Visitors at a booth introducing technology products. VNA/VNS Illustrative image

HÀ NỘI - Việt Nam's blockchain market has significant potential and strengths for development, particularly in terms of having a large workforce and more competitive costs compared to Singapore or North America, according to a Vietnamese intellectual in the UK.

Nguyễn Ngọc Hưng, co-founder of Spores Network on Blockchain and deputy head of the investment promotion department of the Vietnam Blockchain Association (VBA), and former investment director at Elliott Management, stressed that Việt Nam's tech workforce had the advantage of a rapid learning cycle.

Việt Nam was among the top 10 countries in terms of blockchain adoption, interest, understanding and discussion, he said.

The application and development of blockchain technology would play a crucial role in building advanced digital infrastructure, ensuring data security and reliability and laying a foundation for developing the digital technology industry, he noted.

Việt Nam could quickly catch up with the latest developments in digital space and technology, as programming engineers only need a computer rather than extensive infrastructure like the metallurgy or semiconductor industries, Hưng said, adding that with a ‘flat world’ and open access to knowledge, this would be a huge opportunity for Việt Nam’s blockchain market to thrive.

He noted that the Politburo's Resolution 57 dated December 22, 2024 marked a breakthrough, positioning science and technology development as the key driver, the 'golden key' and a vital factor in overcoming the middle-income trap and the risk of falling behind.

To overcome the middle-income trap, developing science and technology would be essential, he said, noting that human resources would be the key to resolving challenges.

The Government should create favourable conditions for businesses, making them the focus and pioneers in this effort, he said.

Clear tax policies and strict and transparent regulations would enable businesses to invest with confidence, he said, stressing that with open policies, businesses would take the lead and the country could mobilise a diverse range of domestic and international resources.

According to prominent overseas Vietnamese (OV) intellectuals, science, technology and innovation have become new motivators, determining a nation's overall strength. Resolution 57 serves as a crucial foundation, fostering contributions and encouraging the development of science and technology among the Vietnamese community abroad.

Nguyễn Huy, former Senior Manager at Google, and CEO and founder of Phygital Labs, said that he noticed a significant gap between the cultural industry's current state in Việt Nam and its true potential.

He said it was his hope to promote the application of technology to preserve and spread Vietnamese culture to a wider audience, suggesting using technology to build brands for and promote Việt Nam's cultural and traditional products.

"Việt Nam is at a major and pivotal moment in building the nation's values, demonstrating the capabilities of the Vietnamese people," Huy said, expressing his belief that in the near future, more and more Vietnamese people from around the world would return home and partner up for the nation’s development.

He underlined the importance of intellectual and economic resources of the Vietnamese community abroad to drive the country's development, stating that with Resolution 57, the Party and State leaders had positioned themselves as scientists, putting forth long-term yet highly specific, decisive and breakthrough solutions.

This was an extremely important foundation for scientists, especially OVs, to commit to working alongside the Government and the people to create real value, he said. VNS