The country, Vietnam boasts of a strong skill base and tech innovations and this may help blockchain startups. The government has plans to train and provide resources for tech startups. The country recorded growth in blockchain projects over the last year.
Vietnam has recorded rapid GDP growth and recorded massive improvements in overall health and education and other social outcomes in the recent years. The rate of poverty dropped to 3 percent and its economic growth could reach 6.7 percent.
40 percent of a population will own smartphones by 2021 while 31 percent already has bank accounts. This means app-based blockchain financial services could help the unbanked.
Nicole Nguyen, head of corporate marketing at Vietnam’s Infinity Blockchain Labs says Vietnamese startups can tap the potential in the massive under-banked population in the country. The interest for blockchain and crypto is increasing.
He says the country recorded growing interest in blockchain in the last 12 months. He says blockchain explorations will be done in various fields in the country including fintech, insuretech, agritech, medical fields, and the Internet of Things (IoT) products and services. The strong programming skills and a dynamic community is helping startups in the country to eye building applications beyond cryptocurrency. This will help the country position itself strategically for massive blockchain growth in the global blockchain map.
The country is likely to become a hub of innovation for the developing world and a top 30 economy according to him.
In addition to that, the government expressed strong support for local startups. It has plans already ongoing to provide resources and train tech companies.
Infinity Blockchain Labs organized Blockchain Week conference that took place in Ho Chi Minh City earlier this month and it attracted 2000 people.
Help country improve its economy
Also, blockchain could help the country improve its poverty-related outcomes which world bank say are tenuous although they improved recently. People deriving their living through agriculture are still vulnerable to economic uncertainty according to World Bank.
Thus blockchain can help improve agriculture and logistics, transaction costs, and better product tracking. As well as reducing costs related to economic processes such as documentation and records.
Nguyen says the country should start to identify and realize blockchain potentials.