Vietnam, a high potential blockchain market

(VEN) - Blockchain projects developed in Vietnam have made a significant splash in world markets, making Vietnam one of the highest potential blockchain markets. Among the top 200 companies operating with blockchain technology in the world, 10 were founded by Vietnamese.

The global blockchain market was valued at US$4.67 billion in 2021 and is expected to reach US$7.18 billion in 2022, and US$163.83 billion in 2029, at an annual growth of 56.3 percent.

Truong Gia Binh, Chair of the FPT Corporation and of the Vietnam Software and IT Services Association (VINASA), said blockchain data storage provides protection against counterfeiting, transparency and decentralization.

vietnam a high potential blockchain market

Many countries have put blockchain into residence management, electronic identity

Although initially used mostly for cryptocurrency trading, blockchain has been introduced into a growing range of fields. Countries such as the UAE, Estonia, Luxembourg and Switzerland, for example, have put blockchain into residence management and electronic identity systems, while IBM, Amazon, and McKinsey have brought Blockchain into supply chain management. “The world will save US$450 billion annually due to counterfeit identification and reduce hundreds of thousands of deaths caused by counterfeit drugs when blockchain is applied in these areas,” said Binh.

“As a software developer for the past 20 years, we will continue to support technological innovation, integrating the Metaverse (virtual universe) into the real world. Blockchain with outstanding advantages will facilitate the development of a new universe,” Binh added.

vietnam a high potential blockchain market

Vietnam is a high potential market for blockchain

According to a MarketsandMarkets report, the blockchain-related device market in Vietnam is expected to reach nearly US$2.5 billion by 2026, a five-fold increase compared to 2021. Vietnam currently has about 10 startups in the field with capital of more than US$100 million.

The Vietnamese government has created legal corridors for new technologies to serve the national digital transformation, including Decision 942/QD-TTg in June 2021 approving the country’s e-government development strategy. The PM has assigned the State Bank of Vietnam to research and build a cryptocurrency development and management mechanism based on blockchain technology for piloting during the 2021-2023 period.

Phan Duc Trung, Vice President of the Vietnam Blockchain Association said that while traditional databases only track records for single entities, blockchain connects a group of entities and allows data to be synchronized among independent related parties, opening up new applications in the global economy.

Vietnam is rated as one of the world’s fastest growing countries. However, innovative solutions are required in order to maintain sustainable growth. To that end, Vietnam is implementing a comprehensive national digital transformation and its leader are keen on any new technologies that can create breakthrough growth and development, including blockchain technology.

Quynh Nga

See also

Welcoming the year of digital data for Vietnam

Welcoming the year of digital data for Vietnam

(VEN) - In 2022, the government assigned more important functions and tasks in digital transformation, government, economy, society, technology, and electronic transactions to the Ministry of Information and Communications.
Top 10 ICT developments in 2022

Top 10 ICT developments in 2022

(VEN) - Vietnam's information and communications technology (ICT) industry entered a post-COVID development phase in 2022, with the Party and government adopting policies to promote the development of the technology sector and businesses. Following are 10 outstanding ICT developments of 2022 as voted by the journalists of the ICT Press Club.
Customs sector leads in IT application

Customs sector leads in IT application

(VEN) - A new information technology (IT) system developed by the General Department of Vietnam Customs (Vietnam Customs) under its administrative reform is expected to generate savings of about VND920 billion in the next five years for 92,000 importers, exporters and operators of warehouses, yards and ports.
Vietnam records best-ever performance in digital economic development

Vietnam records best-ever performance in digital economic development

Vietnam is viewed as a country with high potential for fast digital economic development and digital transformation trend across all fields.

