The Vietnam Blockchain Association has entered into a partnership with Binance, the largest crypto exchange in the world in terms of trading volume. This partnership is aimed at boosting the development of the crypto industry as well as blockchain technology in Vietnam. Not only will they work in the Asian country, but the two companies will also work on connecting with other tech firms around the world. In recent years, Vietnam has become a rather welcoming location for the crypto industry, as a survey by Chainalysis showed that it held the first rank in terms of crypto adoption in 2020.
The Government Cipher Committee’s director, Mr. Ngo Duc Thang, had also signed a directive in 2020 that was for ensuring development in the crypto sector in Vietnam. As a matter of fact, he had also stated that the blockchain technology would play a key role in bringing about the Fourth Industrial Revolution. Thang had said that in the next few years, the government in Vietnam would continue to facilitate and support new businesses for speeding up the process of digital transformation in which a vital role will be played by blockchain technology. He further added that this technology would help create about 40% million jobs by 2030.
He also predicted that blockchain technology systems would be used for running almost 10% to 20% of the economic infrastructure globally. According to a recent statement, Vietnam has increased its efforts in the crypto industry and the latest indication of such is the signing of the deal between the Vietnam Blockchain Association, which is a local ecosystem for decentralized apps, and Binance. Mr. Phan Duc Thang is the Vice President of the Vietnam Blockchain Association. He said that they were hoping this collaboration would help in creating a bridge between the technology that powers the crypto industry and the local tech companies and business industry.
The VP said that this was a step forward when it comes to achieving the goal of the Vietnamese government to create a digital economy. He added that it would bring growth for Vietnam. Changpeng Zhao, the chief executive of Binance, also stated that the crypto exchange would comply with local laws and would prove that the exchange is both reliable and secure. Furthermore, the aim of the cooperation is to attract international resources and foreign investors, which could be integrated into the fast growing economy of the Asian nation.
Another target they want to achieve is to educate people about the crypto industry and to provide personal training, if necessary. The Vietnam Digital Communications Association (VDCA) had established the VitenamBlockchain Union (VBU) earlier this year. The goal of the said organization is to assist with crypto adoption throughout Vietnam, along with that of blockchain technology. In addition, they will also work with lawmakers in the country for coming up with a regulatory framework for the industry that can be used for regulating the digital asset ecosystem. VBU’s Chairman, Dang Minh Tuan said that this would help in transforming Vietnam into a developed nation.