Vietnam’s opportunities to become a leading country in the global blockchain landscape

The potential of blockchain technology is rapidly transforming economies and industries worldwide, creating a new digital foundation for everything from finance to healthcare, supply chains to governance. In this dynamic field, Vietnam is promising to become a leading country in the global blockchain landscape. With a unique blend of advantages, including a young and tech-savvy workforce, a vibrant startup ecosystem, and strong governmental support for technological development, Vietnam stands poised to take a central role on the global blockchain stage.

Vietnam’s Thriving Digital Economy and Tech-Savvy Workforce

Vietnam’s digital transformation has been remarkable. With a population of nearly 100 million and internet penetration exceeding 70% (Statista 2024), Vietnam has become one of Southeast Asia’s most digitally active countries. The government’s push towards a digital economy has fostered a robust environment for technology adoption, and blockchain technology has not been an exception.

Vietnam’s workforce, predominantly young and highly adaptable, has shown exceptional enthusiasm for new technology. The Vietnam Developer Report 2020 by TopDev indicates that the average working age of Vietnamese developers is between 20 and 29 years old. This demographic advantage has already propelled Vietnam to become a hub for software development and IT outsourcing. As blockchain technology continues to evolve, this tech-savvy workforce is primed to embrace and innovate in the blockchain space.

Working age of Vietnamese developers (source: Vietnam IT Market Report, Top Dev 2020)

>>See more: Latest blockchain jobs in Vietnam

Vietnam’s Growing Blockchain Ecosystem

Vietnam’s blockchain ecosystem is expanding at a rapid pace, supported by a thriving startup community and proactive industry leaders. The Vietnamese startup scene has witnessed impressive growth, with many startups focusing on FinTech, digital payments, and blockchain-related services. Companies like Sky Mavis and SotaTek have already made headlines globally, showcasing the potential of Vietnamese talent to drive blockchain innovation.

The decentralized nature of blockchain technology has resonated with Vietnam’s entrepreneurial spirit, fostering a vibrant community of developers, investors, and enthusiasts. Blockchain and cryptocurrency conferences, hackathons, and meetups are now regular events in major Vietnamese cities, helping to build a strong community and spread knowledge.

Governmental Support and Legal Frameworks about Vietnam Blockchain

Vietnam’s government has demonstrated an openness to exploring blockchain technology. In 2020, the government introduced a directive to encourage digital transformation in all sectors, with blockchain as one of the technologies to be promoted. Subsequently, Vietnam’s Ministry of Information and Communications launched the “Make in Vietnam” strategy to foster local technology development, further signaling official support for ICT industry.

Vietnam’s startup ecosystem has been flourishing, with blockchain startups gaining significant traction. The country has seen a surge in blockchain-focused accelerators, incubators, and venture capital firms, providing crucial support and funding for innovative projects. This thriving ecosystem is fostering the development of cutting-edge blockchain solutions across various industries, from fintech to supply chain management. On 22 Oct 2024, Deputy Prime Minister Hồ Đức Phớc has approved a national strategy to develop and apply blockchain technology until 2030. The strategic decision aims to turn Việt Nam into a leading country in the region in terms of blockchain research, development and application capabilities.

With governmental support, Vietnam’s blockchain landscape is primed for growth. Investors and foreign businesses looking for an emerging market to develop blockchain technology should consider Vietnam. 

>>Join now: Vietnam blockchain community – BW

Vietnam Blockchain as a Leading Country Hub in Asia

Vietnam’s strategic location within Asia, along with its competitive labor costs, makes it an attractive destination for international blockchain companies. As blockchain companies seek to expand their presence in Asia, Vietnam offers a cost-effective and tech-savvy base from which to operate. Neighboring tech powerhouses like Singapore, China, and South Korea have helped elevate the overall tech environment, and Vietnam is emerging as an integral part of this network.

