"Made in Vietnam" Blockchain: A Crypto Adoption Opportunity for International Projects
Ambitious Blockchain Strategy sets up Vietnam for yet more Crypto Adoption
Vietnam is making bold moves in the future of crypto. The nation is positioning itself as a leading global force in the blockchain revolution. With a recently unveiled national strategy, the Vietnamese government has signaled its strong commitment to fostering a "Made in Vietnam" blockchain ecosystem, creating new opportunities for international companies looking to engage in this exciting market.
This isn't just about trendy buzzwords. Vietnam is laying the supporting groundwork for a thriving blockchain sector, including legal frameworks, infrastructure development, and training programs, to attract investment and nurture homegrown talent.
The Government has set itself three major goals to help measure progress by 2030:
Build 20 prestigious blockchain brands in terms of platforms, products and services
Maintain a national network of at least 3 blockchain testing centers or special zones in major cities
Secure representatives in the ranking of the top 10 blockchain training and research institutions in the Asia region
Vietnam Crypto Adoption
Vietnam has consistently been one of the leading markets for crypto adoption, both in SE Asia and the world. This has led to a vibrant startup scene with innovative projects like Axie Infinity and Kyber Network, and a growing number of blockchain conferences and educational initiatives.
The Chainalysis 2024 Global Crypto Adoption Index now ranks Vietnam at the number five spot globally, with highest scores on CeFI. However, the DeFI scene is quickly expanding with a wave of innovative projects.
Vietnam also tops the list of crypto value received on a per capita basis across Central & Southern Asia and Oceania (CSAO). Compare Vietnam’s population of 101M to Indonesia (285M) and India (1,455M).
One other reason that Vietnam scores so highly here is that remittances are a key part of Vietnam's economy, and cryptocurrencies offer a promising avenue to streamline cross-border transfers. In 2023, the World Bank estimated that Vietnam received approximately 14 billion USD in remittances, while this figure reached a record number of 19 billion USD in 2022.
Rapidly growing platforms like NoOnes can help millions of Vietnamese expatriates remit funds home using cryptocurrencies, bypassing traditional banking channels and reducing costs.
Big Tech's is Making Moves Too
It’s not just the crypto bros who are getting in on the action. Broader tech investment in Vietnam is on the rise too, and it's being driven by a combination of factors, including Vietnam's economic growth, government support, and strategic location.
Western big tech companies in particular are looking to diversify their supply chains. This is evidenced by a surge in hardware manufacturing, with Vietnam offering a compelling alternative to China for production.
The country also boasts a strong pool of software engineers, making it ideal for software development and outsourcing. Finally, Vietnam's growing consumer market provides new opportunities for tech companies to expand their reach and offer products and services to a new and eager demographic.
President Biden's visit in 2024 emphasized strengthening US-Vietnam relations, with technology and supply chain diversification being key components. This visit paved the way for increased collaboration and investment
Tim Cook's visit (Apple CEO) likely focused on expanding Apple's manufacturing presence in Vietnam. Apple has already been shifting some production to Vietnam, and this visit could lead to further investments in factories and R&D
Jensen Huang's visit (Nvidia CEO) signals a growing interest in Vietnam's potential as an AI hub. Nvidia could be looking to establish partnerships with Vietnamese companies or universities, invest in local talent, and potentially even build data centers in the country
The visits from Biden, Cook, and Huang underscore the growing importance of Vietnam in the global tech landscape. We can expect to see continued investment and expansion from big tech companies in the years to come.
Why "Made in Vietnam" Matters for International Projects
The emphasis on "Made in Vietnam" blockchain solutions signifies a desire for technological sovereignty and a commitment to building a robust domestic industry. This presents a unique opportunity for international companies. By collaborating with local players and tapping into the growing pool of Vietnamese talent, businesses can gain a competitive edge and access a market ripe with potential.
Here’s why you should consider Vietnam now for your project growth:
Lower cost of labor - cost of living is simply lower in Vietnam, with affordable accommodation, food, healthcare and entertainment. Local workers and startups can be offer more competitive pricing and increase their runway to success
Early Mover Advantage - be among the first to capitalize on Vietnam's burgeoning blockchain ecosystem and establish a strong presence in a rapidly growing market
Collaboration and Innovation - partner with Vietnamese companies and plan developer relations campaigns to co-create innovative blockchain solutions and tap into local expertise
Access a Tech-Savvy Market - reach a young and tech-savvy population with a strong appetite for digital assets and blockchain technology
Supportive Government Policies - benefit from a government actively promoting blockchain development and creating a favorable regulatory environment
How Blockwarp Can Help
Navigating this new landscape requires a deep understanding of the Vietnamese market and a strategic approach. Our blockchain marketing and development studio has already advised global firms across CeFI & DeFi with Vietnamese market entry.
Here’s how we recommend to frame your thinking:
Develop a Vietnam-specific strategy - tailor your approach to the unique characteristics of the Vietnamese market, build authentic connections and strategic local partnerships
Build a strong brand presence - establish your brand as a leader in the Vietnamese blockchain ecosystem with a carefully balanced mixed of physical events, PR and digital campaigns
Create effective marketing campaigns - reach your desired audience through targeted multichannel campaigns across the ad, media and social channels that resonate with the Vietnamese market
Navigate the regulatory landscape - ensure compliance with local regulations, build local partnerships and understand the quickly evolving legal framework
Vietnam's blockchain revolution is gaining momentum. Don't miss out on the chance to be a part of this exciting journey. Learn more about our Vietnamese market entry services and let’s have a conversation where we can share unique insights for your brand.