Vietnam blockchain majors to set up global influence: deputy minister

Among the 200 world-leading blockchain companies, seven were founded by Vietnamese, and the government is paying close attention to the new sector, said Deputy Minister of Science and Technology Nguyen Van Tung.

“There are currently about 10 Vietnamese startups in blockchain that have a market capitalization of over $100 million. Vietnam's blockchain majors have begun to set up their global influence,” Tung told Vietnam Blockchain Association's inaugural ceremony held in Hanoi on Tuesday.

The newly launched association is expected to make the country an active player in the global blockchain market, he added.

Across the world, Vietnamese blockchain startup Sky Mavis has set up its footprint as the developer of internationally popular crypto-based online game Axie Infinity.

Last October, the Singapore-headquartered firm raised $152 million in a Series B funding round led by American venture capital firm Andreessen Horowitz, which put the startup at a valuation around $3 billion - a unicorn.

As for Andreessen Horowitz, better known as a16z, this investment was also its latest in the cryptocurrency space to that time, after backing Yield Guild Games earlier last year.

The Vietnamese unicorn - Sky Mavis - will join the Vietnam Blockchain Summit 2022 with other blockchain majors like Binance, Houbi Global, Solana, Decom Wings, and Whydah, according to the event organizers.

The conference, to be co-held by the newly-inaugurated Vietnam Blockchain Association and Vietnam Software and IT Services Association (VINASA) in Hanoi on July 21-22, aims at promoting the development of blockchain and digital economy in Vietnam, helping attract foreign investments into the field in the country.

Vietnam Blockchain Association chairman Hoang Van Huay, a former Deputy Minister of Science and Technology, said: "The association is committed to raising the community awareness and providing consultation on building a legal framework, regulations, and standards in developing services and products on blockchain."

A proper legal framework for blockchain is expected to help Vietnam be able to compete globally in the future, not just competing with Singapore like currently, said association deputy chairman Phan Duc Trung.

The association, which represents researchers and product developers in Vietnam, came into being under a Ministry of Home Affairs decision issued late this April. It will bridge the domestic blockchain community with government agencies to build a legal framework for the industry, aligning with the nation's plan to develop a digital economy. It will also serve as the sectoral hub for enthusiasts in the country.