The Vietnam Blockchain Association Will Transform the Region’s Digital Landscape – Here’s How

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With the use of blockchain technology seemingly growing exponentially with each passing year, it stands to reason that this still nascent market will continue to penetrate and find use cases across a myriad of tech sectors. including healthcare, supply chain management, cross-border remittances, etc. in the short term.

In this regard, conservative estimates They suggest that the global blockchain industry, which had a cumulative valuation of $5.92 billion in 2021, will grow at a compound annual growth rate (CAGR) of 85.9% between 2022 and 2030.

This is also why a number of governments have been actively looking to use this technology as is to help bolster their internal data processes by making them more seamless.

Up to this point, the Vietnam Blockchain Association (VBA), a legal entity that connects members of the Vietnamese blockchain community with others, is bringing the country’s products to the world while attracting more international resources.

The association has entered into strategic cooperation with leading cryptocurrency Exchange Binance to promote the use of this rapidly evolving technology throughout the country and surrounding regions.

According to available data, Vietnam is one of the technology hotbeds in Asia with one of the fastest growing economies in the world. The country is an ideal foundation for the deployment of various blockchain offerings, especially as local regulators and government officials have time and again showed great interest in the research and development (R&D) of this maturing domain.

In fact, the Vietnam Blockchain Association (VBA) and Binance have revealed that their cooperation comes in lieu of local authorities promising to promote blockchain technology research/application and human resource training across the country.

This will be done primarily to bridge the technological gap that exists between the country’s current technological framework and the demands put forth by various corporations that have been seeking to enter the region for quite some time.

Why the VBA and Binance partnership is a game changer

The creation of the Vietnam Blockchain Association (VBA) and its aforementioned partnership with Binance has created major ripples in the global tech landscape and for good reason.

This is because Binance is by far one of the most popular crypto/blockchain companies in the world, and the company recently closed a new investment fund of $500 million with the support of the world’s leading institutional investors to assist in the development of various Web 3.0 and blockchain projects throughout their entire life cycles.

To elaborate, this specific strategic partnership will allow Vietnam to maximize its growth prospects, especially since the country’s economy was recently devastated by the Covid-19 pandemic, resulting in its GDP (gross domestic product) slipping quite sharply during the last two years.

Furthermore, it is worth noting that, in recent years, an increasing number of countries have begun to rapidly adopt digital assets and their associated technologies. This is because most regulators and governments have begun to understand the immense social, technological and financial potential of these assets.

Up to this point, the crypto/blockchain industry as a whole is poised to grow to $32.4 trillion valuation by 2027, expanding at a CAGR of 58.4%.

Much of this money has the potential to find its way into developing economies like Vietnam, as the nation has time and again shown an eye for blockchain and crypto technology.

Coupled with the fact that Binance is currently licensed to operate in Italy, France, Dubai, Abu Dhabi, and Bahrain, there is no telling how lucrative this partnership could be for the Vietnamese tech sector. potentially ushering in a new era of innovation in which the region’s local tech talent can find well-paying avenues without moving abroad.

A radical transformation is coming

According to Ngo Duc Thang, director of the Vietnam Crypto Committee, the use of various blockchain-enabled services will drive the “fourth industrial revolution” within Vietnam, adding that the partnership between VBA and Binance will not only help in the growth of the sector. global crypto, but it also generates a lot of local employment.

Thank you indicated,

“Going forward, the government will continue to facilitate, encourage and promote business firsts to proactively accelerate the digital transformation process in which blockchain technology is the cornerstone.”

From a purely macroeconomic perspective, it is estimated that the blockchain/crypto industry generate a whopping 40 million jobs at the end of the decade. Many of these opportunities will find their way into the Asian market, allowing many talented/skilled people throughout Vietnam to gain long-term financial security/stability in the process.

Blockchain App Promotion

Recently, Nguyen Van Tung, Vietnam’s deputy minister of science and technology, stated that in the coming years he hopes his nation will lead the development of blockchain technology. adding,

“Hopefully, the Association (VBA) will use its resources for blockchain technology and science projects so that Vietnam can create outstanding products, become an active player in the global blockchain market, and nurture industry talents for the future.” .

In this regard, a large number of Vietnamese institutions are currently in the process of researching and applying blockchain in various sectors, such as banking services, industrial production, energy, agriculture, healthcare, retail, etc.

Therefore, as the cryptocurrency/blockchain industry continues to rapidly mature, the Vietnam Blockchain Association (VBA) partnership with Binance is set to transform the country into a technological superpower by attracting investment from around the world. So it will be interesting to see how the future unfolds from here on out.

Huy Nguyen is co-founder and CEO of cardio chain.

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