Vietnam readies to embrace global blockchain developers: legislator

Vietnam is open to boosting cooperation with partners worldwide in developing blockchain applications, a senior lawmaker said to the founder of world-leading blockchain firm Binance.

The tech-savvy country’s leadership welcomes foreign companies' digital economy development efforts, Nguyen Manh Tien, Deputy Chairman of the National Assembly’s Foreign Affairs Committee, told Binance founder and CEO Changpeng Zhao.

In their meeting in Hanoi on Saturday, Tien also suggested Binance work with Vietnam so that the country could introduce appropriate blockchain development policies, and the major share training programs to disseminate blockchain knowledge, helping incubate Vietnam's future talents.

He noted along with Zhao that Vietnam needs digital transformation, and that the legislative body has to provide a proper legal framework to facilitate it.

“Through Vietnam Blockchain Association, we will soon assign personnel to study successful models worldwide in blockchain technology governance and extended applications. I hope Binance will play a strong networking role in the time to come.”

Zhao said Binance is committed to carrying out cooperation commitments between his corporation and Vietnam Blockchain Association, announced the same day in Hanoi. The duo signed a cooperation agreement on the exchange of research/application of blockchain technology and human resource training in Vietnam to promote blockchain technology development and connect with other significant tech corporations around the world.

“In the coming time, the government will continue to bolster businesses in proactively accelerating the digital transformation process in which blockchain technology is the mainstay,” Ngo Duc Thang, director of the Government Cipher Committee, told the event.

“It is expected that by 2030, blockchain would create 40 million jobs, and that 10% to 20% of the global economic infrastructure will run on blockchain technology systems," he said.

As for Binance’s role, Zhao said: “Today, along with Vietnam Blockchain Association, I pledge that Binance will always comply with Vietnamese laws and put users first.”