See more news

ETH Vietnam: The first hub for blockchain community to build and learn together

ETH Vietnam: The first hub for blockchain community to build and learn together

The first and biggest blockchain event series ETH Vietnam will begin on November 25, 2022 in Ho Chi Minh City.
Energy industry masters advanced technologies

Energy industry masters advanced technologies

(VEN) - Enterprises and research units in the field of energy, especially in the electricity industry, have taken the lead in mastering advanced technologies, achieving practical results and ensuring energy security.
Wolfoo product sets certificated as standard content

Wolfoo product sets certificated as standard content

(VEN) - On October 28th 2022, the Institute for Research and Development of Education (under the Ministry of Science and Technology) awarded the certification of Wolfoo Product kit (code: V2022-01-01) as content that meets the standards of effective application of modern educational methods for children from 3-8 years old.
Bkav, Excelpoint provide AIoT platform built on Qualcomm ecosystem

Bkav, Excelpoint provide AIoT platform built on Qualcomm ecosystem

(VEN) - Bkav Hardware Solution (BHS), a member of Bkav Corporation, and Excelpoint Systems (Pte) Ltd., a leading regional electronics components distributor, operating in Singapore, the USA and many other countries, recently signed a strategic cooperation agreement for the production and commercialization of an Artificial Intelligence of Things (“AIoT”) platform built on Qualcomm chipsets.
Vietnam makes digital transformation leap

Vietnam makes digital transformation leap

(VEN) - Digital transformation is vital for businesses to quickly adapt to and overcome difficulties caused by the COVID-19 pandemic.
C.P. Vietnam’s HR digital transformation with SAP® SuccessFactors® Solution

C.P. Vietnam’s HR digital transformation with SAP® SuccessFactors® Solution

On May 13, 2022, C.P. Vietnam announced that it has kick-started its HR digital transformation journey with SAP® SuccessFactors® solutions, at Head Office, Bien Hoa City, Dong Nai Province, to help the company enhance its HR capabilities and leverage real-time analytics for better business decisions and capabilities, flexibility and extensibility, and open platform strategy.
A “Make in Vietnam” communications programming platform

A “Make in Vietnam” communications programming platform

(VEN) - Stringee was one of the 10 best technology projects of the 2020 national festival for innovative startups (Techfest Vietnam) and one of the 12 “Make in Vietnam” digital platforms selected by the Ministry of Information and Communications to support small- and medium-sized enterprises in digital transformation.
MedOn app may be able to help

MedOn app may be able to help

(VEN) - To meet constantly changing market demand and customer tastes and provide accessible medical services, Medlatec Group officially launched its MedOn digital platform, a user-friendly medical application.
Movan provides digital transformation solutions

Movan provides digital transformation solutions

(VEN) - Movan ISO software has been in development since 2020, helping business and organizations to undergo digital transformation from production management and machine operations to data management. These processes are in line with ISO standards, enabling easy access of products and services to the domestic and international markets.
Vietnamese patents make imprints on international maps

Vietnamese patents make imprints on international maps

(VEN) - Protection of intellectual property (IP) by registering national and international patents is an important basis for enterprises to master core technologies, integrate into the global market and compete with international corporations.
View more
Latest Most Read
Foreign visitors to Vietnam surge 44.2 times

Foreign visitors to Vietnam surge 44.2 times

Vietnam welcomed 872,000 foreign visitors in January, up 44.2 times against the same time last year, according to the General Statistics Office.
British official in Vietnam to boost accession to CPTPP

British official in Vietnam to boost accession to CPTPP

Minister of State Greg Hands of the UK Department for International Trade recently arrived in Hanoi for high-level trade talks on how the UK joining of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will boost the economic firepower of the world’s most dynamic trade bloc, according to the British Embassy.
Banks lower saving interest rates right after Tet

Banks lower saving interest rates right after Tet

The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tet) holiday and have set stricter conditions for customers to enjoy the high rates.
Positive signs for Vietnam’s labour market

Positive signs for Vietnam’s labour market

Vietnam will continue to be affected by a labour shortage in the first and second quarters of 2023, but the deficit is not great and is mainly present in labour-intensive sectors such as garments, leather, and some export-led industries, especially in foreign-invested enterprises.
Artists Cơ, Nghiệp set Guinness World Record in last int

Artists Cơ, Nghiệp set Guinness World Record in last int'l show

Vietnamese acrobatic artists Giang Quốc Cơ and Giang Quốc Nghiệp has set up a world record in their last international performance in a Guinness World Record show in Milan, Italy.
foreign visitors to vietnam surge 442 times

Foreign visitors to Vietnam surge 44.2 times

Vietnam welcomed 872,000 foreign visitors in January, up 44.2 times against the same time last year, according to the General Statistics Office.
the woman who revived kim hoang folk paintings

