The appliance of blockchain is considered an inevitable trend, and this technology is booming in Vietnam. This statement was made in the recently held Vietnam Blockchain Expoverse in Dubai in late March.
At Vietnam Blockchain Expoverse, Ms. Gwendolyn Regina, Investment Director of BNB Chain Fund, said that BinanceChain - the blockchain project initiated by the world's largest cryptocurrency exchange, Binance - has grown rapidly in 2021.
Blockchain has become a familiar keyword to the investment community and young people. It is not only applied in cryptocurrency, but it has also spread its influence to many other fields such as Finance (Bitcoin, Altcoin, etc.), Entertainment (GameFi, Game NFT, etc.), Art, Education, etc. It is expected to become a potential field for the startup ecosystem in Vietnam.
Mr. Tran Dinh, CEO of AlphaTrue, a company specializing in developing blockchain products and decentralized finance, claimed that Vietnam is a promised land for advancing the blockchain industry since the country already owns an abundant IT labor source and a large blockchain community. Vietnam possesses favorable and attractive conditions and advantageous elements, such as:
Besides said advantages, challenges remain for the blockchain industry in Vietnam. Blockchain poses many obstacles for investors, inquiring that they have a broad knowledge to cover the entire market. Therefore, Mr. James Wo, CEO of DFG Group, predicts that venture capital funds will focus more on areas better known, like the metaverse or DeFi.
In addition, Mrs. Nicole Zhang, Director at Binance Labs, deems the biggest challenge for blockchain investors is choosing a team for investments, especially when the blockchain industry in Vietnam is still at its infantry stage.
Mr. Dinh pointed out three main setbacks of Vietnam’s blockchain industry as followed:
Blockchain will continue to boom in Vietnam in the coming 5 to 10 years. Mr. James anticipates that in the next 5 years, blockchain technology will be more widely applied, with a market that may grow 10 times its current size. The number of blockchain users may even be equivalent to internet users. Ms. Gwendolyn believes that the intersection between areas such as DeFi, GameFi, or NFT will appear in the next 10 years.
Meanwhile, Mrs. Nicole expects that tokens will gradually become assets of long-term value during the upcoming period instead of acting as currencies used for exchange and transactions as of current.
2021 is considered a strong development year for the Vietnamese blockchain industry. The appearance of blockchain is helping Vietnam advance in the field of technology. According to Ms. Lynn Hoang, Director of Binance Southeast Asia, Vietnam ranks in the top 10 of Binance's markets across multiple product lines.
However, to fuel the maintenance and development of these achievements, help from the authorities and large enterprises is very much needed. Ms. Lynn stated that Binance is making efforts to promote the development of blockchain technology in Vietnam.
In addition, Ms. Dung Nguyen, a senior expert in the innovation ecosystem (under the Ministry of Planning and Investment of Vietnam), affirmed that the Vietnamese government always prioritizes the development of new technologies and identifies technology as one of the spearheads for economic development in the future.
Source: thanhnien.vn, vietnamplus
Compiled by VietnamCredit