Vietnam Blockchain Association supports innovation in Ho Chi Minh City

The conference to deploy innovative startup activities in Ho Chi Minh City in 2023 was organised by the Department of Science and Technology with the aim of summarising the activities of startups in 2022, launching an orientation for 2023, and planning for a SpeedUp programme for the period up to 2025.

At the conference

The VBA is honoured to be one of the units that signed a strategic cooperation agreement and coordinated with the Department of Science and Technology to deploy innovation activities in 2023.

Before that, solutions to apply blockchain technology to the real estate sector, charitable activities, production management, distribution, and product traceability were the highlight of the Innovation and Entrepreneurship I-Star 2022 competition.

Quynh Nhu, VBA representative said, “Over the past two years, blockchain has become increasingly popular. Large corporations around the world have proven that it is not limited to financial services, but will impact many other economic sectors. The advantages are the absence of a hierarchy of participants, the ability to make transactions with secure personal data, optimised processes, and the creation of a cheaper alternative for businesses. For example, look at the cases of companies like ING, Santander, Walmart, and Maersk.”

“The application of blockchain technology promises to revolutionise the approach to advanced operating mechanisms for businesses, organisations, and tech project development teams. The VBA expects that the strategic cooperation with the Department of Science and Technology in Ho Chi Minh City will bring real connections according to market needs and increase the application of blockchain technology in the innovation ecosystem,” Nhu added.

Public sector innovation is a market with huge potential, but is of little interest to Vietnamese startups compared to other emerging technologies. With the motto think globally, act locally, Dr. Nguyen Viet Dung, director of the Department of Science and Technology said, "Hopefully in 2023, incubators will increase their search for ideas to solve challenges in the domestic market and the public sector in Vietnam."

In 2015, the Asian Development Bank coordinated with the Department of Science and Technology and assessed that the innovation ecosystem in Ho Chi Minh City was still in its infancy. However, after seven years, it is now ranked 111^th out of the 1,000 surveyed cities.

According to Crunchbase's statistics in 2022, Vietnam has a total of 110 deals, 71 of which have been officially announced, which have attracted $727.5 million. Ho Chi Minh City alone has 69 deals, of which 45 deals receive an investment of $591 million. Most startups are in the field of Fintech and e-commerce. A report by NexTrans for 2022 shows that Indonesia, Vietnam, and the Philippines are hot spots for growth and investment in the digital economy.

Data for 2022 by Startupblink shows that Vietnam is ranked 54^th, up five places compared to last year, and ranked 5^th in Southeast Asia. With Ho Chi Minh City's latest ranking, it is about to break into the Top 100 Global Dynamic Ecosystems.

Vietnam Blockchain Summit 2022 set to open The Vietnam Blockchain Association will open a series of discussions about the potential of blockchain technology from leading experts in the field, shedding light on legal policy issues, opportunities, and potential risks surrounding blockchain applications at the Vietnam Blockchain Summit 2022.

Promoting Vietnam-South Korea cooperation in the tech sphere On November 28, Vietnam Investment Review will hold an event titled “Technological Investment Cooperation between Vietnam and South Korea”.

South Korea and Vietnam to share blockchain know-how Last week, an event on tech cooperation between Vietnam and South Korea saw the participation of nearly 100 attendees, including experts, entrepreneurs, and investors.

Vietnam Blockchain Association and Foreign Trade University join forces The Vietnam Blockchain Association (VBA) has cooperated with the Hanoi Foreign Trade University (FTU) to hold a cooperation signing ceremony and discuss the role of blockchain in the digital economy in order to provide information and disseminate knowledge for students.

Vietnam Blockchain Association changes personnel At the first extraordinary meeting of the Executive Board of Vietnam Blockchain Association, it approved the cancellation of the membership of Huy Nguyen, Pham Minh Tri and Pham Toan Thang and dismissed all related positions and positions officials of Huy Nguyen and Pham Minh Tri.