Vietnam represents lucrative market for blockchain technology development

This statement was confirmed by Truong Gia Binh, chairman of FPT Corporation and chairman of the Vietnam Software Association (VINASA), at Vietnam Blockchain Summit 2022 which opened in Hanoi on October 19.

Twenty years ago saw local tech firms begin to place Vietnam on the international blockchain map, and the nation is now proud to hold a solid position on the software industry map, he said.

Digital technology is now present everywhere, and Vietnam is a great destination for future digital technology development, he added.

According to the executive, the latest technology can serve as a leverage for many countries to use in order to maintain economic growth, with blockchain making breakthroughs in many industries.

Last year Ethereum, which is the second-largest cryptocurrency by market cap, recorded US$6.2 trillion in transactions, up 369% compared to 2020. Along with this, some countries have also put blockchain technology into population management.

Several large corporations worldwide such as IBM, Amazon, and McKinsey have started to apply blockchain technology in the supply chain management platform. It is therefore estimated that the world will save US$450 billion in annual trade from combating contraband goods and be able to reduce other risks when blockchain technology is researched and applied across many fields.

Phan Duc Trung, vice chairman of the Vietnam Blockchain Association, said that blockchain technology has opened up new applications in the global economy. The first blockchain summit held in Vietnam will contribute to creating digital technology application connections, thereby boosting the development of the digital economy in the near future.

Statistics indicate that the global blockchain-related market reached a value of US$4.67 billion in 2021, and the figure is predicted to climb to US$7.18 billion this year before rising further to US$163.83 billion in 2029.

Blockchain represents a new technology that is expected to bring about many breakthroughs for the economy, although it also holds plenty of potential risks.

Developing the digital technology, building the legal corridor, identifying the interests of parties involved in the technology, and blockchain-related issues will therefore all be topics of interest during the two-day Vietnam Blockchain Summit 2022.

The summit, the first of its kind in Vietnam, was jointly organised by the Vietnam Software Association (VINASA) and the Vietnam Blockchain Association. The gathering has brought together more than 50 speakers and 1,000 delegates from 30 economies, including blockchain giants such as the United Arab Emirates (UAE), Singapore, Malaysia, the United States, and the Republic of Korea. 

Representatives from various leading businesses in blockchain technology such as Kyber Network, Gala Games, Sky Mavis, DFG, FTX, Binance, BNB Chain, Chainalysis, OKC, and AAX will use the platform to share their experience. In addition, they will provide guidance on how to develop blockchain platforms in the fields of finance, agriculture, natural resources, education, and training at the gathering.