Road to Success

Vietnam Blockchain Summit 2022 (VBS 2022) was a success. Organized by the Vietnam Software and IT Services Association (VINASA) and the Vietnam Blockchain Association, the event took place on Oct. 19 and 20, 2022 at the National Convention Center. The conference attracted the attendance of more than 2,000 leaders of agencies, associations, businesses, and leading experts about blockchain policy and technology nationally and globally over the event’s two days. 

Gia Binh Truong, chairman of both VINASA and FPT Corporation, shared in his keynote speech: “Blockchain has great properties of anti-counterfeiting, transparency and decentralization. These are extremely promising conditions for the creation of Digital Twins in the era of comprehensive digital transformation. Blockchain is making breakthroughs in many industries. In 2021, in the financial sector, $6 trillion is transacted within one Ethereum chain, compared to $1.25 billion on Paypal and $13 trillion on Visa. Various countries such as UAE, Estonia, Luxembourg and Switzerland have put blockchain into population management and electronic identity. IBM, Amazon and McKinsey have brought blockchain into supply chain management. The world will save $450 billion in annual trade due to fake products and reduce hundreds of thousands of deaths from 10% of fake medicines by applying blockchain in these areas.”

According to experts, Vietnam is currently a market with some of the highest potential for blockchain. Blockchain projects developed in Vietnam resonate in the world market, shaping blockchain technology platforms and solutions, and attracting many investors. Of the top 200 blockchain enterprises in the world, more than 10 are Vietnamese. This is a strong basis for the blockchain industry to continue to develop in Vietnam. In addition, the Vietnamese government is always ready to build hallways for new technologies to grow to serve the national digital transformation toward creating breakthrough growth. In 2020, the Prime Minister signed a list of prioritized technologies for research, development and application to actively participate in the Fourth Industrial Revolution, including blockchain technology. That has now extended to the development of a central bank digital currency..

Vietnam Blockchain Summit 2022 is positioned as an annual international event and has become one of the most attractive blockchain events in the world. In its first year, the event attracted more than 2,000 delegates, with more than 50 speakers, including nearly 300 international delegates from more than 30 economies — the powerhouses of blockchain technology as well as other regions around the world such as the UAE, Singapore, Malaysia, China, the United States, South Korea, the United Kingdom, France, Dubai and more. 

Vietnam Blockchain Summit 2022 included a conference and an exhibition showcasing blockchain platforms, solutions and networking opportunities. The speakers focused on in-depth discussions on special announcements regarding new tech startups, technological progress and growth, sharing lessons learned, investments and overall upcoming trends and predictions. Some featured topics among the total 20 sessions discussed were: Rethinking our approach to blockchain in the DX era; What stablecoins and the CBDC mean for the upcoming transformation of finance; Unleashing the power of blockchain in enterprise; The future of digital assets through the lens of FTX; Moving forward: Mass adoption of digital assets and the future of online trading; Web3 winter has not dulled the VC investment appetite; and many more. The event gathered high-profile speakers from FTX, DFG, OKC (OKX Chain), AAX, Cointelegraph, Jsquare, Gala, Sky Mavis, Binance, BNB Chain, Chainalysis, AWS, Kyber Network and more.

Duc Trung Phan, vice president of the Vietnam Blockchain Association shared at the event: “While traditional databases only track records for single entities, blockchain connects a group of entities and allows data to be synchronized between multiple independent stakeholders. That is why blockchain technology is opening up new applications in the global economy. The first Blockchain Summit held in Vietnam today will create technology consultation connections, contributing to the promotion of the digital economy in the near future. The event will provide insightful information on this industry and recognize appropriate recommendations on compliance policies when domestic and international organizations develop business models applying blockchain technology in Vietnam.  In the future, when blockchain technology becomes the economic infrastructure, a central bank digital currency known as a CBDC will be a necessary step forward in legal currency trades worldwide. At this time, the CBDC will be designed as a financial services platform to bridge many gaps in today’s digital market system.”

Over the years, Vietnam has always been rated as one of the fastest-growing countries in the world. However, in order to maintain growth in a sustainable way, new innovations and new solutions are needed. Vietnam is also carrying out a comprehensive national digital transformation, and new technologies that can create breakthrough growth and development are always the interest of leaders at all levels.