In 2019, Binance hosted six Binance meetups across Vietnam and was amazed by the local community’s enthusiasm for cryptocurrency. Vietnam has one of the most active crypto communities in the world, and Binance believes that the country is the next key market for crypto adoption and blockchain technology development. This is why the firm is excited to bring the second Binance Blockchain Week to Vietnam this year.
An Emerging Blockchain Hub
As one of the most dynamic emerging markets in Asia, Vietnam has shown remarkable economic growth in recent years amid the global slowdown. In 2019, Vietnam achieved GDP growth at 7%, the highest among Southeast Asian countries. Vietnam is also a favorite destination for international capital, as its foreign direct investment (FDI) experienced a decade of consecutive growth, indicating an increasing stable and open economy.
Vietnam’s fintech industry has seen promising development in recent years. According to Vietnam Briefing, Vietnam accounted for 36% of total investment in Southeast Asia in 2019. Electronic payment is a priority of Vietnam’s fintech development, as 60.5% of Vietnamese fintech startups act as payment intermediaries. With high mobile penetration rates and a large unbanked population, Vietnam is primed to leapfrog physical banking infrastructures and directly enter a digital money era, with blockchain technology as a major driver of its digital transformation and enabling faster and more transparent financial transactions.
Government policies have also been a key driver of the strong growth of blockchain technology in Vietnam. In November 2019, Vietnam’s Ministry of Science and The technology announced plans to prioritize blockchain startups in its “Supporting the National Innovation Initiative to 2025” program. Meanwhile, Ho Chi Minh City announced plans to develop a blockchain regulatory framework in support of its smart city development.
Binance CEO Changpeng Zhao (CZ) stated,
“Vietnam has enormous economic growth potential, a vibrant entrepreneurship landscape, and wide cryptocurrency acceptance, making it the next global blockchain hub. Since 2018, Vietnam has maintained its position in one of the top countries by active users, and Vietnamese users have revealed tremendous interest in blockchain-based fundraising and
trading. We look forward to expanding our services for the local community and supporting the growth of the Vietnamese blockchain ecosystem.”
Introducing Binance Blockchain Week Vietnam
Binance Blockchain Week Vietnam will be held in Ho Chi Minh City from February 29 to March 4, 2020. The week-long schedule of events consists of a two-day hackathon, an exclusive Binance Charity Poker Tournament, and a two-day industry conference.
Binance Blockchain Week Vietnam will convene 2,500 key stakeholders in the blockchain space, including regulators, investors, researchers, entrepreneurs, corporate executives, technologists and crypto enthusiasts. The blockchain week will prime an international stage for conversations on the current blockchain ecosystem and establish sustainable growth in the industry.
Binance CEO Changpeng Zhao (CZ) will join in the blockchain week together with Binance’s C-suite executives. He further stated,
“Binance Blockchain Week is a hallmark event that gathers experts and talents across the world for insightful discussions and industry development. Through Binance Blockchain Week, we are excited to connect with local regulators, startups, and developers, and explore opportunities to grow the Vietnam blockchain ecosystem.”
Disclaimer: This is a partnered event.