First Vietnam Blockchain Summit opens

The Vietnam Blockchain Summit 2022 officially opened in Hanoi on October 19.
First Vietnam Blockchain Summit opens ảnh 1A talkshow held within the framework of Vietnam Blockchain Summit 2022 (Photo: VNA)
Hanoi (VNA) - The Vietnam Blockchain Summit 2022 officially opened in Hanoi on October 19.

Organised for the first time by the Vietnam Software Association (VINASA) and the Vietnam Blockchain Association, the two-day summit is drawing great attention from both domestic and international tech firms.

Among new technologies strongly affecting the world’s changes, blockchain is getting more popular, as it is applied in almost all fields and sectors.

First Vietnam Blockchain Summit opens ảnh 2Visitors to an exhibition held within the framework of the summit (Photo: VNA)

Numerous countries around the world have started using blockchain for citizen ID and administrative applications. The world's largest corporations including IBM, Amazon and McKinsey have also taken advantage of the new technology to better manage their supply chains. Economists said they believe up to $450 billion can be saved annually by using blockchain to fight off counterfeits and reduce business risk in various fields.

Speaking at the event, Truong Gia Binh, co-founder of FPT Corporation, one of Việt Nam's leading tech companies, and Chairman of the Vietnam Software Association (VINASA) said Vietnam is ready to embrace the blockchain technological revolution.

"Twenty years ago, we believed Vietnam would one day become a hub for new technologies," he said, "The summit this year is a recognition of our pathfinder spirit and the willingness to embrace the new technology."

He said the torchbearers today are the ones who will build a new world with technology as its foundation. He urged Vietnam to strive to become a major tech hub to sustain its development momentum and to create technological breakthroughs in the future.

Phan Duc Trung, Vice President of the Vietnam Blockchain Association, said the summit will help boost technology connections and contribute to the development of the digital economy.

It will give participants an insight into Vietnam’s blockchain industry as well as policies domestic and foreign firms need to follow while developing business models applying blockchain technology in the country.

The government of Vietnam places great importance on the development of new tech and the country's digitalisation process with an objective to create value and economic breakthroughs, according to VINASA.

The summit was considered an excellent opportunity for policymakers to listen to recommendations and feedback on how to build a blockchain economic model in Vietnam.

As early as 2020, new tech has been named as one of the government's key priorities in R&D goals, as well as the adoption and implementation of the Fourth Industrial Revolution in Decision 2117/QĐ-TTg approved by the Prime Minister's Office.

A year later, Prime Minister Decision 942/QĐ-TTg has given the green light to the establishment of Việt Nam's legal framework to pilot, accept and adapt to next-generation digital services. The decision has been well-received by Việt Nam's tech community, which has spearheaded the development of new tech 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 utilise the new technology to improve business performance.

Vietnamese and international leading blockchain companies including Kyber Network, Gala Games, Sky Mavis, DFG, FTX, Binance, BNB Chain, Chainalysis, OKC and AAX were to hold talks and exhibitions at the summit.

Among the top 200 companies operating with blockchain technology in the world, more than 10 were founded by Vietnamese. Vietnam is one of the top five blockchain countries and currently has more than 10 startups in this field with a combined capital of more than 100 million USD.

According to a report by MaketsandMarkets, domestic blockchain-related market will reach a value of nearly 2.5 billion USD in 2026, increasing nearly five folds compared to that in 2021./.

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