industrial Revolution, according to Decision No 2117/QD-TTg signed on December 16, 2020, by the Prime Minister.

Digital transactions through blockchain would be promoted in many fields such as banking services, industrial production, energy, agriculture, healthcare, retail and consumption. In particular, blockchain can be applied to the public sector.

This technology will affect many aspects of daily life and global business whether we realise it or not, and the investment opportunities coming from blockchain technology will be tremendous.

Thang said, “In the future, the Government will continue to facilitate, encourage and promote businesses to proactively accelerate the digital transformation process in which blockchain technology is the mainstay. It is expected that by 2030, blockchain will create 40 million jobs, and 10 – 20% of the global economic infrastructure will run on blockchain technology systems."

Changpeng Zhao, CEO of Binance - the world's leading Blockchain development technology corporation, said blockchain is a new technology for the digital economy. How countries adopt this technology today will profoundly impact the future of the local economy and the world at large. More and more countries are showing their determination to grasp and adequately apply blockchain technology to everyday life.

Zhao said, “I think that clear and effective regulation is essential for blockchain to be applied in every corner of life, not just cryptocurrencies, DeFi or NFT.”

Zhao added that Binance is continuously licensed to operate in France, Italy, Abu Dhabi, Bahrain, and Dubai which is concrete evidence of the company's compliance with local regulations at all times.

He said, “Today, along with the active activities of the Vietnam Blockchain Association, I pledge that Binance will always comply with Vietnamese laws and put users first. Therefore, Vietnamese users in particular and users worldwide believe that Binance's platform is one of the most secure and reliable in the world.”

The Vietnam Blockchain Association and Binance officially signed a cooperation agreement on the exchange of research/application of Blockchain Technology and Human Resource Training in Vietnam to promote the development of blockchain technology and build a bridge with other significant technology corporations around the world.

Phan Duc Trung, Vice President of Vietnam Blockchain Association, hopes that the agreement will bring value to the business community in Vietnam, creating a workforce mastering high technology and contributing policy advice to the State's management agencies.

He said: "We believe that this is one of the proper steps, following the direction of the Vietnamese government towards a digital government, a digital economy, bringing sustainable growth values for a prosperous Vietnam. 

“In its role, the association 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 Vietnam. The Association will also promote personnel training and attract international investment into Vietnam."

“Vietnam NFT Summit - Solutions for A New Era” was a part of a series of exchange events for research/application of blockchain Technology and Human Resource Training in Vietnam and worldwide between Binance and the Vietnam Blockchain Association. The programme includes discussion panels, signing cooperation and exchange agreements, and various networking activities for the enterprises applying and growing blockchain in Vietnam and discourse activities and signing exchange agreements.

On April 27, the Vietnam Blockchain Association was officially launched to promote the development of the blockchain industry and technology and be a bridge for businesses, with the desire to encourage technology application and contribute to the national economic growth.

The Vietnam Blockchain Association became the first official legal entity to gather enthusiasts for blockchain technology research and application throughout Vietnam. One of the central goals of the Association is to promote the digital economy and bring Vietnam to the international level in the digital economy.