Blockchain could play an important role in building the digital economy and improving the efficiency of some fields that Vietnam is still weak such as logistics services and product origin trace.

Dang Hoang Hai, director of Vietnam E-Commerce and Digital Economy Agency (VECITA) under the Ministry of Industry and Trade

The technology is also able to back the building of an e-government in Vietnam, said Dang Hoang Hai, director of Vietnam E-Commerce and Digital Economy Agency (VECITA) under the Ministry of Industry and Trade, at the Vietnam Blockchain Summit 2018 in Hanoi on June 8.

A block chain is a continuously growing list of records, called blocks, which are linked and secured using cryptography, thus effectively preventing data modifications, he said.

Director of the Infinity Blockchain Lab (IBL) Do Van Long said blockchain is designed to withstand data changes. 

Blockchain is expected to create socio-economic breakthroughs, transactional and data-related activities that require transparency, information sharing and security, he said.

It could be applied in various fields such as logistics services, trace of origin of products, and the building of the e-government.

Production, processing and distribution facilities as well as State agencies and organisations involving in agro-food production and trading in Vietnam should tap potential of this technology to develop effectively in the future, he suggested.

According to analysts, the global blockchain technology market in 2024 is expected to increase 70 times compared to 2015’s with a value of up to 20 billion USD. 

By 2025, up to 10 percent of global GDP will be stored on blockchain platforms.

Vietnam is now one of the fastest-growing economies, fuelled by growing young population with a high rate of smart phone usage and large batches of IT graduates each year. In Southeast Asia, Vietnam has been dubbed “the Blockchain country to watch” thanks to the country’s high-tech literacy and abundant engineering resources.

Some businesses such as Viettel, Napas, and TMA Solutions are deploying research teams or implementing blockchain trial projects.

The Government has also issued a decision approving the scheme on completing the legal framework for managing virtual property, electronic currencies and virtual currencies.-VNA