The blockchain community in Vietnam has grown strongly in the past five years. However, its application is still limited, according to Nguyen Manh Cuong, Deputy Director of the Ministry of Science and Technology’s Agency in the Southern Region.
Blockchain application in Vietnam is still limited. (Photo: vneconomy.vn)
Hanoi (VNS/VNA) - The blockchain community in Vietnam has grown strongly in thepast five years. However, its application is still limited, accordingto Nguyen Manh Cuong, Deputy Director of the Ministry of Science andTechnology’s Agency in the Southern Region.
Currently,blockchain is mainly applied in the financial sector, especially digital assetsand digital currencies. He noted that businesses should not focus too much onone area (finance) but ignore other potential applications such as traceabilityin agriculture or logistics.
The Ministryof Science and Technology has supported the development of blockchaintechnology applications in socio-economic fields, in which pilot priority isgiven to businesses deploying feasible blockchain projects, bringing benefitsto society.
New scienceand technology research and application activities would create impetus for thedevelopment of the digital economy, contributing to the rapid economic recoveryand creating outstanding growth momentum in the coming years, said Cuong.
In the face ofthe explosive wave of global technology and the ability to grasp newtrends, many blockchain applications in enterprises have been deployed.
MB Bank andVietcombank announced a blockchain application in financial transactions andsupply chains. The agricultural sector was also piloting blockchain, he added.
However, apartfrom a few prominent Vietnamese crypto and blockchain projects such as AxieInfinity, Coin98, Kyber Network, TomoChain, and KardiaChain attracting foreigninvestment, most blockchain applications in the Vietnam market had not yetachieved outstanding success, said the deputy director.
Vu Anh Tuan,General Secretary of HCM City Computer Association, said that the problem ofhuman resource development was always a major challenge, in addition to legalbarriers that limit human resources in blockchain development in Vietnam.
Many expertsalso pointed out that technical infrastructure was a significant barrierwhen deploying blockchain applications in enterprises.
Businessescan choose available blockchain platforms to build effective businesssolutions according to their model without investing in initial technicalinfrastructure, which is expensive and challenging./.
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Blockchain application in Vietnam is still limited. (Photo: vneconomy.vn) 
