Vietnam’s Blockchain Adoption Ranking and Tech Talent Quality

Vietnam is rapidly emerging as a global powerhouse in blockchain adoption and development. Over the past few years, the country has achieved remarkable milestones in this burgeoning industry, both in terms of blockchain adoption ranking and the quality of their tech talent. This article explores Vietnam’s impressive blockchain journey, the factors driving its success, and why the country is an ideal destination for blockchain businesses seeking top-tier talent. 

Vietnam’s Blockchain Adoption Ranking: Climbing the Global Ladder

While specific rankings for blockchain adoption are not widely standardized, various indicators suggest that Vietnam is making significant strides in this field:

• Cryptocurrency Adoption: According to the 2024 Global Crypto Adoption Index by Chainalysis, Vietnam ranked 5th globally in cryptocurrency adoption, indicating a high level of blockchain awareness and usage among its population. Vietnam consistently outperforms larger economies, demonstrating its commitment to integrating blockchain solutions across various industries.
• Government Initiatives: The Vietnamese government has shown interest and support in blockchain technology. In October 2024, Deputy Prime Minister Ho Duc Phoc has signed a decision issuing a national strategy on the application and development of blockchain technology until 2025 with a vision to 2030, with an aim to turn Vietnam into a leading country in the region with an international position in researching, deploying, applying, and exploiting blockchain technology.
• Thriving Blockchain Ecosystem: Home to more than 200 blockchain projects, including successful platforms like Axie Infinity, Vietnam boasts a vibrant startup ecosystem. Several Vietnamese companies, particularly in finance and logistics, have begun implementing blockchain solutions, contributing to the country’s adoption ranking.

Factors Behind Vietnam’s Blockchain Success

Youthful, Tech-Savvy Population

According to the General Statistics Office of Vietnam, Vietnam’s population reached around 100 million people in 2023, the population structure by working age (15-64 years old) accounts for 65% of the total population, equivalent to about 65 million people and will last for at least another 10 years. This demographic is highly adaptable to new technologies and plays a crucial role in driving blockchain adoption. The widespread use of smartphones and the internet further accelerates this trend.

Strong STEM Education

Vietnam ranks high in STEM (Science, Technology, Engineering, and Mathematics) education, producing approximately 50,000 IT graduates annually (TopDev 2020). This educational focus ensures a steady pipeline of tech talent equipped to meet the growing demands of the blockchain industry.

Investment Potential

According to TechSci Research, Vietnam blockchain market was valued at USD 350 Million in 2023, poised for significant growth, with a projected to grow at a CAGR of 17.4%, reaching approximately $925 million by 2029. The cryptocurrency market in Vietnam is projected to reach approximately $149.8 million in revenue by 2024, with an expected annual growth rate of 10.03% from 2024 to 20281. This growth potential attracts both local and international investors.

Entrepreneurial Spirit and Start-up Culture

Vietnamese entrepreneurs are known for their resilience and innovative mindset. The country’s dynamic start-up ecosystem fosters the growth of blockchain-focused enterprises, contributing to Vietnam’s leadership in blockchain development. Beyond gaming, sectors such as DeFi (Decentralized Finance) and NFTs (Non-Fungible Tokens) are gaining momentum, putting Vietnam on the global blockchain innovation map.

The Quality of Vietnam’s Tech Talent: A Hidden Gem

The success of Vietnam’s blockchain industry is underpinned by the exceptional quality of its tech talent. Vietnamese developers and engineers are known for their problem-solving skills, creativity, and ability to adapt to new technologies quickly. Let’s take a closer look at what makes Vietnam’s tech talent stand out.

Competitive Skillsets

Vietnamese blockchain developers excel in various programming languages such as Solidity, Python, and Rust, which are essential for building decentralized applications (dApps) and smart contracts. According to Belatrix (2024), Vietnamese developers excel in JavaScript and C/C++. With an average growth rate of 20-25% per year in the IT sector, Vietnam shows its greatness in IT outsourcing. Hanoi, ranked fifth in our report having the best developers, is Vietnam’s capital and political center and has shaped this country’s digital transformation over the past decades.

