HBA President: 10 years ago I wouldn't have dared to dream of this day

As people who made products in a new field that was not yet recognized by law at that time, members of the Ho Chi Minh City Blockchain Association were happy that what they did could be brought to light.

Vietnamese blockchain workers are happy when what they do is recognized by the community and can come to light.

Vietnam is a developing country with a young population and a large number of Internet users. These conditions help our country become a bright spot on the world blockchain and cryptocurrency map. Through each up and down phase of Bitcoin, the birth of new platforms, Vietnamese people no longer stand aside to buy and sell for profit but have jumped into product development.

The period 2015-2017 witnessed the first batch of startups operating in the cryptocurrency sector in Vietnam. However, this period was still in the dark, in a legal gray area. Besides those who worked seriously, many criminals took advantage of it to commit fraud.

It is also those who have overcome this period who have helped put Vietnam on the world technology map. Ninety Eight, Sky Mavis or Kyber Network have achieved remarkable results in terms of application and valuation.

Now, authorities are more open to this new asset class and technology. Blockchain can overcome the gray area and the skeptical view from the community. Events like Conviction 2025 mark great success for those who have worked in this field for many years.

"Unleashing" blockchain

At the opening ceremony of Conviction 2025, Mr. Nguyen The Vinh, founder of Ninety Eight, Chairman of the Ho Chi Minh City Blockchain Association, said that this industry tends to develop backwards due to barriers. Other technology applications, reaching domestic customers, are strong enough to conquer the international market. However, with Ninety Eight's product, it was created to target global users, which is now strong.

“Thanks to the legal corridor, we can bring products back to serve Vietnamese people,” said Mr. Vinh.

Currently, blockchain has officially become a national strategic technology according to Decision No. 1131/QD-TTg issued by the Government . In particular, blockchain technology is focused on developing 3 main areas: Digital assets, digital currency and cryptocurrencies, blockchain network infrastructure and traceability system. This is an important technology platform, ensuring transparency, safety and reliability for digital transactions, as well as supply chain management and intellectual property protection.

Mr. Nguyen The Vinh (black shirt, right cover) received the decision to establish the Ho Chi Minh City Blockchain Association.

Previously, on October 22, 2024, the Government issued Decision No. 1236/QD-TTg, setting the goal of making Vietnam a pioneer in the region in blockchain research, development and application, while promoting extensive digital transformation in socio-economic sectors.

The strategy emphasizes the need to improve the legal framework, invest in technology infrastructure, improve high-tech human resources capacity and strengthen international cooperation, in order to create a sustainable foundation for blockchain development. More than just an orientation, the strategy demonstrates the determination to concretize blockchain as a strategic technology that can create breakthroughs in management, production and services.

Along with that, Decree No. 98/2024/ND-CP was also issued, detailing the implementation of blockchain application projects in state management and business operations. The Decree plays an important legal role, helping organizations and businesses feel secure in developing and applying technology in a transparent and clear legal environment.

According to Lawyer Phan Vu Tuan, Vice President of the Ho Chi Minh City Digital Communications Association, there is no need to compare the level of openness with other countries, the existing legal corridor is much better than before. Vietnam also acted earlier than the majority.

Binance CEO worked in Vietnam in mid-July.

During a working session in Vietnam, Mr. Richard Teng, CEO of Binance, said that the Government and lawmakers play an important role in supporting the future development of the industry. He pointed out two key points that should be focused on: creating a legal framework with optimal regulations and promoting dialogue with industry stakeholders.

“I think technology, especially blockchain, is developing very quickly and strongly. It is like water, if we try to stop it, the water will still find a way to continue flowing. Over-regulation can make it harder to control and pose more risks. A ‘smart legal framework’ will help balance innovation and reasonable risk management. When that is done, the digital asset industry in Vietnam will have a solid foundation for long-term development and expansion to the world,” said Mr. Richard Teng, CEO of Binance.

Before working at the world's largest cryptocurrency exchange, Mr. Teng had many years of experience in financial policy planning for Singapore.

Potential of Vietnamese blockchain

According to data from Triple-A and Chainalysis, Vietnam currently ranks 7th in the world in terms of the percentage of people owning cryptocurrencies and is in the top 5 in the world in terms of cryptocurrency popularity. Data from the Vietnam Securities Depository and Clearing Corporation (VSDC) and Chainalysis also show that the number of cryptocurrency owners in Vietnam by 2024 has reached 17 million people, nearly double the 9 million securities accounts.

Interest in digital assets in early 2025 on Google Trends Vietnam also shows that the number of searches for cryptocurrencies has surpassed real estate and stocks.

Convitction 2025 is an opportunity for Vietnamese startups to access international experts and investment funds.

After the drafts on cryptocurrency testing, leading trading giants such as Binance, Bybit came to Vietnam to seek opportunities to expand the market. Over the years, big names in the industry such as former Binance founder Changpeng Zhao, Ethereum founder Vitalik Buterin also chose our country as their destination.

Therefore, events like Conviction 2025 are opportunities for domestic startups to seek cooperation and investment opportunities. The organizers invited more than 100 scientists and hundreds of speakers who are senior managers of international projects and investment funds to exchange in Ho Chi Minh City on August 9-10.

“With an expected scale of 30,000 participants, along with hundreds of scientific presentations from domestic and foreign experts, Conviction 2025 promises to be a top-notch knowledge forum, a golden opportunity to promote the digital economy, digital transformation of Ho Chi Minh City, and call for international investment.”, said Mr. Nguyen Quy Hoa, Chairman of the Ho Chi Minh City Association of Communications and Electronics.

In the new era, the blockchain technology sector is facing unprecedented opportunities. In the absence of support and acceptance from the community, young teams still create billion-dollar projects. With the newly applied legal framework, domestic companies are expected to develop further.

“10 years ago, I never dared to dream of this day,” said Mr. Nguyen The Vinh at the opening ceremony. The leader of the Ho Chi Minh City Blockchain Association was delighted that his work was recognized by the community and that he could introduce Vietnam’s digital technology industry to the world through the Conviction 2025 event.

Source: https://znews.vn/chu-tich-hba-10-nam-truoc-toi-khong-dam-mo-den-ngay-nay-post1575350.html