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Introduction
As the digital world evolves, so does its technology. With Web3 at the forefront, a new wave of technological adoption is sweeping across the globe, and Vietnam is riding this wave with vigor. During our adventure, we delve into the factors transforming Vietnam into an emerging crypto powerhouse.
Vietnam's remarkable economic growth over the past decade is hard to ignore. With an average GDP growth rate of 6% per annum, it is one of the fastest-growing economies in Southeast Asia.
The burgeoning economy, coupled with strategic geopolitical positioning, has attracted tech giants like Apple, Samsung, and Intel to move their manufacturing bases here.
This shift from traditional industries to high-tech manufacturing has paved the way for an increasingly digital economy.
Key points that you need to know:
Vietnam's GDP has surged from $21 billion in 1994 to $363 billion in 2021.
The nation's exports of goods and services have also increased dramatically, from $55 billion in 2007 to $340 billion in 2021.
Vietnam is now the world's second-largest coffee producer and the third-largest exporter of fish and seafood.
Per capita GDP has risen from $281 in 1994 to $3,694 in 2021.
Extreme poverty has been nearly eradicated, and over 18% of the population have joined the global middle class.
Vietnam's leadership has set ambitious goals, including reaching upper middle-income status by 2035, high-income status by 2045, and net-zero carbon emissions by 2050.
Demographically, Vietnam is a young country. More than half of its population is under 35, with a growing inclination towards technology and innovation. This tech-savvy demographic is driving the adoption of cryptocurrencies. It's no surprise, then, that Vietnam ranks among the top countries globally regarding crypto adoption.
Vietnam recorded its highest proportion of young people (10-24 years) in history, accounting for 21% of the population, or 20.4 million individuals. This demographic window is projected to last until 2039
Vietnam has over 16.6 million cryptocurrency holders, making it the second Southeast Asian country with the most crypto investors.
Approximately 31% of these investors hold bitcoin, representing around 17% of Vietnam's total population.
The regulatory environment in Vietnam has been cautious but has not dampened enthusiasm for cryptocurrencies.
For example
In 2020, the State Bank of Vietnam declared that cryptocurrencies are not accepted as legal currency or means of payment.
At the same time
The government acknowledges the potential of blockchain technology and has established a regulatory framework to oversee crypto activities, aiming to strike a balance between fostering innovation and managing risks.
As a result
Crypto remains in a grey area
There is no Tax on crypto gains
Users can freely deposit and withdraw money from crypto exchanges.
As a resident of Vietnam, you can deposit and withdraw money to and from crypto exchanges directly to your bank account.
New Regulations are coming. The government's stance on cryptocurrencies and blockchain is evolving, and future regulatory changes could shape the crypto landscape in the country.
The crypto community in Vietnam is vibrant and dynamic, from developers diving into blockchain code to enthusiasts eagerly discussing the latest launchpad projects.
A testament to this enthusiasm is the rise of local blockchain startups and the eagerness of international blockchain projects to enter the Vietnamese market. The community's passion and optimism are infectious, reflecting the country's readiness to embrace the future of the Internet.
About Local Projects (from Binance report)
Vietnam has around 200 active blockchain projects, with a focus on DeFi, NFTs, Infrastructure & GameFi.
The distribution of projects: games and metaverse (28.8%), DeFi (26.0%), NFT (12.4%), infrastructure (11.3%), and other (5.1%).
Notable projects include Axie Infinity, Kyber Network, Coin98.
Some token market cap figures for popular projects in Vietnam: Axie Infinity ($790 million), Kyber Network ($105 million), and Coin98 ($92.4 million) *on May 15.
Companies that are entering Vietnam
There are talks all around the web3 community that Southeast Asia will get more focus from the community in the upcoming years.
Projects that are active in the space
Ethereum community increasing presence in Vietnam. Last year was the biggest ETH conference in Vietnam so far. Edcon announced that the next conference would be in SEA, and there is a big chance it could be in Vietnam.
Solana and Near have a decent community and run events & hackathons here.
Recently Sui & Base started entering Vietnam and maintaining its presence here.
💡 If you plan to visit Vietnam, reserve the dates 27 - 29 October, 2023 and come for to ETH Vietnam.
Looking ahead, the potential for Web3 and crypto in Vietnam is immense. With a robust economic landscape, a young and tech-inclined demographic, and a vibrant community, the country is well-positioned to capitalize on these technologies' opportunities.
However, the journey is not without challenges. Regulatory uncertainties, a need for greater public understanding, and technical infrastructure requirements present hurdles that must be navigated.
Yet, the resilience and adaptability of the Vietnamese people are promising indicators that these challenges will be met head-on.
As we've seen, Vietnam's rise as an emerging player in the Web3 and crypto space is a story of economic growth, demographic advantage, and sheer enthusiasm. With its eyes firmly set on the future, Vietnam presents an exciting landscape for the world of Web3. As we move forward into this decentralized future, Vietnam is undoubtedly a country to watch.
Continued economic growth and direct foreign investments boost the growth of highly skilled tech professionals.
Vietnam is one of the youngest nations in the world when 30% is below 25 y.o
No cryptocurrency taxes: The Vietnamese government does not recognize cryptocurrencies as legal tender and has not implemented crypto taxes.
Vietnam has all chances to become the next “Asian Tiger”
The State Bank of Vietnam has been directed to study the pros and cons of cryptocurrencies and is expected to develop policy recommendations in 2023.
Discover, sell and buy NFTs on Rarible! Our aggregated NFT marketplace for Ethereum NFTs and Polygon NFTs powers brands, collections and creator marketplaces.
