The status that Vietnam holds is not only that of an optimistic sector dealing with the application of blockchain technology, but it is also tallied among the notable countries that actually engage in fostering the application and study of the exclusive technologies in the true sense. Vietnam’s stance is not only that of an optimistic market dealing with the application of blockchain technology.
According to the Director of the Government Cipher Committee, Ngo Duc Thang, blockchain technology is included in the classifications of digital technology that are prevalent on the sequence of objectives taking into consideration research advancement for the fourth Industrial Revolution. This is in accordance with Decision No. 2117/QD-TTg, which was sanctioned by the Prime Minister of the country on the 16th of December in the year 2020.
Because of this, the ability to make digital transfers using blockchain technology would be made accessible across a variety of industries, including financial services, healthcare, agriculture, energy, industrial production, and so on. To be more specific, the deployment of blockchain technology might potentially be approved for use in the public sector. In this manner, it indicates that the respective technology will influence multiple spheres of regular life as well as the business around the globe with or without being realized by the people, and there would be a significantly increased number of investment opportunities related to blockchain technology.
Ngo Duc Thang has indicated that in the future, the government would continue to facilitate, promote, as well as encourage the early-stage firms to preventatively speed the process of digital transformation where blockchain technology is the most significant. It is anticipated that by the year 2030, blockchain technology will be responsible for the creation of nearly 40 million new jobs, and that between ten and twenty percent of the economic infrastructure that currently exists across the globe will be run on systems that are based on the respective technology.
According to Mr. Changpeng Zhao, the Chief Executive Officer of Binance, the term “blockchain” refers to a unique technology that is associated with the digital economy. The manner in which the nation goes about implementing this technology at the present time will have a sizeable impact not only on the foreseeable future of the national economy but also on the economy of the entire world. He went on to say that in light of the fact that an increasing number of countries have expressed a willingness to incorporate blockchain technology into everyday life, this industry necessitates transparency and adequate regulation to be utilized in every aspect of life, not just in the context of cryptocurrencies, non-fungible tokens, or DeFi – decentralized finance.
Mr. Phan Duc, Vice President of the Vietnam Blockchain Association, believes that this partnership will be beneficial to the Vietnamese business community, help develop a workforce capable of utilizing the most recent technology, and play an important role in providing policy advice to management agencies based in the state. In his words, the Association builds a link within the blockchain community within the country in addition to making a bridge to take products from Vietnam to the rest of the world and attract additional international resources to the country. In other words, the Association does its part while also creating a link within the blockchain community.