The Vietnam Blockchain Summit 2022 began yesterday in the capital city of Ha Noi. The event reflects the Southeast Asian country's enthusiasm for the adoption of cutting-edge technologies and the pursuit of innovation to spur national socio-economic development.

Speaking to participants at the summit, Truong Gia Binh, co-founder of FPT Corporation, one of Viet Nam's leading tech companies, and Chairman of the Vietnam Software Association (VINASA) said Viet Nam is ready to embrace the blockchain technological revolution.

"Twenty years ago, we believed Viet Nam would one day become a hub for new technologies," he said, "The summit this year is a recognition of our pathfinder spirit and the willingness to embrace the new technology."

He said the torchbearers today are the ones who will build a new world with technology as its foundation. He urged Viet Nam to strive to become a major tech hub to sustain its development momentum and to create technological breakthroughs in the future.

Industry experts, similarly, have considered Viet Nam, a developing country, as fertile land for blockchain tech with almost limitless potential for implementation and application. Of the world's top 200 blockchain businesses, ten were started by Vietnamese and offered various impactful tech solutions, setting a solid foundation for the future development of the new technology.

In 2021 alone, transactions worth US$6 trillion were settled on the Ethereum platform, according to crypto research firm Messari, in comparison to $1.25 trillion on Paypal and $13 trillion on VISA. The global blockchain market was valued at $4.67 billion last year. It has been projected to reach $7.18 billion in 2022 and $163.8 billion by the end of 2029.

Numerous countries around the world have started using blockchain for citizen ID and administrative applications. The world's largest corporations including IBM, Amazon and McKinsey have also taken advantage of the new technology to better manage their supply chains. Economists said they believe up to $450 billion can be saved annually by using blockchain to fight off counterfeits and reduce business risk in various fields.

Phan Duc Trung, Deputy Chairman of the Vietnam Blockchain Association, said the technology has the potential to open many new doors for the global economy. The summit, the first to be held in Viet Nam, offered great opportunities for blockchain players to connect, exchange ideas and contribute to the digital economy in the future.

The government of Viet Nam places great importance on the development of new tech and the country's digitalisation process with an objective to create value and economic breakthroughs, according to VINASA.

Participants may learn about blockchain applications and implementation at various booths and exhibitions. VNA/VNS Photo

The summit was considered an excellent opportunity for policymakers to listen to recommendations and feedback on how to build a blockchain economic model in Viet Nam.

As early as 2020, new tech has been named as one of the government's key priorities in R&D goals, as well as the adoption and implementation of the Fourth Industrial Revolution in Decision 2117/QD-TTg approved by the Prime Minister's Office.

A year later, Prime Minister Decision 942/QD-TTg has given the green light to the establishment of Viet Nam's legal framework to pilot, accept and adapt to next-generation digital services. The decision has been well-received by Viet Nam's tech community, which has spearheaded the development of new tech fields including blockchain, artificial intelligence (AI), virtual reality (VR) and augmented reality (AR).

Speakers at the summit also discussed the latest trends in development, how to train and develop human resources in the field, recommendations for countries to adopt and how businesses can utilise the new technology to improve business performance.

Vietnamese and international leading blockchain companies including Kyber Network, Gala Games, Sky Mavis, DFG, FTX, Binance, BNB Chain, Chainalysis, OKC and AAX were to hold talks and exhibitions at the summit, which ends today (October 20). — VNS