After recording an astounding GDP growth rate of 7.1% in 2018, all eyes are on Vietnam as the new frontier for economic development and opportunities. As the country’s thriving startup scene continues to pioneer the latest innovations, blockchain technology has emerged as the fulcrum of the next phase of growth for Vietnam’s top three industries, namely services, manufacturing, and agriculture.
ABR’s Vietnam Blockchain Landscape Report serves as a handy reference for anyone interested in learning more about the local blockchain and crypto industry, helping those looking to enter the market and identify unmet demands for this relatively nascent technology.
Although the Vietnamese government in October 2017 banned the issuance, supplying, and use of cryptocurrencies, the Ministry of Justice in November 2018 issued a report exploring the regulatory pathways for virtual currencies. With the local crypto market constituting 4% of crypto interest globally and 50% in Southeast Asia, Vietnam may hold the key to the mainstream adoption of blockchain. With that in mind, here are 5 ways the Vietnam Report can help readers unlock the potential of the local blockchain and crypto industry.
Using a PESTLE (Political, Economic, Social, Technological, Legal, and Environmental) analysis framework, the Vietnam Report dives into these macro-environmental factors by exploring (1) the booming local e-commerce industry, which boasts the highest gross merchandise value (GMV) to GDP ratio among SEA countries, (2) the penchant for mobile internet use among rural Vietnamese, who make up more than 60% of the population, and (3) recent developments, particularly the approaches being explored for regulating the local crypto industry as proposed by the Ministry of Justice.
Building on the findings of the PESTLE analysis, the Vietnam Report evaluates the key advantages and pain points of the local blockchain and crypto industry through a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of macro-environmental factors, which have a material impact on local market conditions. Upcoming regulations for the local crypto industry are seen as a net positive for the Vietnamese blockchain market, providing stakeholders with some much-needed legal certainty.
By highlighting major observations and key milestones, the Vietnam Report gives a helicopter view for a sharper understanding of the local blockchain and crypto space. These developments include the top-down adoption of distributed ledgers led by industry majors such as Viettel Group and Vietjet Air, as well as government initiatives to develop blockchain-adept human resources through collaborations with Japan’s leading universities, institutes, and IT enterprises.
The Vietnam Report includes a comprehensive list of notable blockchain and crypto players, including Quoine, Kyber Network, CyberMiles, and TomoChain. The corporate profiles of these players set out their core competencies and funding status, allowing readers to gauge market saturation and distribution patterns.
In its final section, the Vietnam Report sets out the interview and survey findings obtained from local blockchain and crypto startups and organizations representing a wide cross-section of the industry. The findings are synthesized into a market analysis of current observations and future trends, letting readers chart the direction of the local market and make informed decisions.
The Vietnam Report is part of a series of first-of-its-kind SEA Blockchain Landscape Reports to be published by Asia Blockchain Review, as part of its efforts to build a technological foundation for blockchain in the region. It is an indispensable industry resource for tech enthusiasts, potential investors, and other stakeholders of the blockchain and crypto space in Vietnam.
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. We aim to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
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