The woman who revived Kim Hoang folk paintings

(VEN) - Researcher and art collector Nguyen Thi Thu Hoa has made intense efforts to revive the 18th century Kim Hoang woodcut folk painting genre, which had all but disappeared over time.
artists co nghiep set guinness world record in last intl show

Artists Cơ, Nghiệp set Guinness World Record in last int'l show

Vietnamese acrobatic artists Giang Quốc Cơ and Giang Quốc Nghiệp has set up a world record in their last international performance in a Guinness World Record show in Milan, Italy.
the unique giong festival of hanoi

The unique Giong Festival of Hanoi

The festival is held annually around the capital to commemorate Saint Giong, a local hero who sacrificed his life to defeat invaders.
ministry of industry and trade new posture and mindset for the new development period

Ministry of Industry and Trade: New posture and mindset for the new development period

Starting on December 1, 2022, the Ministry of Industry and Trade operates under Government Decree 96/2022/ND-CP. New posture and mindset for the new development period of the industry and trade sector have been rolled out from this decree.
Screening tools to enhance FDI quality

Screening tools to enhance FDI quality

(VEN) - A set of foreign direct investment (FDI) screening tools was launched recently as a result of cooperation between the Vietnam Chamber of Commerce and Industry (VCCI) and the United Nations Development Program (UNDP), promising enhanced effectiveness of foreign investment flows into Vietnam.
Prime Minister demands faster disbursement of public investment capital

Prime Minister demands faster disbursement of public investment capital

Prime Minister Pham Minh Chinh demanded faster pace of public investment capital disbursement while chairing the Cabinet meeting on Thursday.
Deputy FM highlights role of economic diplomacy in service of national development

Deputy FM highlights role of economic diplomacy in service of national development

The Ministry of Foreign Affairs has accompanied the Ministry of Planning and Investment and agencies to attract high-quality investment, connect and support foreign enterprises to invest and expand operations in Việt Nam, as well as to strengthen exchange and cooperation with investment funds and study international investment trends.
Việt Nam supports expansion of UN Security Council

Việt Nam supports expansion of UN Security Council

Addressing the first meeting of the Intergovernmental Negotiations on Security Council reform at the 77th UN General Assembly on January 26 (local time) in New York, Ambassador Nguyễn Phương Trà also emphasised improving the working method of the UNSC and limiting the use of veto power.
Industrial production: Achievements and lessons

Industrial production: Achievements and lessons

(VEN) - The 2022 industrial output has been impressive, but continued innovation as well as production and supply network recovery are vital to ensure a more sustainable path in 2023.
Food and beverage industry to do well this year despite modest economy

Food and beverage industry to do well this year despite modest economy

The food and beverage market is forecast to grow by over 18% this year to 720 trillion VND (30.7 billion USD).
Moving ahead with 2023’s Global Priorities: Electrification and Decarbonization

Moving ahead with 2023’s Global Priorities: Electrification and Decarbonization

In 2023, the United Arab Emirates is taking center stage in the global efforts to address climate change and sustainability. Recently, leaders have gathered for Abu Dhabi Sustainability Week, kicking off a year of events leading up to the UAE-hosted COP28 at the end of the year.
Hanoi eyes 950 firms in support industries this year

Hanoi eyes 950 firms in support industries this year

Hanoi has set a target to have about 950 enterprises operating in the field of supporting industries this year, an increase of approximately 20 compared to 2022.
Hanoi, HCM City record highest disbursement of public investment capital in January

Hanoi, HCM City record highest disbursement of public investment capital in January

Hanoi and Ho Chi Minh City - the country's economic locomotives - recorded the highest disbursement of public investment capital in January, with nearly 2.7 trillion VND (117 million USD) and more than 1.63 trillion VND, respectively, reported the General Statistics Office.
Hai Phong pledges optimal conditions for investors

Hai Phong pledges optimal conditions for investors

Hai Phong will always accompany with and create optimal conditions for investors, vowed Nguyen Trung Kien, head of the Economic Zone Management Board of the northern port city, during a meeting with foreign-invested businesses in the city on January 31.
Greening foreign investment

