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Vietnamese blockchain startup hopes to ‘go home’ day

Many startups in the blockchain field of Vietnam are waiting policy and mechanism to easily locate headquarters in the homeland instead of going abroad as at present.

Vietnam is considered as one of the exciting countries in Southeast Asia in startup activities as well as blockchain field. However, many startups are still in the “divorce” situation when personnelactive business takes place in the country but the company headquarters, registered to re-establish in foreign countries.

Vietnamese blockchain startup hopes to 'go home' day - photo 1

Executive Board of Vietnam Blockchain Union (VBU) under VDCA in Hanoi

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Currently, there are about 10 Vietnamese startups in the blockchain field with a capitalization of over 100 million USD, some are considered “unicorns” with a value of over 1 billion USD. In the Top 200 blockchain companies in the world, there are 5-7 companies Vietnamese people Foundation.

At the launching ceremony of Vietnam Blockchain Union (VBU) taking place on the morning of April 21 in Hanoi, Mr. Trinh Cong Duy, founder of Bizverse World and leader of Metaverse Village, said that almost 100% of “unicorns” start-up Vietnam. In the blockchain segment, they are all setting up offices in foreign countries, specifically Singapore, instead of in the country. Not only Singapore, Korea is also famous for its strict regulations when registering enterprise but still allows the company to set up office here and do business elsewhere.

“The government should soon have policies and mechanisms so that domestic blockchain enterprises can both set up headquarters and operate in Vietnam,” Duy suggested. In addition to the issue of the specific legal framework for businesses when registering business in Vietnam, the head of Bizverse World also said that setting up a headquarters abroad makes it easier for companies to raise capital and Vietnam needs to take prompt action to gain advantage in this regard.

Talking at the event, experts who are leaders of many large technology corporations in Vietnam, and heads of technology organizations all said that it is impossible to prolong the situation because there is no legal framework that domestic enterprises can use. must go abroad to establish, set up headquarters and wait until the policies are approved and put into practice.

“If we keep waiting for the legality, waiting for the license, the next generation can still bleed brains, our children are still forced to go abroad to register the company,” said the chairman of the Startup Club. digital technology Vietnam (VDI) Nguyen Dinh Thang concerns.

As a member of the Advisory Board of VBU since its establishment in December 2021, Mr. Thang wants the regulator to accelerate the construction of a legal corridor for blockchain as soon as possible. If the domestic conditions are not suitable for application or business, the direction of licensing blockchain companies based in Vietnam but operating in foreign markets is allowing this field.

Mr. Singaporeattracting businesses to invest in Vietnam but still operate under international law”.

Dr. Dang Minh Tuan – President of VBU (VDCA)


Exchange with Youth On the sidelines of the VBU launch event, Dr. Dang Minh Tuan – Head of Blockchain Lab and VBU Chairman, assessed that blockchain has great potential in Vietnam. Vietnam. After cryptocurrencies, the market began to appear new trends such as NFT, NFTization of content, artwork, real estate project But that’s the surface, there are many applications in the business that the community has not seen and in fact, blockchain is not just a cryptocurrency as everyone knows.

“Many large corporations on world such as Apple, Microsoft, Google, Amazon, IBM… or Vietnamese enterprises all apply blockchain. This technology has a lot of different applications such as traceability, insurance, goods supply chain … that are not related to cryptocurrencies,” Mr. Tuan added.

VBU leaders further explained, users mainly see cryptocurrencies as blockchain because it is an opportunity that they can access, experience and participate in the market. Blockchain does not stop there, but this technology is also contributing to ensuring the reliability of data in a world where everything depends on this information source, there are no more papers and documents to compare. “Blockchain helps ensure that organizations and even individuals who own data cannot arbitrarily intervene to change these contents to benefit themselves,” according to Dr. Dang Minh Tuan.

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