At the event (Photo: VNA)

HCM City (VNS/VNA) - With the boom in blockchaintechnology and speedy digital transformation, Vietnam has great potential forblockchain development to compete in the global market, speakers said at a recentseminar in HCM City.

Speakingat the “Blockchain in the digital transformation era”, Huy Nguyen, deputychairman of the Vietnam Blockchain Association, said Vietnam

Thecountry is one of the leading countries in encouraging research and applicationof new technology in everyday life, he said.

TheGovernment has great supportive policies on digital development and digitaltransformation. The country is also entirely open-minded to new technologiessuch as blockchain, allowing start-ups in the country to develop rapidly.

PhanDuc Trung, also deputy chairman of the association, said the launch of the VietnamBlockchain Association in April, the first official legal entity, aims togather enthusiasts for blockchain technology research and application throughoutVietnam. 

TheGovernment will continue to prioritise the development of new technologies and identifythese as potential spearheads of economic development in the future, accordingto Trung.

Itwould continue to facilitate, encourage and promote businesses to acceleratethe digital transformation process in which blockchain technology is the mainstay. 

Itis expected that by 2030, blockchain will create 40 million jobs, and 10–20% ofthe economic infrastructure will run on blockchain technology systems in thecountry.

ChoiSoo Hyuk, president of the Korea Blockchain Startup Association, said Vietnamhas huge potential in blockchain technology with many businesses, scientistsand engineers pursuing research and application of the technology.

ParkBong-Kyu, chairman of World Blockchain Summit MARVELS and Korea CEOSummit, said Vietnam has abundant human and technology resources as well as alarge blockchain community.

Ithas become a potential hub for blockchain projects. 

Participantsalso noted that challenges lie ahead such as a lack of legal framework forblockchain development. 

Itis vital to create a legal framework for blockchain and create favourableconditions for blockchain research and development as well as utilise resourceson the development of blockchain applications.

Itis also important to revise the legal framework for international capitalraising, making it easier for start-ups.

TheUS-based Globe Newswire, one of the world’s largest newswire distributionnetworks, has expected a bright future ahead for blockchain technology in Vietnam.

Vietnamis one of the five leading countries in blockchain, and there are currentlyabout 10 innovative Vietnamese start-ups in the field with a capitalisation ofover 100 million USD.

Amongthe top 200 companies develꦓoped based on blockc♋hain technology, seven arefounded by Vietnamese people. 

AxieInfinity, a blockchain game published by Sky Mavis, has attracted hundreds ofthousands of gamers from all over the world. As of March 29, it had a marketcapitalisation of about 4 billion USD, according to Coinmarketcap.com.

OtherVietnamese companies such as Thetan Arena, Coin98, and Elemon have also beenwelꦦcomed by the international blockchain developer community./.