The Emergence of Blockchain in Vietnam

The Blockchain industry has been developing  in the last two decades with incredible progress. Because of its vast influence on various fields such as finance and politics, it is not welcomed by authorities of many countries as the concerns of cybercrime emerge and related criminals. However, a number of countries take technology seriously and openly strengthen the suitable conditions for its development. Vietnam is one of these places where citizens and the governments are so eager to make blockchain a part of their lives. There are many evidences that reflect this fact showing that in the near future, Vietnam will be one of the top countries with excellent representation in the blockchain industry.

The first consideration is the huge community supporting blockchain in Vietnam. Throughout the country, communities of cryptocurrency enthusiasts of different sizes grow daily. They do not only grow in quantity, but also in knowledge about the technologies. We educate and support each other in various aspects of the industry in different ways. We actively promote cryptocurrencies on social networks such as Facebook, Twitter, and Instagram with different hashtags, tweets, pictures, and videos. That blockchain projects cannot ignore our interests in their products is proven by the fact that almost every project establishes a Vietnamese community. We actively discuss, share our thoughts, outline solutions, and show our appreciation towards the notion of the technology. Our people can be found discussing in international groups such as Binance, Kucoin, or Huobi and we have our own communities. Telegram group chats of organizations such as VIC, Coin98, VBC, Bitcoin, or HC Capital are always “flooded” with messages. The topics range from memes to technology and technical analysis.

Additionally, the optimism toward blockchain technology’s future can also be reflected through the trading platforms within the blockchain industry. Top exchanges support Vietnamese traders very much in various aspects. If one was to do some research on Coinmarketcap’s exchanges section, they’d discover a long list of platforms (including biggest names such as Binance, Huobi, Bibox, Coinsbit, or MXC, etc.) enable users to switch their language to Vietnamese. Some of them regard the Vietnamese community as a strategic one that influences the exchanges’ growth, so they establish a specific team to support these users from this Southeast Asian country. AMAs, meetups, conferences are held on a regular basis. That trading competitions on these platforms are participated in and won by the Vietnamese is a known fact. Through the things mentioned, we can imagine the huge interest and investments of my people on the exchanges.

However, our roles in the blockchain industry are versatile. By this, I mean we involve in the development of technology rather than just being on the outside as an audience. Early blockchain adopters may have heard about NEM blockchain created by a core team including a Vietnamese member named Long Vuong who worked as their project lead in the founding stage. NEM is currently the 30th largest cryptocurrency based on market  capitalization with strong support from a global community. Long Vuong left NEM’s founding team several months after the blockchain’s official launch before establishing his own renowned Tomochain. Tomochain is a distributed ledger meant to aid in fixing the existing issues that hold back the advancements of Ethereum, the 2nd largest blockchain in the world, at the time of writing. It is now listed on various major exchanges and supported by many VCs around the world. I must also mention Kyber Network of Dr. Loi Luu – functioning many different platforms or products by providing them with the integration of an internal decentralized exchange. End users of wallets such as Trust, Enjin, or ImToken, etc. can easily swap their tokens they store directly on those apps. What’s more, Kyber exchange is also available for eCommerce and finance Dapps in partnership like EthLend, Decentraland, or Ethermon. A few decentralized exchanges have been powered by Kyber source code and those numbers may very well increase as time goes along. Meanwhile, a project called Kambria was premiered to the public as the very first decentralized platform utilizing AI and robotics in order to serve global research, development, and commerce. The Co-Founder – Dr. Thuc Vu is seen as the spirit of this huge project and is one of the people who mastered computer science at a very young age. Kambria astoundingly jumped to among the top 200 projects on Coinmartketcap within a single year leaving the whole blockchain community amazed and it is concrete evidence that Vietnamese people have great potential in developing extraordinary projects with complex ideas. There is likely a very high chance that the number of innovative projects from my country will surge in the near future!

Finally, the Vietnamese government strongly supports the rising technologies of blockchain that can be implemented into businesses in efforts to boost the economy. Vietnamese Prime Minister – Nguyen Xuan Phuc stated in one of his recent talks that the new era of technologies had brought about new opportunities for the country development and the government has played the role of a pioneer in committing changes to adopting new innovations hoping this will inspire the whole nation. Minister of Technology – Chu Ngoc Anh expected the completed regulation for blockchain technology to facilitate its development and integration with all other industries. A comprehensive roadmap will be forged while State’s eGovernment will be featured with blockchain as it offers immutability and transparency on data. In the legal aspect, only transactions with cryptocurrencies are banned while the other activities with blockchain are allowed as long as they cause no harm to the social security.

Blockchain industry of the world is at its early stage, but is predicted to be one of the most accelerating industries in the world. The world will also need to keep an eye on Vietnam’s blockchain presence with the current interests and developments of its people. There will be certainly more wonderful success stories to be told about this nation.