KEC attended the Vietnam Blockchain Summit 2022

The Vietnam Blockchain Summit 2022 began yesterday in the capital city of Hà Nội. The event reflects the Southeast Asian country’s enthusiasm for the adoption of cutting-edge technologies and the pursuit of innovation to spur national socio-economic development.

Industry experts, similarly, have considered Việt Nam, a developing country, as fertile land for blockchain tech with almost limitless potential for implementation and application. Of the world’s top 200 blockchain businesses, ten were started by Vietnamese and offered various impactful tech solutions, setting a solid foundation for the future development of the new technology.

In 2021 alone, transactions worth US$6 trillion were settled on the Ethereum platform, according to crypto research firm Messari, in comparison to $1.25 trillion on Paypal and $13 trillion on VISA. The global blockchain market was valued at $4.67 billion last year. It has been projected to reach $7.18 billion in 2022 and $163.8 billion by the end of 2029.

Numerous countries around the world have started using blockchain for citizen ID and administrative applications. The world’s largest corporations including IBM, Amazon and McKinsey have also taken advantage of the new technology to better manage their supply chains. Economists said they believe up to $450 billion can be saved annually by using blockchain to fight off counterfeits and reduce business risk in various fields.

Phan Đức Trung, Deputy Chairman of the Vietnam Blockchain Association, said the technology has the potential to open many new doors for the global economy. The summit, the first to be held in Việt Nam, offered great opportunities for blockchain players to connect, exchange ideas and contribute to the digital economy in the future.

The government of Việt Nam places great importance on the development of new tech and the country’s digitalisation process with an objective to create value and economic breakthroughs, according to VINASA.

The summit was considered an excellent opportunity for policymakers to listen to recommendations and feedback on how to build a blockchain economic model in Việt Nam.

As early as 2020, new tech has been named as one of the government’s key priorities in R&D goals, as well as the adoption and implementation of the Fourth Industrial Revolution in Decision 2117/QĐ-TTg approved by the Prime Minister’s Office.

A year later, Prime Minister Decision 942/QĐ-TTg has given the green light to the establishment of Việt Nam’s legal framework to pilot, accept and adapt to next-generation digital services. The decision has been well-received by Việt Nam’s tech community, which has spearheaded the development of new tech fields including blockchain, artificial intelligence (AI), virtual reality (VR) and augmented reality (AR).