Vietnamese blockchain companies have successfully attracted investment from both regional and global venture capital firms, and the government’s push for foreign direct investment (FDI) adds further appeal. Partnerships between Vietnamese blockchain startups and foreign companies have the potential to accelerate innovation and adoption.

Vietnam Blockchain in Key Sectors: FinTech, Supply Chain, and Beyond

Blockchain’s versatility is unlocking value across various sectors in Vietnam. Financial technology (FinTech) is one of the sectors where blockchain has had the most substantial impact, and Vietnam’s large unbanked population makes it a ripe market for blockchain-based solutions. By providing transparent, secure, and cost-effective solutions, blockchain technology can facilitate financial inclusion in ways that traditional banking cannot. In Vietnam, big banks and corporations apply blockchain in their operations such as: BIDV, MB, VPBank, Vietcombank, Masan Group; Bảo Việt; AIA,…The number is keep growing

The supply chain sector is also benefiting from blockchain’s potential, especially given Vietnam’s role as a manufacturing and export powerhouse. Blockchain’s ability to improve transparency and traceability across supply chains can help Vietnamese exporters meet international standards and boost trust with global partners. Additionally, other sectors like healthcare, real estate, and government services are beginning to explore blockchain applications.

>>See more: October 2024 Blockchain Jobs in Vietnam: Trends and Insights

Education and Skill Development

Recognizing the importance of blockchain technology, many Vietnamese universities and educational institutions are incorporating blockchain courses into their curricula. Vietnam emerges as a beacon of hope amidst the global scarcity of software engineers, offering a rich and diverse pool of IT talent.

The Vietnam IT Market Report 2020 by TopDev highlights the country’s impressive tech workforce, comprising over 400,000 software developers. This number is bolstered annually by an influx of 50,000 fresh IT graduates from 153 specialized institutions across the nation. Adding to this robust local talent are Vietnamese professionals returning from abroad, bringing with them valuable experience gained in Western IT industries. This combination of homegrown expertise and international exposure positions Vietnam as a formidable player in the global IT landscape.

Vietnam’s rising English proficiency is the result of sweeping educational reforms and a renewed focus on language skills. English has become a mandatory subject in the majority of Vietnamese educational institutions, with universities offering specialized courses to equip students for international careers. The country has also witnessed a proliferation of private language schools and online platforms, catering to the increasing demand for English proficiency from both corporations and individuals. This linguistic evolution has propelled Vietnam into a prominent position in the global outsourcing industry, posing a significant challenge to established outsourcing giants like India and the Philippines.

Final Thoughts: Vietnam’s Future as a Global Blockchain Leader

Vietnam’s opportunities in the blockchain space is promising, driven by a young workforce, a vibrant startup ecosystem, and increasing governmental support. The country is on track to become a leading player in the global blockchain landscape, attracting talent, investment, and innovation from around the world.

For companies eager to explore blockchain’s potential, Vietnam offers an attractive environment with abundant opportunities for growth. And by partnering with BlockchainWork, you can connect with Vietnam’s finest blockchain talent and take advantage of the country’s rapid rise in this transformative sector. 

BlockchainWork is the leading blockchain talent community in Vietnam with a network of +200 companies and +9 strategic educational partners in blockchain field, dedicated to connecting businesses with the skilled professionals driving Vietnam’s blockchain future. We provide a platform where companies can create an employer account to post blockchain job openings for free, helping them engage with a network of qualified and enthusiastic blockchain professionals.

Take the next step toward joining Vietnam’s blockchain revolution. Create an employer account on BlockchainWork today to post your blockchain job openings for free and tap into the energy and talent fueling Vietnam’s emergence as a global blockchain leader.

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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

 

Reference:

Internet usage in Southeast Asia, statistics & facts (2024)

Việt Nam set to lead region in blockchain application by 2030, Vietnam News

Why “Make in Vietnam” instead of “Made in Vietnam”?, Vietnam News

Vietnam IT market report 2020, TopDev

 

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