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How to seize the opportunity for Blockchain Vietnam?

In the Top 200 companies about Blockchain largest in the world, there are 7 companies from Vietnam. Vietnam is also in the group of 5 leading countries in Blockchain technology with the index of acceptance of this new technology 5 times higher than that of the US.

Blockchain is being applied in many fields

Not only in the financial field, Blockchain is also applied in voting at many contests, such as Miss Universe Vietnam.

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Mai Duy Quang – Vice Chairman of Vietnam Software and Information Technology Services Association (VINASA) – said: “Because Blockchain is characterized by transparency as well as transparency, what is processed on the On-chain is unchanged, for example, for voting or traceability.”

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Mr. Mai Duy Quang – Vice President of Vietnam Software and Information Technology Services Association

Ms. Nguyen Thi Thu Hien – President of IMG Education, member of Vietnam Blockchain Association – said: “People keep equating Blockchain with Crypto with virtual money, but in fact it is being applied in many fields. For example, using data to manage real estate, manage student records, transcripts. anti-repair or even in the field of logistics, goods management…”.

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Ms. Nguyen Thi Thu Hien – President of IMG Education, Member of Vietnam Blockchain Association

According to experts, Blockchain should be considered as a technology with its own preeminent characteristics. Along with artificial intelligence, cloud computing and big data, Blockchain is the key to accelerating digital transformation.

Mr. Nguyen Manh Khoi – General Director of Koru Capital – affirmed: “Blockchain is ultimately a digital transformation, it cannot go beyond the operation of the market.”

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Mr. Nguyen Manh Khoi – General Director of Koru Capital

According to a newly released report by research firm Markets and Markets, the Blockchain-related market in Vietnam is expected to reach a value of nearly $2.5 billion by 2026, increasing 5 times in size compared to 2021. Thereby, great potential, space and opportunities are opening up for Vietnamese businesses.

However, the development of this technology is not easy when many projects are having to start up with foreign legal entities, while it is difficult for domestic enterprises to compete against the storm of personnel costs. An adequate legal framework and a suitable development strategy are urgently needed to seize this opportunity. The obvious advantage will still be an advantage if there are no policies and opportunities for Vietnamese to start Blockchain at home, and be able to contribute a large source of revenue to the budget.

Vietnamese Blockchain enterprises want to start up at home

Sky Mavis is a new unicorn founded by Vietnamese people. However, this business registered its business and paid taxes in Singapore because it did not meet the regulations on doing business in the country.

Nguyen Thanh Trung – Founder of Sky Mavis, Owner of Axie Infinity game – shared: “The most difficult regulation is that in Vietnam, it is not allowed to buy and sell items.”

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Mr. Nguyen Thanh Trung – Founder of Sky Mavis, Owner of Axie Infinity game

According to experts, unlike Vietnam, Singapore has a unique mechanism. They clearly separate the business registration and tax payment from the business area.

Mr. Trinh Cong Duy – Founder of Bizverse, Head of Metaverse Lab, University of Danang – said: “Singapore is an interesting model. People separate business registration and business activities very clearly. That is, they allow Blockchain businesses to register business in Singapore but some activities are also prohibited. and businesses can still provide services in other places, other countries that people accept.

According to the assessment, keeping Blockchain businesses at home not only helps to add a great source of revenue to the budget but also helps stabilize the increasingly hot human resource market of this technology.

Soon to complete the legal basis for Blockchain

If everyone goes abroad, Vietnam will waste resources and capital flow is not small. And so, at the launch event of the Vietnam Blockchain Association that just took place, before the opinions and aspirations of the blockchain technology community, the representative of the Ministry of Science and Technology said that it is urgently reviewing regulations and soon complete the legal basis for the application and development of this technology.

Mr. Tran Van Tung – Deputy Minister of Science and Technology – emphasized: “The Ministry of Science and Technology will review and complete the legal corridor to facilitate Blockchain development”.

Mr. Phan Duc Trung – Standing Vice Chairman of Vietnam Blockchain Association – said: “With the establishment of the association, we hope this will be a bridge between regulatory agencies, gather a voice force, listen most accurately, interpret management orientations in the industry. this”.

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Mr. Phan Duc Trung – Standing Vice Chairman of Vietnam Blockchain Association

Properly understanding Blockchain and its applications, soon there are regulations on piloting Sandbox models, which are expected to be a place for regulators to observe and evaluate the impact of Blockchain on the economy. and improve the legal regulations in the future.

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