New blockchain projects need to be consulted, led by experienced units who know how to grasp new trends to avoid falling into premature death.
As a guest of Binance Blockchain Week Dubai 2022, Mr. Gia Bao Truong – Chairman of DTS made comments on the development of blockchain technology in Vietnam. He said that Vietnam is currently in the top 10 of Binance’s markets across many product lines. In 2021, the Vietnamese blockchain community has reaped many sweet fruits. Many projects built by Vietnamese have become global symbols in some fields and are recognized by international friends.
As the chairman of the DTS Digital Transformation Alliance, having worked and accompanied many blockchain businesses, Mr. Bao pointed out that blockchain startups are completely different from the model of other startups, including calling for investment and product development . Therefore, Vietnamese businesses face many difficulties in finding consultants, especially when there is still not a complete ecosystem to serve blockchain technology.
Binance Blockchain Week Dubai 2022 Event. Photo: DTS
DTS Chairman also identifies that most of the investment funds for blockchain startups at present are international funds. Vietnam’s investment funds are not yet ready to invest in this sector.
Information from the Vietnam Software and Information Technology Services Association (Vinasa) said that Vietnam is considered one of the five most attractive economies in the world in terms of providing software export services. DTS expert said that with the third position in the world, only after China and India in software export, Vietnam has a huge amount of human resources in information technology. Along with a young workforce, Vietnam will have easier access to blockchain
However, on the drawbacks, Mr. Bao said that these startups are built mainly on technical foundations, so they will encounter many business and operation gaps,… “Blockchain projects under 5 years old have a premature death rate is higher than that of other startups.The “Soon ripe soon rotten” of startups will lose trust for investors”, said Mr. Bao.
The DTS President also pointed out that in 2021, the growth of many indicators on the blockchain map including: projects, participants, number of supporting units, etc. are very favorable conditions for Vietnam to create more new products in the future.
Talking more about the opportunity for Vietnam blockchain, Mr. Bao said: “I see the international community starting a campaign to digitize entertainment products globally. Famous players and singers also participate in the production of NFT. With the creation of plural assets from advertising clips, music videos and a large art and design team, I believe that Vietnam has a complete foundation to deploy this product… Especially in the entertainment industry, Vietnamese artists have great influence, so we can seize this opportunity.”
According to Mr. Bao, to be successful, startups need an experienced organization to lead the financial support, operation, and risk management to help businesses survive for a long time. Under the auspices of the Vietnam E-commerce Association (VECOM), DTS and the Dubai investment fund also recently co-founded and invested in BIC – a startup incubator model for startups in the field of technology in Vietnam.
Mr.Bao said that in the coming time, the incubator will focus on funding and investing in technology, blockchain and digital transformation startups, the
n connecting investors, finding capital, strategic consulting and development support. This will be a bridge between businesses and investors globally, providing opportunities for cooperation in the early stages.
The unit also defines the goal to maintain a number of activities such as: developing the blockchain community, opening blockchain training courses, providing basic to advanced knowledge for business owners, technology companies to Blockchain development according to actual needs.
Along with that, this unit will maintain the operation of the alliance of technology investment funds in Vietnam, helping to create collective strength to support technology startups.
In the coming time, we will make more efforts in connecting international cooperation to bring Vietnamese projects to the international market, and at the same time bring international projects to Vietnamese investment funds.” Mr. Bao said.
In addition, in order to support the enhancement of enterprises’ digital transformation capacity, DTS will also continue to coordinate with many associations and partners to organize a series of programs on knowledge dissemination, in-depth training, and consulting transformation solutions for businesses. In addition, the unit also develops digital capacity survey tools, training on e-commerce and digital transformation.