Hanoi (VNA) 𝔍- Vietnam's blockchain market has significant potential and strengths for development, particularly a large workforce and more competitive costs compared to Singapore or North America, according to a Vietnamese intellectual in the UK.

Nguyen Ngoc Hung, co-founder of Spores Network on Blockchain and deputy head of the investment promotion department of the Vietnam Blockchain Association (VBA), and former investment director at Elliott Management, stressed that Vietnam's tech workforce has the advantage of fast learning, making it highly promising. Vietnam is among the top 10 countries in terms of blockchain adoption, interest, understanding, and discussion. The application and development of blockchain technology play a crucial role in building advanced digital infrastructure, ensuring data security and reliability, and laying a foundation for developing the digital technology industry, he noted. Vietnam can quickly catch up with the latest developments in digital space and technology, as programming engineers only need a computer rather than extensive infrastructure like the metallurgy or semiconductor industries, Hung said, adding that with a ‘flat world’ and open access to knowledge, this presents a huge opportunity for Vietnam’s blockchain market to thrive. He noted that the Politburo's Resolution 57 dated on December 22, 2024 marks a breakthrough, positioning science and technology development as the key driver, the 'golden key, and a vital factor in overcoming the middle-income trap and the risk of falling behind. To overcome the middle-income trap, developing science and technology is essential, he said, noting that human resources are the key to resolving challenges. The Government should create favourable conditions for businesses, making them the focuses and pioneers in this effort, he said. Clear tax policies, and strict and transparent regulations will enable businesses to invest with confidence, he stated, stressing that with open policies, businesses will take the lead, and the country can mobilise a diverse range of domestic and international resources. According to prominent overseas Vietnamese (OV) intellectuals, science, technology, and innovation have become new motivations, determining a nation's overall strength. Resolution 57 serves as a crucial foundation, fostering contributions and encouraging the development of science and technology among the Vietnamese community abroad. Nguyen Huy, former Senior Manager at Google, and CEO and founder of Phygital Labs, stated that he has noticed a significant gap between the cultural industry's current state in Vietnam and its true potential. He showed his hope to promote the application of technology to preserve and spread Vietnamese culture to a wider audience, suggesting using technology to build brands for and promote Vietnam's cultural and traditional products. Vietnam is at a major and pivotal moment in building the nation's values, demonstrating the capabilities of the Vietnamese people, Huy said, expressing his belief that in the near future, more and more Vietnamese people from around the world will return home and join hands to contribute to the nation’s development. He underlined the importance of intellectual and economic resources of the Vietnamese community abroad to drive the country's development, stating that with Resolution 57, the Party and State leaders have positioned themselves as scientists, putting forth long-term yet highly specific, decisive, and breakthrough solutions. This is an extremely important foundation for scientists, especially OVs, to commit to working alongside the Government and the people to create real values, he said./.