Vietnam Blockchain Association partners with Binance to drive innovation

The Vietnam Association is collaborating with the world's leading crypto exchange, , on the exchange of research and application of blockchain technology in Vietnam.

Newly formed in May, the organisation will also cooperate with Binance on human resource training to promote blockchain and build bridges with other global technology corporations. The news was announced at the Vietnam NFT Summit 2022 on June 4.

With seven of the top 200 blockchain companies around the world having Vietnamese founders, the country is a lesser known but emerging hub for web3 developers.

Overall, Vietnam has ten largescale blockchain companies with a combined capitalisation of over $100 million (£80m).

Ngo Duc Thang, director of the Government Cipher Committee, said that the government will continue to “facilitate, encourage and promote early businesses” towards blockchain technology.

Mr. Thang added that by 2030 he expects blockchain to have created 40 million jobs and for 10-20 percent of global economic infrastructure to run on blockchain technology.

Speaking on the partnership, Binance founder and CEO Changpeng Zhao shared his thoughts that how countries adopt blockchain today will profoundly impact the future of local and global economies.

He added: “I think that clear and effective regulation is essential for blockchain to be applied in every corner of life, not just cryptocurrencies, DeFi or NFT.”

Finally, Phan Duc Trung, vice president of the Vietnam Blockchain Association, said he hopes the cooperation with Binance will bring value to Vietnam's business community.

Mr. Trung concluded: “In its role, the Association connects and gathers the Blockchain community in the country and a bridge to bring Vietnamese products to the world and attract more international resources to Vietnam.”

The Association will also promote personnel training and attract international investment into Vietnam.

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