Vietnam launches national blockchain association

By Khuong Nha   May 18, 2022 | 03:33 am PT
Vietnam launches national blockchain association
Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. Photo by Reuters/Dado Ruvic/Illustration
Vietnam has launched its blockchain association as part of the country's efforts toward digital transformation.

At the Tuesday opening ceremony of the association, which falls under the Ministry of Home Affairs, Tran Van Tung, deputy minister of Science and Technology, said that among the top 200 blockchain companies around the world, seven were founded by Vietnamese.

"We have 10 businesses working in blockchain and having a capitalization of over $100 million. Vietnam's blockchain unicorns have also raised their global influence," he said.

Tung said blockchain technology is groundbreaking. As the numbers of engineers and businesses increase, their need for connection and sharing grows too. The existence of a blockchain association therefore is necessary.

"I hope the association could be a place for both organizations and individuals to share their experience and resources to foster research and trials, therefore contributing to the nation's digital transformation and the development of a digital economy and society," Tung said.

Hoang Van Huay, head of Vietnam Blockchain Association, said the technology is being used by several countries in multiple fields. The association will also be an important foundation for blockchain technology to be used in Vietnam's economic and social activities, he added.

Phan Duc Trung, deputy head of the association, said international cooperation would open up new opportunities for blockchain firms, helping Vietnam attract more international investments.

"Investors from all around the world are ready to participate in summits about blockchain in Vietnam. Vietnam could be a cradle for the global field of blockchain, not just as a competitor to Singapore, if we have the appropriate legal frameworks for it," Trung said.

Huy Nguyen, deputy head of the association, said the public need to be educated on blockchain technologies and that such technologies should be applied in everyday life. In another five years, blockchain would be present in all aspects of life in Vietnam, he anticipated.

Vietnam Blockchain Association aims to develop its members, build membership standards, inform the public and provide opinions on policies, among other purposes.

"With the creation of the association, I believe that in future, the blockchain community would be strongly connected and share their resources, so the world would know of Vietnam as a strong and sustainable ecosystem," said Nguyen.

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