Deputy head of the Authority of Information and Communications Industry under the Ministry of Information and Communications (MIC) Nguyen Thien Nghia met several days ago with Vitalik Buterin, the founder of Ethereum, who was on a business trip in Vietnam. 

Ethereum is a blockchain platform with the second largest capitalization in the world (over $400 billion), after bitcoin. With Ethereum, Vitalik Buterin has become one of the youngest self-made billionaires at the age of 27.

At the meeting, Nghia gave a brief introduction about Vietnam’s ICT, saying that the industry has been developing rapidly over the last 30 years and making a great contribution to economic growth.

MIC has decided that IoT, AI and blockchain will be the future of Vietnam’s ICT industry. Nghia expressed a wish to receive advice from the Ethereum founder not only about technical issues, but also policy for industry development.

Vitalik Buterin said when technology becomes more mature and DApp (decentralized applications) on blockchain network platform becomes better known to Vietnamese it will be even more popular in the future.

More and more people develop DApps for millions of users, which is a factor Vietnam needs to pay attention to when developing the industry.

He said he encourages the establishment of a fair playing field for participation in new technologies, thereby creating a global ecosystem. He recommended promoting education and training, so that users and developers better understand the use of technologies. 

Le Tuan Anh from VBU said Vietnam has one of the largest Web3 development communities in Southeast Asia with 400,000 programmers.

Web3, or Web 3.0, or decentralized web, is the next development stage of apps on the internet. The technology allows users to control their data at a higher level, rather than relying on developers.

This is an opportunity for Vietnam to rise to a high level in Web3 development. Vietnam can also become a supply source for blockchain outsourcing workforce to many other countries.

In Vietnam, many blockchain projects are under operation in different fields, and over 16.6 million have experience in cryptocurrencies.

Experts believe that to develop the blockchain industry, Vietnam should apply the sandbox mechanism to promote Web3 startups, and build a legal framework for virtual assets.

Crypto Vietnam Report released by Coin98 Insights showed that product ecosystems have taken shape in Vietnam. Axie Infinity and Ninety Eight are well known Vietnamese developed ecosystems.

Trong Dat