Greening foreign investment

(VEN) - The government’s declared commitment to reduce net carbon emissions to zero by 2050 has prompted a wave of high-quality, sustainable foreign direct investment (FDI) projects.
Southeast region prepares for new FDI wave

Southeast region prepares for new FDI wave

The southeast region is preparing necessary conditions in infrastructure, administrative procedures and human resources to welcome a new wave of foreign direct investment (FDI), as investors have flocked to the region right from the beginning of this year.
Banks lower saving interest rates right after Tet

Banks lower saving interest rates right after Tet

The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tet) holiday and have set stricter conditions for customers to enjoy the high rates.
Foreign investors remain optimistic about Vietnamese stock market

Foreign investors remain optimistic about Vietnamese stock market

From being net sellers in the first nine months of 2022, foreign investors have become the driving force supporting the Vietnamese stock market in the last few months, and the inflows are expected to continue this year.
Tax revenue up 4.4 percent year-on-year in January

Tax revenue up 4.4 percent year-on-year in January

Tax revenue in January was estimated at VND165.7 trillion (US$7.06 billion), or 12.1 percent of the ordinance estimate, up 4.4 percent year-on-year, the General Department of Taxation reported on January 31.
State-owned banks under capital increase pressure

State-owned banks under capital increase pressure

Vietnam’s four biggest State-owned banks have an urgent need for capital increase in 2023 as their charter capital is too low, with some unable to ensure the regulated minimum capital adequacy ratio (CAR), according to industry insiders.
Vietnam looks ahead to 2023 climate summit

Vietnam looks ahead to 2023 climate summit

(VEN) - World leaders are hoping the COP28 Climate Change Summit, scheduled for November 30 to December 12, 2023, in the UAE will achieve expectations not met at the COP27 summit held in Egypt in November 2022.
Preserving nature, facilitating business

Preserving nature, facilitating business

(VEN) - In the past few years, the natural resources and environment sector of Hung Yen Province has advised authorities on state management of natural resources and the environment, contributing to provincial economic growth, industrialization and modernization.
AkzoNobel Vietnam protects Cu Lao Xanh lighthouse against harsh weather

AkzoNobel Vietnam protects Cu Lao Xanh lighthouse against harsh weather

AkzoNobel, a leading global paints and coatings company and the major producer of Dulux brand, has completed repainting the Cu Lao Xanh Lighthouse project with Dulux Weathershield®. It is the third lighthouse in Vietnam recoated under the “Lighthouse Protection Campaign” of AkzoNobel.
JTI Vietnam commits to net zero greenhouse gas emissions

JTI Vietnam commits to net zero greenhouse gas emissions

Climate change is the most urgent issue of our time, and to limit its impact on life on earth, the rise in mean global temperature should not exceed 1.5°C above pre-industrial levels. The private sector plays a huge role in helping to achieve this goal, and companies must commit and take concrete action in accordance with the Paris Agreement.
Seven technologies to watch in 2023

Seven technologies to watch in 2023

Nature’s pick of tools and techniques that are poised to have an outsized impact on science in the coming year.
Technology trends to watch in 2023

Technology trends to watch in 2023

The start of a new year is often a time to contemplate the future and what might lie ahead on the horizon.
Managed security provides IT talent gap solution for businesses in SEA

Managed security provides IT talent gap solution for businesses in SEA

Global cybersecurity company Kaspersky today reveals the state of MSSP in the region, particularly the main benefits that local SMBs and enterprises gain from this outsourcing model.
Headquarters of Vietnam-Korea Institute of Science and Technology inaugurated

Headquarters of Vietnam-Korea Institute of Science and Technology inaugurated

An inauguration ceremony of the headquarters of the Vietnam-Korea Institute of Science and Technology (VKIST) was held at the Hoa Lac Hi-tech Park in Ha Noi on January 17.
Positive signs for Vietnam’s labour market

Positive signs for Vietnam’s labour market

Vietnam will continue to be affected by a labour shortage in the first and second quarters of 2023, but the deficit is not great and is mainly present in labour-intensive sectors such as garments, leather, and some export-led industries, especially in foreign-invested enterprises.
Illegal fishing tackled with drastic measures to remove

Illegal fishing tackled with drastic measures to remove 'yellow card'

