How Vietnam Became a Web3 Powerhouse 

September 4, 2023

Asia is Web3’s engine room. According to a report by Emergen Research, the Web3 global market is expected to be worth $81.5 billion by 2030, growing at an annual rate of more than 40%. Asia is set to capture most of that growth.  

That’s because the region has some of the highest adoption rates of Web3 technologies anywhere in the world. In Japan, more than five million people currently own cryptocurrency, the South Korean government became the first to directly invest in the metaverse, and   almost 70% of people in Southeast Asia alone have used at least one metaverse-related tech in the last year.

One of the leaders in the region is Vietnam. In recent years, international investors have flooded into Vietnam and established funds specialising in blockchain – with capital inflows into non-fungible token (NFT) assets rising from 37 million USD to 4.8 billion USD in 2021. 

It’s why the NEAR Foundation is one of the leading investors in Asia, thanks to its partnerships with the likes of Alibaba Cloud, and why it’s hosting its first major conference in Vietnam.

Taking place September 8-12 NEAR APAC will bring together more than 100 global blockchain leaders to discuss blockchain’s unlimited future through the latest blockchain technology updates, development trends, and how blockchain ecosystems drive Web3 mass adoption. 

Vietnam on the rise 

Vietnam has all the ingredients to become a Web3 super power. The country has 

more than 400,000 skilled software engineers, produces 50,000 IT graduates annually, and has an IT labour force more than a million strong. 

The nation’s software engineers rank at an impressive 8th place globally in terms of capability — 95% of which have bachelor’s degrees or higher in IT. It’s unsurprising then to hear that Vietnam now has 3,800 blockchain-related projects, 200 venture capital funds, and 100 project incubation funds to support the country’s startups. 

Vietnam’s tech landscape is now full of startups and innovation hubs fostering creativity in Web3. Local incubators and accelerators provide mentorship, resources, and networking opportunities for Web3 entrepreneurs. 

That growth also has government support. In 2021, Vietnamese Prime Minister Pham Minh Chinh greenlit the country’s “e-government” development strategy designed to create regulatory clarity for Web3 projects. Last year, the country launched its first official blockchain association, which is helping blockchain builders and business owners become a bigger part of the regulatory conversation.  

Its chairman, Hoang Van Huay, has shared the Vietnam Blockchain Association’s commitment to “providing consultation on building legal framework, regulations, and standards in developing services and products on blockchain”. This commitment is part of a broader mission to accelerate the growth of blockchain technology in Vietnam.

It’s no wonder then that Vietnam ranks first in the Global Cryptocurrency Adoption Index released by Chainalysis, up from 10th place the year before. 
Vietnam is on the rise, and the NEAR Foundation is here to support it. Join us at NEAR APAC on 8-12 September 2023 in Ho Chi Minh City.

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