Blockchain development requires expertise to mitigate risks
The development of Blockchain technology in the digital era requires new cooperation and business approaches and expertise from both local and international specialists to mitigate the risks it poses.
The Blockchain Festival 2018, the first of its kind, took place from May 24-25. (Photo: cryptonewsmagnet.com)
HCM City (VNA) – The development of Blockchaintechnology in the digital era requires new cooperation and business approachesand expertise from both local and international specialists to mitigate the risksit poses, according to experts present at the Blockchain Festival 2018 in HoChi Minh City on May 24.
Blockchain has been of great global interest in recenttime amid the strong growth of the Fourth Industrial Revolution or Industry 4.0and digital technologies. It has been addressed at many seminars and forums inVietnam in the hope that the development of Blockchain will contribute to thecountry’s IT growth.
Despite the great potential it brings in, Blockchaintechnology poses many risks due to technological limitations and lack ofrelated legislations in Vietnam, said Le Ngoc Giang, a legal and policy officerat the Ministry of Justice. Each Blockchain-based model needs different controlregulations and management systems to protect legitimate rights of users aswell as ensure the market stability, he added.
Vietnam is now one of the fastest-growing economies,fuelled by growing young population with a high rate of smart phone usage andlarge batches of IT graduates each year. In Southeast Asia, Vietnam has beendubbed “the Blockchain country to watch” thanks to the country’s high-techliteracy and abundant engineering resources.
"Vietnamis becoming more and more important on the global Blockchain map," saidDavid Nguyen, President of the Vietnam Chamber of Commerce Singapore andChairman of Regulus Investment & Capital Holdings. As such, Vietnam needsmore help from global Blockchain leaders to enhance the industry’s sustainabledevelopment. Improved awareness of the public, including ICT businesses,students and universities, will help reduce the risks, he said.
Itis critical to bring industry knowledge and expertise to one of the fastestgrowing markets in the Blockchain and crypto landscape, said Wu Xing, Director ofHuobi.Pro, the event’s organiser. “There has been a surge in demandfrom the Vietnamese market and we hope that by opening up new opportunitieshere, we can have a positive impact on both the localand global economy and Blockchain ecosystem.”
The Blockchain Festival 2018, the first of its kind in Vietnam, tookplace from May 24-25, featuring more than 30 speakers.-VNA
Investors of bitcoin in particular and cryptocurrencies in general should be aware of the possible risks involved in addition to rapidly increasing profits, experts have warned.
Blockchain, a new technology to help explore the various forms of crypto-currencies, could open up new attractive environment for all businesses and investors, said Nguyen Duc Cuong, head of consultancy division at Vietstock – a local financial-business media.
The Vietnam Software and IT Services Association (VINASA) presented the Sao Khue Awards to 73 information and technology (IT) solutions and services, and software products in a ceremony in Hanoi on April 21.
Vietnamese businesses, particularly small and medium-sized enterprises (SMEs), must embrace digital and AI transformations to remain competitive and achieve sustainable growth, experts said.
Under the European Union (EU)’s global initiative on Chemical, Biological, Radiological, and Nuclear (CBRN) Risk Mitigation Centres of Excellence (CoE), Vietnam has implemented numerous projects aimed at strengthening national capacity in detecting, preventing, and preparing for CBRN-related threats.
The course aims to promote knowledge exchange between scientific and educational schools from different countries, while deepening participants’ expertise in modern technology and technical education. It comprises two main specialisations of electronics-automation and nuclear technology.
ANTARA and VNA can design global-scale cooperation programmes or joint media campaigns, demonstrating the comprehensive strategic partnership between Vietnam and Indonesia, as well as the cooperation between the two national news agencies.
As Vietnam’s digital transformation accelerates, both the frequency and severity of cyberattacks are growing. The National Cybersecurity Association (NCA) reported that in 2024 alone, there were some 659,000 separate cybersecurity incidents, impacting around 46.15% of government agencies and businesses.
A key highlight will be the technology cluster pavilion, showcasing top enterprises selected for their innovation, market potential, and practical applications. These firms will display flagship products and solutions, supported by government policies to strengthen the tech sector.
Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
Over the past three decades, Binh Duong has cemented its status as one of Vietnam’s most dynamic industrial hubs, building a robust foundation in manufacturing, exports, and investment. The province now has 30 operational industrial parks spanning over 13,000 hectares, with an occupancy rate exceeding 90%.
The diplomat emphasised that Vietnam places the highest priority on the development of science, technology, and innovation, viewing them as critical drivers for the country’s advancement in the new development era.
The PM revealed Vietnam’s plan to develop nuclear power in the near future, and called on the Swedish side to assist Vietnam in developing and refining legal and policy frameworks for the use of nuclear energy for peaceful purposes; training and developing human resources; ensuring nuclear safety; and conducting training and drills to improve incident management capabilities.
More than an art showcase, the second “Technology with heart” contest seeks to inspire innovation and spotlight the humanistic values that technology can bring into daily life, expected to contribute to a sustainable digital future.
The average speed of the national mobile broadband network remained stable, with download speeds reaching 76.86 Mbps and upload speeds reaching 26.98 Mbps.
Under the MoU, AMD will support several key initiatives spearheaded by HCM City’s authorities, including piloting policies, co-hosting innovation events, and evaluating the investment environment within the Saigon Hi-Tech Park.
The centre is a joint initiative between Australia’s Department of Foreign Affairs and Trade and Vietnam’s Ministry of Science and Technology, with PTIT and the University of Technology Sydney (UTS) serving as co-leads, and global telecommunications giant Nokia as founding industry partner.
The new centre, staffed by a team of scientists, researchers, and AI specialists working in Hanoi and Ho Chi Minh City, forms part of Qualcomm’s global AI research group.
As a flagship initiative of the community project “Digital Literacy for All”, the programme forms part of a national scheme to equip 20 million young people with digital business skills.
The organisers hope the competition will help shape a generation of exceptional engineers who will make significant contributions to Vietnam’s scientific and technological progress in this era of transformation.
In the digital age and amidst the Fourth Industrial Revolution, IP plays an increasingly critical role, not only in safeguarding inventions but also in reducing copyright infringement and curbing piracy.
The Blockchain Festival 2018, the first of its kind, took place from May 24-25. (Photo: cryptonewsmagnet.com) 
