According to market research firm MarketsAndMarket, Vietnam’s blockchain technology market will reach $2.5 billion by 2026, or 5 times more than it is now.
According to estimates by market research firm MarketsAndMarket, the Vietnamese blockchain technology market (blockchain) is worth about 500 million USD. However, developing this technology is not easy when many projects are having to start up with foreign legal entities. A complete legal corridor and a suitable 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 businesses cannot start this technology at home.
“The current legal corridor does not allow blockchain projects to open headquarters in Vietnam, so we have opened a company in Singapore. I really want Vietnam to allow businesses to open headquarters here, supported by ministries, agencies, and the Government to exploit and optimize revenue sources right in their own country”, said Ms. Dam Thi Thuy Ngan, Production Manager of OnePad Vietnam.
Recently, in a high-level forum on blockchain technology, the CEO of Binance – the largest blockchain company by market capitalization in the world, asked to cooperate with Vietnamese partners. The problem is that there should be appropriate legal corridors to lead and give opportunities to enterprises in this industry.
“There are many enthusiastic and passionate people here who love blockchain. I believe this technology will contribute to promoting a strong Vietnamese digital economy in the coming years. Binance is continuously licensed to operate in France, Italy and Dubai is concrete evidence of the company always complying with local regulations. I pledge that Binance will always comply with Vietnamese laws,” emphasized Mr. Changpeng Zhao, CEO of Binance.
“I think that if we implement it within a few years, the next 3 years, it will be a miracle step forward. We want to act as a bridge to promote the most beneficial activities for the Vietnamese economy to enjoy the benefit from the blockchain economy,” said Phan Duc Trung, Vice President of the Vietnam Blockchain Association.
According to market research firm MarketsAndMarket, Vietnam’s blockchain technology market will reach $2.5 billion by 2026, or 5 times more than it is now. If there are appropriate legal corridors, opportunities for Vietnamese startups are huge and the budget is also supplemented with a significant source of revenue.