Vietnam has enough resources to lead the region in blockchain

Once legal obstacles are removed, the Vietnamese blockchain market will attract more resources. This also marks a significant milestone for businesses in the industry to thrive after a long period of preparation.

Mr. Nguyen The Vinh, co-founder/CEO of Ninety Eight and chairman of the Ho Chi Minh City Blockchain Association - Photo: Provided by the interviewee.

In late October 2024, the Government issued Decision No. 1236, announcing the National Strategy on the Application and Development of Blockchain Technology until 2025, with a vision to 2030. Accompanying the aforementioned decision, the Government outlined five specific actions. Tuoi Tre Online interviewed Mr. Nguyen The Vinh, co-founder/CEO of Ninety Eight and chairman of the Ho Chi Minh City Blockchain Association, about the National Strategy on the Application and Development of Blockchain.

Vietnam possesses all the necessary resources.

* Vietnam aims to be among the leading countries in the region in blockchain by 2030. What specific opportunities does this open up for businesses and the blockchain community in Vietnam, sir? - Vietnam has many strengths in the blockchain space. Over 79% of the population uses the internet, and 61% own smartphones. The young population, eager to explore new technologies, has helped Vietnam rank among the top five countries in the world for cryptocurrency ownership. Furthermore, Vietnam is the birthplace of many well-known global blockchain startups such as SkyMarvis , Kyber Network, Ninety Eight, and Viction… They have created the first personnel for the industry and helped their products gain acceptance in many countries. It can be said that Vietnam possesses all the necessary resources – experience, finance, and most importantly, human resources – to become a regional leader in blockchain technology. To achieve this goal, besides the efforts of individuals and businesses, other social resources are also needed. Despite having many advantages over other countries, human resources, capital, and user acceptance in the blockchain market in Vietnam are only in their nascent stages, not yet in a boom phase. * From the five actions outlined in the National Strategy, which areas can Vietnam make its mark and gain an advantage over other countries in the region? - All five strategic actions outlined are practical and clearly demonstrate the State's support for a nascent industry like blockchain. However, in the aspect of new startups in the field, the first factor: perfecting the legal environment, is the most important. Having a complete legal environment will be an extremely favorable starting point for businesses. The draft Law on Digital Technology Industry is expected to be submitted to the National Assembly for initial consideration at the upcoming 8th session. * What are the key points in this draft? - This draft mentions regulations on digital assets. Accordingly, assets are created, issued, and ownership verified using blockchain technology. Thus, the biggest difference between digital assets and virtual assets is blockchain technology.

When viewed as assets, the values ​​created based on blockchain technology will have accompanying property rights consistent with the nature of this technology. With recognition from regulatory bodies, the blockchain market will receive more resources. This is precisely the moment when businesses and the blockchain community can expand what they have been preparing for. * According to you, what is the biggest challenge in the strategic action to improve the legal environment? - The cross-border nature of blockchain is very strong. Balancing the interests of domestic and international markets is a huge challenge. The problem is how to protect domestic businesses while remaining open enough to international capital and products. Furthermore, blockchain is a technology that digitizes assets, so regulations on the technology must go hand in hand with many asset values. Conflicts of interest between different components, overlapping management, and responsibilities are inevitable.

Building a national image

* According to you, how can this strategy help Vietnam attract domestic and foreign investment into the blockchain sector? - The blockchain development strategy helps increase awareness, but it is the draft law on industrial technology that has been passed that concretizes the development vision. The issuance of the strategy has helped change Vietnam's image on the international stage. Currently, most countries do not have laws for the industry, nor do they have national-level planning strategies like Vietnam is doing. Some countries even issue bans on blockchain. In Vietnam, the steps taken by regulatory agencies generally support the industry. Thus, blockchain startups in Vietnam have a better chance of accessing capital from well-known funds due to the stability factor. * What needs to be done for Vietnam to build a national image as a technology hub and attract investment in the blockchain sector? - The issuance of the strategy needs to be more widely publicized, not only domestically but also internationally. Building an image of Vietnam as a country open to healthy technological development and with a clear legal framework is crucial. Examples include South Korea, Singapore, and Thailand, which have achieved success partly through their image as technology nations. They have done so through international events such as Thailand Blockchain Week, Token 2049, and Korea Blockchain Week. *What about Vietnam? * - In Vietnam, events that influence the global blockchain industry are not yet as formal, well-organized, and capable of mobilizing social resources from multiple sectors as the aforementioned countries. If such an event could be organized, combined with a friendly legal environment, demonstrating a pioneering image and attracting investment capital would be entirely feasible. Of course, along with healthy capital flows, there will also be unhealthy projects and players in the market. Therefore, promoting development must go hand in hand with systematic control to avoid financial consequences stemming from investors' lack of knowledge.

Tuoitre.vn

Source: https://tuoitre.vn/viet-nam-du-nguon-luc-dan-dau-khu-vuc-ve-blockchain-20250108120640839.htm#content