Viet Nam is taking the lead in blockchain technology trends, but attention must be paid to developing the talent and legal framework to ensure development and a sustainable blockchain ecosystem.

This was highlighted at the Vietnam Blockchain Expoverse, held within the three-day Binance Blockchain Week Dubai 2022, which closed on Wednesday.

Nguyen Dung, a senior expert in the innovation ecosystem under the Ministry of Planning and Investment, said that Viet Nam was a hot spot of the world’s blockchain map.

The Vietnamese Government always accompanied businesses and the blockchain community to bring technologies to create sustainable values, Dung stressed.

She said that the Government always prioritised the development of new technologies and identified technology as one of the spearheads for economic growth.

“The Government is not delaying the access and application of blockchain technology but is looking for ways to accelerate the application and innovation of the technology, especially in the field of digital transformation for businesses and the Government,” she said.

She added that it would take time to train human resources and develop the legal framework for Viet Nam. Dung said she believed the country had potential resources for creating the new technology.

According to Lynn Hoang, director of Binance, Southeast Asia, Viet Nam was among the top 10 markets of the cryptocurrency trading platform in many product lines. Blockchain was making Viet Nam a leader in new technologies, she said.

For the sustainable development of blockchain, the coordination among technology communities, businesses and the management agency were of critical importance, she said.

“Technology development is important, but disseminating knowledge to the community so that people can protect themselves against new areas of high risk is even more important," she added. Human resources are the most important factor for sustainable blockchain development.

Compared to the technology’s robust development, the number of excellent engineers in Viet Nam was still modest, she added.

Chairman of FPT Japan Tran Dang Hoa said that the rapid development of blockchain technology and its wide application showed that Viet Nam needed to develop an appropriate legal framework to ensure its on-track development. — VNS