Vietnam’s blockchain industry on the up

June 09, 2024 | 10:00
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The blockchain industry has made great strides in the second half of 2023 and at the beginning of 2024, thanks to technological advances and favourable market conditions.
Vietnam’s blockchain industry on the up

GM Vietnam 2024, the premier blockchain event in Vietnam, which took place from June 7 to 8 in Ho Chi Minh City, saw the participation of 130 top-notch speakers, 125 investment funds and 12,000 attendees.

Speaking at the event, Phan Duc Trung, permanent vice president of the Vietnam Blockchain Association (VBA) said, “The blockchain market in Vietnam has made significant strides in recent times. There are some key factors contributing to changing the market landscape. Real World Assets are predicted to account for 10 per cent of global GDP by 2030.

Meanwhile, the virtual world signifies a strong resurgence of future technology, laying the foundation for a host of new projects. DeFi has also witnessed vibrant market activity through billions of transactions, with new models and products attracting enormous capital.”

“Admitting to the changes in the global economy, the VBA is actively promoting a clear regulatory framework for crypto in line with the Vietnamese government’s direction,” Trung said.

“The Vietnamese market has a high rate of crypto adoption. Given the rise of real-world asset tokenisation, we forecast that the crypto market will grow stronger. We not only count on bitcoin but also expect the transformation of the traditional fintech market as the regulatory framework for crypto has been in the making.”

The global market size of the blockchain industry is estimated to reach $164 billion by 2029, a 27-fold increase from $6 billion in 2021. Vietnam ranks seventh globally in terms of blockchain investment.

Over the past few years, Vietnam has also reinforced its position as a dynamic and potential market on the global blockchain map. Vietnam ranked among the top three countries in the Global Cryptocurrency Adoption Index by crypto analytics firm Chainalysis for three consecutive years (2021, 2022, and 2023). The country is also among the top countries with the highest number of Metamask crypto wallet users globally.

Thuat Nguyen, co-founder of Kyros Ventures said, “Vietnam is an open market with ample potential for blockchain. GM Vietnam 2024 will open up new opportunities to leverage Vietnam’s blockchain market at a higher level. Hopefully, the event will give an overview of Vietnam’s blockchain market to the international community, thereby attracting more foreign projects in this field.”

This year's event was hosted by Kyros Ventures in collaboration with the VBA, and strategic partnerships from Ninety Eight, Ancient8, and the Vietnam Digital Communications Association. With its immersive agenda, top-notch speakers, and vibrant atmosphere, GM Vietnam is set to be the highlight event of 2024 in the blockchain industry.

In addition, this year’s event also explores the current state of Web3 technology and its future potential. Other topics include the integration of AI into blockchain and the emerging trend of real-world assets.

Promoting blockchain application in the digital economy Promoting blockchain application in the digital economy

Blockchain technology will not be able to create breakthrough growth and contribute strongly to Vietnam’s digital economy without a full legal corridor. The message was given at the Application of Blockchain Technology in the Digital Economy conference on September 27.

Vietnam shows great potential for blockchain growth Vietnam shows great potential for blockchain growth

Vietnam has the potential to make a significant contribution to blockchain advancement in Southeast Asia thanks to its high crypto-adoption rate, abundant IT workforce, and tech-savvy young population.

Promoting the widespread adoption of blockchain and AI to one million people Promoting the widespread adoption of blockchain and AI to one million people

The Academy of Blockchain and AI Innovation, under the Vietnam Blockchain Association, aims to provide training and promote the adoption of blockchain and AI technologies to one million individuals by 2030, including 100,000 students from 30 universities in Vietnam.

By Thanh Van

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