With the boom in blockchain technology and speedy digital transformation, Viet Nam has great potential for blockchain development to compete in the global market, speakers said in a seminar last Friday in HCM City.

Speaking at the “Blockchain in the digital transformation era”, Huy Nguyen, deputy chairman of the Viet Nam Blockchain Association, said Viet Nam has become an emerging market for blockchain thanks to its achievement in digital transformation and digital economy.

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 Viet Nam Blockchain Association in April, the first official legal entity, aims to gather enthusiasts for blockchain technology research and application throughout Viet Nam.

The association aims to promote the digital economy and bring Viet Nam to the international level in the digital economy.

It also 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 Viet Nam.

It will also promote personnel training and attract international investment into Viet Nam, he added.

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 per cent of the economic infrastructure will run on blockchain technology systems in the country.

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

It has become a potential hub for blockchain projects, such as diverse choices and low costs.

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

They recommended it be 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 Viet Nam.

Viet Nam 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 US$100 million.

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, according to Coinmarketcap.com.

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

The seminar was held under the Viet Nam-Korea Cooperation Forum to mark the 30th anniversary of the establishment of diplomatic relations.

The forum aims to connect the overseas Vietnamese community with business opportunities in Viet Nam, and help Vietnamese companies, especially small- and medium- sized ones, explore business opportunities in South Korea.

South Korea has invested $74.7 billion in 9,223 projects in Viet Nam and is the country's third largest trade partner, with a two-way turnover worth $78 billion last year.

The two countries aim to increase their trade to $100 billion by 2023 and $150 billion by 2030. — VNS