Vietnam is ready to become a 'Web3 powerhouse'

While still in the legal gray area, Vietnamese businesses have created "explosions" in the global market with impressive products built on blockchain. Projects from Ninety Eight, Kyber Network lead the market, attracting millions of users.

Having existed for about 15 years, blockchain has gradually been recognized, but it is still a fertile ground for Vietnamese startups to explore. The presentations of domestic and foreign experts at Conviction 2025 reflect the opportunities of this industry when there is a clear legal corridor. At the same time, there are many challenges, especially in people, to create a different product.

Vietnam blockchain landscape

The opening speech of Conviction 2025 was given by Mr. Nguyen Thanh Hoa, Deputy Director of the Ho Chi Minh City Digital Transformation Center. This expert outlined the groundbreaking changes in Vietnam’s legal framework, which previously lacked a clear strategy for new technologies such as blockchain and artificial intelligence.

According to Mr. Hoa, Vietnam has more than 73,000 digital technology enterprises, 853 of which work in the science and technology sector. Only 45 organizations truly meet the “high-tech” standard, with deep investment in R&D (research and development).

In the Web3 segment alone, Vietnam is ranked in the high adoption group with a rapidly growing ecosystem. In the discussion on Vietnamese blockchain developers, representatives of leading companies in this segment were also present.

Mr. Nguyen Thanh Hoa, Deputy Director of Ho Chi Minh City Digital Transformation Center at Conviction 2025. Photo: Organizing Committee.

KyberSwap, which is considered one of the leading DEX aggregators, is widely integrated across many platforms and ecosystems. Sky Mavis, with a core Vietnamese team, builds world -class products and becomes a leader in the field of blockchain gaming and Web3 infrastructure. Ninety Eight has owned the basic platform and diverse products, serving tens of millions of users worldwide.

However, growth is hampered by the lack of a clear legal strategy. This creates uncertainty about the framework and regulations.

Deputy Director of the Ho Chi Minh City Digital Transformation Center, said that the turning point will come in October 2024. The strategy for blockchain was issued, according to Decision No. 1236 of the Prime Minister . The goal for the Vietnamese blockchain industry is to be among the leading countries in this field in the next 5 years.

After the legal framework was established, many positive signs appeared in reality. Mr. Hoa cited examples such as Binance, the world's largest cryptocurrency exchange, implementing the "Blockchain for Vietnam" initiative. Dragon Capital Fund proposed to pilot a Tokenized ETF. Da Nang piloted stablecoin payments with foreign tourists through a sandbox mechanism.

Accelerate thanks to legal corridor

“The government gives us a bigger opportunity to create even bigger growth,” said Will Ross, Director of Marketing & Distribution, Dragon Capital, at Conviction 2025. He said the legal corridor gives digital assets a chance to grow.

Ms. Vy Le, co-founder of Do Ventures, shares the same view, saying that the newly applied regulations will help institutional investors feel more comfortable when making decisions to invest in potential blockchain platforms. In addition, the divestment mechanism can also be implemented more easily.

“This is an opportunity for the whole industry to grow sustainably,” said Ms. Vy.

Experts also said that investing in crypto assets is part of a global shift, with many large organizations choosing cryptocurrencies or stocks in this sector to diversify their portfolios. Timely policy changes give Vietnam the opportunity to become the center of global blockchain innovation.

Mr. Le Thanh, founder of Ninety Eight company. Photo: BTC.

As the digital asset market grows, gaining acceptance through examples such as BlackRock launching its Bitcoin/Ethereum ETF, similar structures are expected to emerge domestically. Traditional institutions such as Dragon Capital also see opportunities through their intermediary role, providing custody services to reduce barriers to entry for new investors.

In his speech on human resources, Mr. Le Manh, CTO of Kyber Network, said that Vietnamese blockchain companies have high-quality human resources in the platform and system building sectors. Their strengths also lie in their rapid development speed and problem solving.

“Vietnamese teams are also highly appreciated for their creativity and technical foundation,” said Mr. Le Thanh, founder of Ninety Eight.

Experts also believe that domestic developers lack confidence, global product design thinking and understanding of foreign markets. These are things that need to be improved soon so that Vietnamese businesses can reach larger scale.

In terms of products, Mr. Nguyen The Vinh, CEO of Ninety Eight, assessed that this field still has many opportunities to be explored. He compared blockchain to the Internet 40 years ago, powerful, full of potential but not yet popular with ordinary users.

“Therefore, our goal is to redefine the user experience around trust and security by deeply integrating AI into every layer of infrastructure. This helps create a blockchain that is easier to use and more humane,” said Mr. Vinh.

Source: https://znews.vn/viet-nam-san-sang-de-tro-thanh-cuong-quoc-web3-post1575820.html