Asia Blockchain Review (ABR) is introducing its Vietnam Blockchain Landscape Report, providing startups with the latest, on-the-ground, research-based insights. In the report, ABR recaps the key developments in the country’s cryptocurrency and blockchain space over the past few years and introduces a comprehensive overview of players active in the country.

Breakneck Economic Growth

From 2000 to 2015, Vietnam recorded an average annual gross domestic product (GDP) growth of 6.9% per year. In 2018, the country upped the ante and logged an impressive 7.1% GDP growth rate, beating forecasts of 6.8%.  

With the top three GDP-contributing market sectors in Vietnam — services, manufacturing, and agriculture — all standing to benefit from integrating distributed ledger technology in their operations, the wide-scale adoption of blockchain may propel Vietnam’s economy to even greater heights in the foreseeable future.

Awaiting Government Regulations

Industry players are awaiting policy from the Vietnamese government, which could dictate the direction of blockchain development in the country, particularly the development of cryptocurrency. 

In November 2018, the Ministry of Justice assessed the crypto environment in Vietnam and reviewed existing crypto legislation in other countries, before proposing several approaches for the regulation of crypto-related activities. These approaches included legalization with strict controls, a ‘floating’ approach regulating cryptocurrencies under a lax regime, and prohibition, where cryptocurrencies would see an outright ban.

Opportunities in Vietnam

Nonetheless, there is already a vibrant and dynamic startup ecosystem in the country with over 3,000 registered startups in operation and several interesting blockchain use cases.

According to interviews with ABR, industry experts and market players feel that the government should recognize the legitimacy of blockchain-based instruments and introduce more incubators to help local startups and market players drive the industry forward.

Read more about the key insights of Vietnam blockchain landscape by ABR HERE at https://www.asiablockchainreview.com/download/abr-vietnam-blockchain-landscape-key-insights/

For a more detailed look at the Vietnam Blockchain Landscape, check out the full report on October 4th, 2019.

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