Introduction
As the digital world evolves, so does its technology. With Web3 at the forefront, a new wave of technological adoption is sweeping across the globe, and Vietnam is riding this wave with vigor. During our adventure, we delve into the factors transforming Vietnam into an emerging crypto powerhouse.
Vietnam's remarkable economic growth over the past decade is hard to ignore. With an average GDP growth rate of 6% per annum, it is one of the fastest-growing economies in Southeast Asia.
The burgeoning economy, coupled with strategic geopolitical positioning, has attracted tech giants like Apple, Samsung, and Intel to move their manufacturing bases here.
This shift from traditional industries to high-tech manufacturing has paved the way for an increasingly digital economy.
Key points that you need to know:
Vietnam's GDP has surged from $21 billion in 1994 to $363 billion in 2021.
The nation's exports of goods and services have also increased dramatically, from $55 billion in 2007 to $340 billion in 2021.
Vietnam is now the world's second-largest coffee producer and the third-largest exporter of fish and seafood.
Per capita GDP has risen from $281 in 1994 to $3,694 in 2021.
Extreme poverty has been nearly eradicated, and over 18% of the population have joined the global middle class.
Vietnam's leadership has set ambitious goals, including reaching upper middle-income status by 2035, high-income status by 2045, and net-zero carbon emissions by 2050.
Demographically, Vietnam is a young country. More than half of its population is under 35, with a growing inclination towards technology and innovation. This tech-savvy demographic is driving the adoption of cryptocurrencies. It's no surprise, then, that Vietnam ranks among the top countries globally regarding crypto adoption.
Vietnam recorded its highest proportion of young people (10-24 years) in history, accounting for 21% of the population, or 20.4 million individuals. This demographic window is projected to last until 2039
Vietnam has over 16.6 million cryptocurrency holders, making it the second Southeast Asian country with the most crypto investors.
Approximately 31% of these investors hold bitcoin, representing around 17% of Vietnam's total population.
The regulatory environment in Vietnam has been cautious but has not dampened enthusiasm for cryptocurrencies.
For example
In 2020, the State Bank of Vietnam declared that cryptocurrencies are not accepted as legal currency or means of payment.
At the same time
The government acknowledges the potential of blockchain technology and has established a regulatory framework to oversee crypto activities, aiming to strike a balance between fostering innovation and managing risks.
As a result
Crypto remains in a grey area
There is no Tax on crypto gains
Users can freely deposit and withdraw money from crypto exchanges.
As a resident of Vietnam, you can deposit and withdraw money to and from crypto exchanges directly to your bank account.
New Regulations are coming. The government's stance on cryptocurrencies and blockchain is evolving, and future regulatory changes could shape the crypto landscape in the country.
The crypto community in Vietnam is vibrant and dynamic, from developers diving into blockchain code to enthusiasts eagerly discussing the latest launchpad projects.
A testament to this enthusiasm is the rise of local blockchain startups and the eagerness of international blockchain projects to enter the Vietnamese market. The community's passion and optimism are infectious, reflecting the country's readiness to embrace the future of the Internet.
About Local Projects (from Binance report)
Vietnam has around 200 active blockchain projects, with a focus on DeFi, NFTs, Infrastructure & GameFi.
The distribution of projects: games and metaverse (28.8%), DeFi (26.0%), NFT (12.4%), infrastructure (11.3%), and other (5.1%).
Notable projects include Axie Infinity, Kyber Network, Coin98.
Some token market cap figures for popular projects in Vietnam: Axie Infinity ($790 million), Kyber Network ($105 million), and Coin98 ($92.4 million) *on May 15.
Companies that are entering Vietnam
There are talks all around the web3 community that Southeast Asia will get more focus from the community in the upcoming years.
Projects that are active in the space
Ethereum community increasing presence in Vietnam. Last year was the biggest ETH conference in Vietnam so far. Edcon announced that the next conference would be in SEA, and there is a big chance it could be in Vietnam.
Solana and Near have a decent community and run events & hackathons here.
Recently Sui & Base started entering Vietnam and maintaining its presence here.
💡 If you plan to visit Vietnam, reserve the dates 27 - 29 October, 2023 and come for to ETH Vietnam.
Looking ahead, the potential for Web3 and crypto in Vietnam is immense. With a robust economic landscape, a young and tech-inclined demographic, and a vibrant community, the country is well-positioned to capitalize on these technologies' opportunities.
However, the journey is not without challenges. Regulatory uncertainties, a need for greater public understanding, and technical infrastructure requirements present hurdles that must be navigated.
Yet, the resilience and adaptability of the Vietnamese people are promising indicators that these challenges will be met head-on.
As we've seen, Vietnam's rise as an emerging player in the Web3 and crypto space is a story of economic growth, demographic advantage, and sheer enthusiasm. With its eyes firmly set on the future, Vietnam presents an exciting landscape for the world of Web3. As we move forward into this decentralized future, Vietnam is undoubtedly a country to watch.
Continued economic growth and direct foreign investments boost the growth of highly skilled tech professionals.
Vietnam is one of the youngest nations in the world when 30% is below 25 y.o
No cryptocurrency taxes: The Vietnamese government does not recognize cryptocurrencies as legal tender and has not implemented crypto taxes.
Vietnam has all chances to become the next “Asian Tiger”
The State Bank of Vietnam has been directed to study the pros and cons of cryptocurrencies and is expected to develop policy recommendations in 2023.
Discover, sell and buy NFTs on Rarible! Our aggregated NFT marketplace for Ethereum NFTs and Polygon NFTs powers brands, collections and creator marketplaces.
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