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Blockchain Technology on the Rise in Vietnam

With an increase in blockchain technology applications and rapid, large-scale digital transformation, Vietnam has the potential to compete in the global market and become a hub for technology. It is estimated that by 2030, blockchain will create 40 million jobs, and 10-20% of the country’s economic infrastructure will run on blockchain-enabled systems.

Blockchain is a form of data storage and transmission technology using encryption. Its transparency in data sharing is the reason countries and the finance, logistics, and retail industries are investing heavily in its application. Earlier this year, Vietnam launched the first official legal entity for blockchain, the Vietnam Blockchain Union. It brings together enthusiasts for blockchain technology research and application throughout Vietnam.

Speaking at a recent event on blockchain technology, a representative from the union stated that the country is a leader in terms of encouraging research and application of new technology in everyday life. The government has supportive policies on digital development and transformation. The country is also open to exploring emerging technologies, allowing start-ups in the country to develop rapidly.

Experts believe that Vietnam could be a hub for blockchain projects, with many businesses, scientists, and engineers pursuing the research and application of the technology in the country. It is vital to create a legal framework for blockchain, create favourable conditions for research and development, and optimise resources. It is also important to revise the legal framework for international capital raising, making it easier for start-ups.

Vietnam is one of the five leading countries in blockchain, and there are currently about 10 innovative Vietnamese start-ups in the field with a capitalisation of over US $100 million. Among the top 200 companies developed based on blockchain technology, seven are founded by Vietnamese people.

The Vietnam Blockchain Union was established under a decision issued by the Ministry of Home Affairs. It was set up to promote the nation’s digital economy, making Vietnam a top global contender in terms of emerging technologies. It connects blockchain organisations and communities around the world and enables members to share experiences and resources to research, test, apply, deploy, and trade blockchain technology. It also attracts investment for the blockchain industry and trains and develops digital human resources. As reported on OpenGov Asia, the Vietnam Blockchain Union aims to raise community awareness and guide the development of legal corridors, standards, and regulations in the application and creation of products and services on the blockchain technology platform.

Currently, blockchain is mainly applied in the financial sector, especially in digital assets and currencies. Countries around the world are forming policies and laws to regulate this technology. For example, the Central Bank of Indonesia recently announced plans to issue a wholesale digital rupiah, intended to be the only legal tender for digital transactions in the country. The Bank is exploring technical options with counterparts and working to enhance cybersecurity measures. The central bank digital will be distributed to large banks and payment service providers, which will, in turn, sell the currency to smaller banking institutions, enabling various retail transactions.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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