Vietnam News Today (Jul. 26): Vietnam Poised to Become Leader in Global Blockchain Industry

Illustrative image. Source: VNA

Vietnam logs additional 896 Covid-19 cases on July 25

Vietnam reported 896 new Covid-19 cases on July 25, according to the Ministry of Health.

The new infections brought the total number of Covid-19 cases in the country to 10,768,844, cited VNA.

Meanwhile, as many as 5,692 patients were declared to be free from coronavirus SARS-CoV-2, lifting the number of recoveries to 9,866,968.

The death toll was kept at 43,092, accounting for 0.4% of the total infections, as no fatality was recorded on the day.

So far, more than 242.8 million doses of Covid-19 vaccines have been administered.

Vietnam poised to become leader in global blockchain industry

With the recent boom in blockchain technology and speedy digital transformation, the nation boasts huge potential for blockchain development to compete in the global market.

This view was shared by speakers at a recent seminar held in Ho Chi Minh City.

Upon addressing the “Blockchain in the digital transformation era” seminar, Huy Nguyen, deputy chairman of the Vietnam Blockchain Association, said the nation is one of the leading countries in terms of encouraging research and application of new technology in everyday life, he said.

The Government has initiated a range of great supportive policies on digital development and digital transformation. In addition, the country is also entirely open-minded to new technologies such as blockchain, thereby allowing start-ups in the country to develop rapidly.

Phan Duc Trung, also deputy chairman of the association, said the launch of the Vietnam Blockchain Association in April, the first official legal entity, aims to gather enthusiasts for blockchain technology research and application nationwide.

The Government will therefore continue to prioritise the development of new technologies and identify these as potential spearheads for economic development in the future, according to Trung.

Photo: VOV

It will continue to facilitate, encourage, and promote businesses to accelerate the digital transformation process, in which blockchain technology is the mainstay, according to VOV.

It is therefore anticipated that by 2030, blockchain will create 40 million jobs, with 10% to 20% of the economic infrastructure to be run on blockchain technology systems domestically.

Choi Soo-hyuk, president of the Korea Blockchain Startup Association, said the country has huge potential in terms of blockchain technology, with many businesses, scientists, and engineers pursuing research and application of the technology.

Park Bong-Kyu, chairman of World Blockchain Summit MARVELS and Korea CEO Summit, said the nation boasts an abundance of human and technology resources, as well as a large blockchain community.

Therefore, it has become a potential hub for blockchain projects. Participants also noted that there are challenges ahead, such as a lack of legal framework for blockchain development.

It can be viewed as vital to create a legal framework for blockchain and create favourable conditions for blockchain research and development, as well as utilizing resources for the greater development of blockchain applications.

It is also essential to revise the legal framework for international capital raising, a process which will make it easier for start-ups.

The US-based Globe Newswire, one of the world’s largest newswire distribution networks, anticiapates a bright future ahead for blockchain technology in Vietnam.

The nation is one of the leading five countries in terms of blockchain, with there currently being about 10 innovative Vietnamese start-ups in the field with a capitalisation of more than US$100 million.

Among the top 200 companies which have developed based on blockchain technology, seven have been founded by Vietnamese people.

Axie Infinity, a blockchain game published by Sky Mavis, has attracted hundreds of thousands of gamers from all over the world. As of March 29, it had a market capitalisation of roughly US$4 billion, according to details given by Coinmarketcap.com.

Other Vietnamese companies include Thetan Arena, Coin98, and Elemon, all of which have been welcomed by the international blockchain developer community.

Vietnam – Laos trade up 20.6% in first half

Two-way trade between Vietnam and Laos in the first half of 2022 increased by 20.6% year-on-year to US$824 million, according to the Vietnam Trade Office in Laos.

Of the figure, Vietnam’s export value to Laos reached over US$309.4 million, down 6%, while its import was US$514.6 million, up 45.4%.

Vietnam's main export products to Laos were petrol, with nearly US$30.2 million (up 254.7%); and vegetables and fruits worth nearly US$22.4 million (up 78.1%).