Moreover, many developers have hands-on experience in Web3 technologies, making them highly sought after by global companies.

Global Recognition

Vietnamese tech talent is increasingly recognized on the international stage. Many Vietnamese blockchain engineers work for leading global companies or contribute to high-profile projects. Platforms like GitHub showcase the active contributions of Vietnamese developers to open-source blockchain initiatives.

Cost Efficiency

While offering world-class expertise, hiring tech talent in Vietnam remains a saving of 30-70% compared to other tech hubs like Singapore, U.S or even India. This affordability makes Vietnam an attractive destination for blockchain businesses looking to maximize their return on investment.

>>See more: Latest blockchain jobs in Vietnam

Vietnam as a Blockchain Talent Hub: Why You Should Consider It

With its rising blockchain adoption ranking and tech talent quality, Vietnam is poised to become a global blockchain hub. Here are the top reasons why businesses should look to Vietnam for blockchain talent:

• Strategic Location in Southeast Asia: Vietnam’s proximity to other major Asian markets such as Singapore, Malaysia, and Indonesia makes it an ideal base for blockchain businesses targeting the region.
• Growing Network of Blockchain Communities: Vietnam boasts an expanding network of blockchain communities, events, and meetups. These communities provide a collaborative environment for knowledge-sharing and innovation.
• Support from Industry and Government: Vietnam’s blockchain industry benefits from strong support by both the private sector and government, driving the development of blockchain solutions in finance, logistics, healthcare, and beyond.

>>Join now: Vietnam blockchain community – BW

Comparison with Regional Competitors

When comparing Vietnam’s blockchain adoption and tech talent quality with its regional competitors:

• Singapore: While Singapore leads in terms of regulatory clarity and blockchain infrastructure, Vietnam competes with its large pool of skilled developers and lower operational costs.
• Thailand: Vietnam potentially has an edge in terms of developer talent and cost-effectiveness. The quality of Vietnam’s tech workforce gives it a competitive advantage in attracting blockchain projects and investments.
• Philippines: both countries show strong potential in specific sectors like gaming and NFTs. Vietnam’s broader adoption across various industries positions it as a more versatile blockchain hub in the region.

Vietnam in comparison with regional competitors

Vietnam stands out not only for its high ranking in crypto adoption but also for its proactive government policies that nurture the blockchain ecosystem. Vietnam’s structured approach to fostering talent and innovation places it on a solid trajectory towards becoming a leading player in the global blockchain landscape.

BlockchainWork: Your Gateway to Vietnam’s Blockchain Talent

As Vietnam solidifies its position as a leader in blockchain, businesses worldwide are taking notice. Whether you’re a start-up or an established corporation, finding the right talent is critical to your success in this competitive landscape. This is where BlockchainWork comes in.

If you’re ready to take advantage of what Vietnam has to offer, BlockchainWork is here to help. By creating a free employer account, you can start posting blockchain job openings today and connect with the best blockchain professionals in Vietnam. Whether you’re hiring developers, project managers, or marketing experts, our platform makes it easy to find the right talent for your business.

>> Check out: BlockchainWork’s Partnership programme

BlockchainWork

• BlockchainWork website: https://blockchainwork.net/
• Post blockchain job FREE: https://blockchainwork.net/employer-signup
• Contact us: contact@blockchainwork.net
• Sign up as candidate for blockchain jobs: https://blockchainwork.net/candidate-signup

References:

• Where are the World’s Best Developers? , Belatrix Report
• VIETNAM IT MARKET REPORT 2020, TopDev
• Cryptocurrencies – Vietnam, statista
• Vietnam Blockchain Market by component, by provide, by type, by organization size, bt application area, by region, competition, opportunities and forecast, 2019-2029, by TechSci Research
• The 2024 Global Adoption Index, Chainalysis

>> You may be interested in:

• Hiring Blockchain Talent in Vietnam: A Guide for best hire
• BlockchainWork and FUNiX Partner to Develop Blockchain Talent
• When do you need headhunt services – recruitment solutions for the blockchain industry?
• October 2024 Blockchain Jobs in Vietnam: Trends and Insights
• Top 10 Blockchain Outsourcing Companies in Vietnam