April 11, 2018
The fledgling blockchain industry in Vietnam has boomed and recorded impressive figures. Although there are only 20 Vietnamese blockchain startups currently operating in the market, the number of domestically-owned enterprises registered overseas is much larger. Out of 40 projects participating in a regional competition, the majority is from Vietnam. Moreover, we have also launched two successful international ICO projects in the past year.
The massive number of participating investors, thousand of “scandalous” projects or million-dollars ICO projects… This is the broad picture with the mixture of bright and dark spots about the Blockchain industry which has been increasingly shaped in Vietnam.
Recently, that picture has been impressively highlighted by an international Blockchain conference in VietNam – VietNam Blockchain Week (VBW), which held in Ho Chi Minh City on March 7 and 8. This is the first-ever opportunity where Vietnamese individuals are able to meet and network with the most well-known and influential names in the global blockchain industry.
It is obvious that the event has further positioned Vietnam as a bright spot in the blockchain world map. This point of view has been also shared by the guest speakers at Vietnam Blockchain Week such as the representatives of NAPAS, the organizer of Infinity Blockchain Labs, or the highly regarded speaker from Amp Marketing Blockchain.
Vietnam Blockchain Week attracted thousands of participants
According to NAPAS and its lineup of renowned speakers, Vietnamese regulators has begun to have certain interests in the blockchain technology. Nguyen Hung Nguyen – CIO of NAPAS emphasized that the adoption of blockchain would ultimately lead to the changes in the global payments industry.
It should be added that last year, after Jack Ma arrived in Hanoi and confronted Alipay on the Vietnam front (right after that NAPAS signed a cooperation agreement with Alipay), competitions amongst various payment platforms will now become one of the most competitive sectors in Vietnam by 2020. At the moment, plenty of “warriors” are waiting to confront Alipay such as Nganluong, Baokim, AirPay, 1Pay, etc.
Mr. Nguyen ensured that Blockchain would change the competition at a very fast pace because the payments sector would certainly be one of the most traditional industries to apply this technology. If not applied, traditional payment methods will be further defeated by Blockchain because this powerful technology has proven its superiority with fast and cost-efficient transactions.
The panel discussion: “The adoption of Blockchain in payment and tracsactions” marked the presence of CIO NAPAS
He also revealed that NAPAS itself had already tested the transfer of money across borders from Vietnam to other countries with Blockchain technology. “Basically, we have tested to transfer money from Vietnam to Singapore on the blockchain platform. Transactions between other countries will be tested in the coming time.”From the eyes of people who have been using Blockchain, Mr. Nguyen shared that Vietnam had a lot of advantages in adopting and implementing this brand new technology due to its lack of many prior infrastructures – things which are out-of-date can confront the future moves.
The truth is that in Vietnam, there are many issues that need to be addressed, and perhaps Blockchain technology is the only key to resolve them. Some of the pertinent issues include food traceability in Ho Chi Minh city, or the aim of government in building a more effective medical management platform, etc. These are all problems that have long existed in society but have not been resolved.
Mr. Kimble Ngo, the host of the event and also founder of Amp Marketing, appreciates the high potential of Blockchain in Vietnam.
With a fast-paced technology team, Mr. Ngo said that Vietnam would be the flagship of Blockchain in the region. In the present time, when mentioning about the world’s blockchain centre, Vietnam can be listed on par with Silicon Valley, Singapore, China, Korea, Japan, etc.
Mr. Kimble Ngo – event host
He added – “Vietnam is at the forefront of the Blockchain industry, which is a brand new area, and our country is fortunate to have equipped with a plethora of top Blockchain engineers. However, when compared to Singapore or Silicon Valley, the only disadvantage with which we are facing is just a voice – a voice telling the world that we are ready.”Kimble Ngo’s comments are absolutely worthwhile if you look at the figures of another speaker. According to Ms. Nicole Nguyen, Marketing Director of Infinity Blockchain Labs, Vietnam now has 20 blockchain startups with registered offices based in the country.
However, the actual number may be much higher, because many Vietnamese startups are still afraid of domestic laws, so they usually register their offices in Singapore or countries with open policy. “There are many companies based not only in Vietnam but also in foreign countries, and there are projects on Blockchain that have not yet established but have huge potential,” Ms. Nicole said.
In the Blockchain regional-level competition held by the company last year, close to 40 projects were registered, most of which are from Vietnam.
In 2017, Vietnamese blockchain startups have also impressively marked on the blockchain map when two ICO projects are successfully kickoffed. These are Kyber Network of CEO Loi Luu with mobilized capital up to $ 52 million, and Tomo of CEO Long Vuong with mobilized capital up to $ 7.5 million. Both Kyber Network and Tomo are highly regarded by investors worldwide.
According to Ms. Nicole, these stories have contributed to position Vietnam as one of the brightest spots of the whole blockchain world. Singapore, Vietnam and Thailand are amongst the most blockchain-friendliest countries within the Southeast Asia region.
Information about the organizer: https://www.blockchainlabs.asia
LinkedIn: Infinity Blockchain Labs