According to market research firm MarketsAndMarket, Vietnam’s blockchain technology market will reach $2.5 billion by 2026, or five times more than today.
According to estimates by market research firm MarketsAndMarket, Vietnam’s blockchain technology (blockchain) market is worth about USD 500 million. However, developing this technology is not easy when many projects have to be started with foreign legal entities. A full legal corridor and appropriate development strategy are essential for domestic enterprises to seize opportunities from blockchain.
Currently, blockchain is attracting the attention of many investors around the world, but many Vietnamese companies cannot start this technology at home.
“The current legal corridor does not allow blockchain projects to open headquarters in Vietnam, so we opened a company in Singapore. I really want Vietnam to allow companies to open their headquarters here, supported by ministries, agencies and the government to exploit and optimize revenue sources in their own country,” said Ms. Dam Thi Thuy Ngan, OnePad Vietnam Production Manager.
Recently, in a high-level forum on blockchain technology, the CEO of Binance – the largest blockchain company by market cap in the world, asked to work with Vietnamese partners. The problem is that there must be appropriate legal corridors to guide companies in this sector and provide opportunities.
“There are a lot of enthusiastic and passionate people here who love blockchain. I believe that this technology will help foster a strong Vietnamese digital economy in the coming years. Binance is continuously licensed to operate in France, Italy and Dubai and is concrete proof that the company always complies with local regulations. I promise that Binance will always comply with Vietnamese laws,” emphasized Mr. Changpeng Zhao, CEO of Binance.
“I think if we implement it in a few years, the next 3 years, it will be a wonderful step forward. We want to act as a bridge to promote the most beneficial activities for the Vietnamese economy to take advantage of the blockchain economy,” said Phan Duc Trung, Vice President of Vietnam Blockchain Association.
According to market research firm MarketsAndMarket, Vietnam’s blockchain technology market will reach $2.5 billion by 2026, or five times more than today. If appropriate legal corridors are in place, the opportunities for Vietnamese startups are enormous and the budget is also supplemented with a hefty source of income.
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