With the boom in blockchain technology and speedy digital transformation, Vietnam has great potential for blockchain development to compete in the global market, speakers said at a recent seminar in HCM City.

Speaking at the “Blockchain in the digital transformation era”, Huy Nguyen, deputy chairman of the Vietnam Blockchain Association, said Vietnam.

The country is one of the leading countries in encouraging research and application of new technology in everyday life, he said.

The Government has great supportive policies on digital development and digital transformation. The country is also entirely open-minded to new technologies such as blockchain, 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 throughout Vietnam. 

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

It would continue to facilitate, encourage and promote businesses to 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 economic infrastructure will run on blockchain technology systems in the country.

Choi Soo Hyuk, president of the Korea Blockchain Startup Association, said Vietnam has huge potential in 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 Vietnam has abundant human and technology resources as well as a large blockchain community.

It has become a potential hub for blockchain projects. 

Participants also noted that challenges lie ahead such as a lack of legal framework for blockchain development. 

It is vital to create a legal framework for blockchain and create favourable conditions for blockchain research and development as well as utilise resources on the development of blockchain applications.

It is also important to revise the legal framework for international capital raising, making it easier for start-ups.

The US-based Globe Newswire, one of the world’s largest newswire distribution networks, has expected a bright future ahead 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 capitalisation of over 100 million USD.

Among the top 200 companies developed based on blockchain technology, seven are 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 about 4 billion USD, according to Coinmarketcap.com.

Other Vietnamese companies such as Thetan Arena, Coin98, and Elemon have also been welcomed by the international blockchain developer community./.