Việt Nam Blockchain Association and Korea NFT Content Association signed the memorandum of understanding. Photo courtesy of the organiser

HÀ NỘI — Việt Nam is a potential young market and we will certainly promote development here in the near future, said Jun Kwon, Director of Meta Planet Company.

He made the statement at the “Technological Investment Co-operation between Việt Nam and South Korea” held in Hà Nội on Monday.

As one of the businesses of the Korea NFT Content Association coming to Việt Nam to seek cooperation and investment opportunities, he has seen many attractive opportunities in this market. With the advantage of developing NFT and metaverse-related projects, Meta Planet is ready to conquer and expand investment to Việt Nam.

“I guess the blockchain investment policy in Việt Nam will also be a bit more difficult than in South Korea, but through the Việt Nam Blockchain Association, we have had the opportunity to better understand the market, learn from the experience of other investors to have good preparation before actually entering," he added.

Choi Kang-Yong, currently chairman of NBN, the No 1 Blockchain news channel in South Korea, said that not only in Korea or Viet Nam but there was a global event going on, which was the transition towards Digital Assets. "With the 4th industrial revolution, blockchain technology is now under heavy focus and is the centre of the business revolution." 

The cryptocurrency market in South Korea is valued at US$23 billion with more than 7 million users trading every day. The global market is now at the level of $900 billion.

“There is a strong need to rethink today’s capital market and approach the digital asset market with a wider perspective and an aim to cope with the current global recession, inflation, and increase of interest in the capital market,” he said.

He added that under this global environment, the seminar was not just an economics discussion, but an event to promote and foster global partnerships between Việt Nam and South Korea and incubate the Digital Asset Economy and Metaverse World beyond the two countries. "The financial market will continue to see changes; thus we hope that the cooperation will create a premise for solid ties in the future."

“We will continue to strengthen our cooperation with Việt Nam in order to turn this partnership and coalition into a global leading team in this revolutionary moment we are living in,” he added.

Mark Hwang, Director of Korea NFT Content Association (KONCA) Việt Nam, said: “I personally believe NFTs have big potential and very big possibility, not only in South Korea.”

“The biggest potential in Việt Nam I would say is population. More than 100 million people with a huge number between 20 and 30, these are suitable users. Therefore, our market application in Việt Nam would have very strong prospects, there will be a lot of opportunities to come, not only in entertainment but also in other fields as well.”

Phan Đức Trung, Standing Vice chairman of Việt Nam Blockchain Association (VBA), said: “Blockchain is becoming a pioneering technology that is widely applied in many fields to create new business models. Blockchain technology is developing strongly and is considered a step forward. Blockchain started in the financial market and is being moved to many other areas. Currently, many large corporations and companies in the fields of banking, healthcare, energy, insurance, tourism, real estate, science and education have all applied blockchain.”

He said the biggest thing expected from the discussion between VBA and Korean partners was experience in two issues of training and law. South Korea had a blockchain boom and NFT applications were heavily promoted in the entertainment sector and art applications which Việt Nam could study.

Hoàng Văn Huây, VBA’s chairman, said: “Since its official public launch, the association has carried out a series of activities towards the widespread and effective application of blockchain technology into Việt Nam's socio-economic development. This includes supporting and encouraging businesses to apply this technology. However, blockchain is still a new technology in Việt Nam, so the association also set a plan to disseminate this knowledge to businesses and people.”

The event was co-organised by VBA, KONCA and NBN Korean TV Channel. The signing ceremony of a memorandum of understanding (MoU) between the VBA and KONCA, as well as one between the VBA and NBN Korean TV Channel, took place within the framework of the event. — VNS