The Lao Bao Border Gate between Vietnam and Laos. Photo: VNA

Other exports of Vietnam to Laos included fertilizer (nearly US$20.3 million); electric wire and cable (over US$5 million); paper and paper products (over US$8.1 million); textiles and garments (US$5.43 million); and ceramics (over US$6 million).

Meanwhile, Vietnam imported ores and other minerals; fertilizers; wood and wood products; and rubber, respectively worth nearly US$53 million; US$46 million; nearly US$76 million; and nearly US$109.4 million, reported NDO.

In June alone, two-way trade hit nearly US$134 million, up 29.9% compared to the same period last year, with Vietnam’s export turnover reaching US$54.6 million, up 11.1%.

It is expected that Vietnam's export turnover to Laos in July will continue to be on the rise because the Lao economy has temporarily stabilised after the Government approved a credit package to buy 200 million litres of petrol, and the trade of foreign currency has been further tightened.

Vietnam, Australia post record high in two-way trade

Vietnam and Australia enjoyed strong growth in two-way trade in the first half of this year at 38.45% to US$8.01 billion for the first time, according to the Vietnam Trade Office in Australia.

Head of the office Nguyen Phu Hoa said that in the first six months of this year, Vietnam exported US$2.78 billion worth of goods to Australia, US$691.35 million higher than the same period last year.

The impressive rise was driven by coffee, seafood, steel and electronic accessories, while fruit and vegetable exports increased in the double digits, cited VNA.

Vietnam and Australia enjoyed strong growth in two-way trade in the first half of this year at 38.45% to US$8.01 billion. Source: VNA

At the same time, imports from Australia in the January-June period exceeded US$5.23 billion, up 41.5% year on year.

With high potential for trade between the two countries, Hoa held that import-export between Vietnam and Australia will continue to rise and may exceed the forecast figure of US$15 billion in 2022, marking a new record.

The Vietnam Trade Office in Australia will continue to implement trade promotion programmes, while focusing on strengthening digitalisation, especially in the trade of agricultural products, he said.

Hoa underlined that many new Vietnamese products have shown growth potential in the Oceania market, such as frozen fruits, including jackfruits, passion fruits, durian and some spices. The office is studying the economic development programme of the new government of Australia, thus promptly promoting bilateral cooperation in areas of Vietnam's strengths, he added.

Foreign writer shares experience on travelling to Vietnam

Westernweekender, the leading provider of local news in the Australian town on Penrith, has published an article sharing the experience of accomplished actor, entertainer, and travel writer Scott McRae of travelling to Vietnam.

The travel writer said that he has travelled to the country six times over the past decade and has always been blown away by Vietnamese people’s welcoming and open-hearted acceptance of outsiders who are visiting their homeland.

In his piece, McRae shares that the highlights of his trip include a visit to Ho Chi Minh City and the city’s lifeblood of the Mekong river. He noted that the fishing villages and stilt houses which line its banks contain many interesting stories.

“A highlight for me is an on-river jaunt in a hand rowed Sampan. We will also take to the streets of Saigon on a form of transport known as a cyclo, a three-wheeled bicycle taxi that was introduced in the French period as a form of luxury transport and is a really cool way to visit some of the iconic landmarks of the city,” he says.

Hoi An Ancient Town. Photo: UNESCO

The travel writer adds that Hoi An is definitely one of his favourite destinations when visiting the nation.

While in Hoi An, he suggests that guests visit the World Heritage site of My So and take part in an excellent half day gastronomical adventure on a guided tour of Hoi An’s colourful central market and a boat trip on the Hoi An river. This can then be wrapped up with a two hour hands on cooking class, following which visitors can enjoy their meals at lunch.

McRae described Hanoi as being a city of controlled chaos that doesn’t intimidate guests, but instead seems to draw visitors into its exciting atmosphere, VOV reported.

“A highlight for me and you I believe, will be the walking foodie tour, where we take in Hanoi’s old quarter which has an amazing history. Sometimes it’s difficult to find some local food stalls and mini restaurants in hidden alleys and sidewalks, and this night in town gives you a taste of cuisine, culture, the people and the language,” Scott McRae added.

“Finishing off the night in Beer Street also has its bonuses!” he concluded.

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