The Government, ministries and local authorities have been improving legal enforcement, supervision on the implementation of the law and traceability requirements through heavier fines on illegal fishing.
Hunting for real estate investment opportunities after Tet

Hunting for real estate investment opportunities after Tet

Although the market faced a standstill at the end of 2022, wealthy investors are still hunting for potential business opportunities after the Lunar New Year holiday.
Vietnamese university up 97 places in Webometrics ranking

Vietnamese university up 97 places in Webometrics ranking

Vietnam National University (VNU) - Hanoi climbed 97 places to rank 661st in the latest Webometrics Ranking of World Universities in 2023, which was announced on February 1 by the Cybermetrics Lab, a member of the Spanish National Research Lab.
JTI Vietnam certified as Top Employer for 3rd year

JTI Vietnam certified as Top Employer for 3rd year

Top Employers is a global award organized annually by the Top Employers Institute, through rigorous evaluation criteria for employers to select enterprises with the best working conditions. JTI Global and JTI Vietnam are proud to become the Top Employers again in 2023.
Doosan Vina and Chung Ang University continue educational CSR program

Doosan Vina and Chung Ang University continue educational CSR program

Recently, Doosan Enerbility Vietnam (Doosan Vina) and Chung Ang University (CAU), Korea organized charity activities and educational exchanges at Binh Thanh No. 2 Primary School and Binh Minh No. 1 Primary School in Binh Son District, Quang Ngai Province.
Nestlé Vietnam and the journey to sustainable development

Nestlé Vietnam and the journey to sustainable development

(VEN) - With nearly three decades of operation in Vietnam, Nestlé Vietnam has been implementing many initiatives to improve human health and protect the planet through its commitments and sustainable development strategy. Recently, the company has continued to be honored as the Most Sustainable Business in Vietnam.
VIMC embarks on strong recovery

VIMC embarks on strong recovery

(VEN) - In the context of the strong recovery of the maritime transport market, the Vietnam Maritime Corporation (VIMC) has brought into play its internal strength to achieve successful business results in 2022.
Artists Cơ, Nghiệp set Guinness World Record in last int

Artists Cơ, Nghiệp set Guinness World Record in last int'l show

Vietnamese acrobatic artists Giang Quốc Cơ and Giang Quốc Nghiệp has set up a world record in their last international performance in a Guinness World Record show in Milan, Italy.
The unique Giong Festival of Hanoi

The unique Giong Festival of Hanoi

The festival is held annually around the capital to commemorate Saint Giong, a local hero who sacrificed his life to defeat invaders.
Late artist Nguyen Tu Nghiem

Late artist Nguyen Tu Nghiem's works on display in rare exhibition

This rare opportunity for art lovers to see the artist's works is being held to honour his career, which spanned over 70 years in the 20th and 21st centuries.
The woman who revived Kim Hoang folk paintings

The woman who revived Kim Hoang folk paintings

(VEN) - Researcher and art collector Nguyen Thi Thu Hoa has made intense efforts to revive the 18th century Kim Hoang woodcut folk painting genre, which had all but disappeared over time.
Foreign visitors to Vietnam surge 44.2 times

Foreign visitors to Vietnam surge 44.2 times

Vietnam welcomed 872,000 foreign visitors in January, up 44.2 times against the same time last year, according to the General Statistics Office.
About nine million Vietnamese travel during Tet holiday, revenues down

About nine million Vietnamese travel during Tet holiday, revenues down

During the holiday from January 20-26, total revenue from tourism activities was estimated at VND17.5 trillion (US$745.79 million), down 30 percent year on year, reported the Vietnam National Administration of Tourism (VNAT).
18,000 tourists spend US$18.3 million on foreign tours during Lunar New Year

18,000 tourists spend US$18.3 million on foreign tours during Lunar New Year

The number of tourists choosing foreign tours accounted for 55 to 65 percent of the total domestic and foreign tours.
Vietnam listed among top places to visit in the New Year

Vietnam listed among top places to visit in the New Year

Vietnam has been named one of the top 20 places to visit at the beginning of the new year by UK travel magazine Wanderlust for its beautiful natural sights, festive atmosphere, and favorable weather.
Mobile Version