Vietnam Blockchain Opens Up Opportunities and Challenges

Overview of Vietnam Blockchain Expoverse event in Dubai. Photo: Decom Holdings

The tech-savvy event focused on the increasing opportunities for Vietnam's blockchain market, as well as forum for industry insiders to share valuable insight.

Blockchain is booming in Vietnam

Gwebdolyn Regina, investment director at BNB Chain Fund, said what she finds most interesting is that Binance Chain has grown tremendously in just over a year. Blockchain technology has been applied in many fields, especially in DeFi.

She also thinks that the intersection between fields like DeFi, GameFi or NFT will appear within the next 5 years.

Tran Dinh, CEO of AlphaTrue, a company specializing in building blockchain products and decentralized finance, affirmed that Vietnam already has "an abundant IT human resource and a large community in blockchain".

Dinh also said that Vietnam has potential for blockchain technology, when possessing favorable and attractive conditions for implementing projects such as diverse options, low costs, and good scalability.

Prospect of blockchain in next 5-10 years

James Wo, CEO of the investment fund DFG Group, said that blockchain technology will be more widely used in the next 5 years, with the market growing 10 times and the number of users possibly equivalent to the number of internet users.

The director of Binance Labs said that tokens will gradually become assets of long-term value, instead of acting as currencies currently used for exchange and transactions.

2021 is a year in which the Vietnamese blockchain industry thrives. However, to develop these achievements, the help from the authorities and large enterprises is necessary.

This is the desire of Tran Dinh as well as many businesses in this field. "In the future, with support from authorities, as well as large corporations, blockchain in Vietnam can rise to the leading position in the international blockchain market," Dinh said.

Speakers at Vietnam Blockchain Expoverse event. Photo: Decom Holdings

Barriers and challenges

When asked about the biggest challenge when investing, James Wo said that in blockchain, investors need to have broad knowledge to be able to cover the entire market.

Therefore, he predicts that in the near future, venture capital funds will focus more on areas they know better, like the metaverse or DeFi. "It's going to be very difficult for the funds to get into every market and win in every area," Wo said.

Nicole Zhang, director of Binance Labs, said that the biggest difficulty for investors is choosing a team to invest in, when the whole blockchain industry is still in the early stages.

“Some ideas seem great right now, but actually came out a few years ago. The difficulty is how to see the future and which industries can develop,” said Zhang.

Challenges in Vietnam

When it comes to the challenges of the blockchain industry in Vietnam, Dinh pointed out three main points:

Human resources: There are not many blockchain experts in Vietnam; most of them come from other industries such as application development, game development.

Infrastructure: In Vietnam, teams often focus on developing applications. As a result, new businesses have a limited number of platforms to build on.

Policy: The last difficulty is that the policies are still quite new many businesses have not yet approached in the blockchain field.

Dung Nguyen, a senior expert in innovation ecosystem research and development, at Vietnam's Ministry of Planning and Investment, said the Vietnamese government has always prioritized the development of new technologies. Vietnam identifies technology as one of the spearheads of economic development.

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