VIETNAM, October 20 – HÀ NỘI — Vietnam Blockchain Summit 2022 started yesterday in the capital Hà Nội. The event reflects the enthusiasm of Southeast Asian countries to use cutting-edge technology and pursue innovation to drive national socio-economic development.
Speaking to the participants of the summit, Trương Gia Bình, founder of FPT Corporation, one of Việt Nam’s leading technology companies, and Chairman of Vietnam Software Association (VINASA) said Việt Nam is ready to embrace the blockchain technology revolution.
“Twenty years ago, we believed that Việt Nam would become a hub for new technologies,” he said, “This year’s summit is a recognition of the spirit of exploration and willingness to adopt new technologies.”
He says that it is the torchbearers of today who will build a new world with technology as its foundation. He urged Việt Nam to strive to become a major technology center to maintain its development momentum and make technological breakthroughs in the future.
Industry experts, too, have considered Việt Nam, a developing country, as a fertile land for blockchain technology with unlimited potential for implementation and application. Of the top 200 blockchain businesses in the world, ten were started by Vietnam and offer a wide range of influential technology solutions, creating a solid foundation for the development of new technologies in the future.
In 2021 alone, transactions worth US$ 6 trillion were completed on the Ethereum platform, according to the crypto research company Messari, compared to $ 1.25 trillion in Paypal and $ 13 trillion in VISA. The global blockchain market was valued at $4.67 billion last year. It is expected to reach $7.18 billion in 2022 and $163.8 billion by the end of 2029.
Many countries around the world have started using blockchain for citizen IDs and administrative applications. The world’s biggest companies including IBM, Amazon and McKinsey are also taking advantage of new technologies to better manage their supply chains. Economists say they believe up to $450 billion could be saved annually by using blockchain to fight counterfeiting and reduce business risk in various fields.
Phan Đức Trung, Vice Chairman of the Vietnam Blockchain Association, said that the technology has the potential to open many new doors for the global economy. The summit, which was held for the first time in Việt Nam, provided a great opportunity for blockchain players to connect, exchange ideas and contribute to the digital economy of the future.
The Việt Nam government prioritizes the development of new technologies and the country’s digitization process with the aim of creating value and economic breakthroughs, according to VINASA.
The summit is considered a great opportunity for policymakers to hear recommendations and feedback on how to build a blockchain economic model in Việt Nam.
Starting from 2020, new technologies are named as one of the government’s top priorities in terms of R&D, as well as the adoption and implementation of the Fourth Industrial Revolution in Decree 2117/QĐ-TTg approved by the Prime Minister’s Office.
One year later, the Prime Minister’s Decree 942/QĐ-TTg has given the green light to create Việt Nam’s legal framework to pilot, accept and adapt to the next generation of digital services. The decision was well received by Việt Nam’s technology community, which is leading the development of new technological fields including blockchain, artificial intelligence (AI), virtual reality (VR) and augmented reality (AR).
Speakers at the summit also discussed the latest trends in development, how to train and develop human resources in the field, recommendations for countries to adopt and how businesses can use new technologies to improve business performance.
Major Vietnamese and international blockchain companies including Kyber Network, Gala Games, Sky Mavis, DFG, FTX, Binance, BNB Chain, Chainalysis, OKC and AAX are holding discussions and exhibitions at the summit, which will end today (October 20). VNS