Digital Biz

At a meeting with the Vietnam Blockchain Association (VBA), Mr. Jean Portier from the International Monetary Fund (IMF) said it is necessary for each country to have a legal framework for digital assets, even if it doesn't allow such assets. Vietnam needs to quickly complete a legal framework and issue codes of conduct to further develop blockchain.

Figures from the Chainalysis Company show that from July 2021 to June 2022, Vietnam recorded $112.6 billion in cryptocurrency transactions. It therefore surpassed the region’s financial center, Singapore, to join Thailand as the two leading cryptocurrency trading centers among the ten ASEAN countries.

The Hanoi People’s Committee has issued a plan called “Supporting digital transformation for SMEs in the 2021-2025 period”, under which it will spend over VND300 billion ($12.6 million) on supporting digital transformation efforts at 90,000 small and medium-sized enterprises (SMEs) and new businesses. The plan sets out six tasks and solutions, including training in digital transformation and human resources development for SMEs.

Vietnam’s game market has a great deal of potential for development, especially e-sports. The country is currently ranked seventh in the world and second in Southeast Asia in terms of game downloads. It is also ranked third in the top 10 game manufacturers in the region. For every 25 games downloaded, one is produced in a Vietnamese studio.

Vietnam’s Pay TV market is shifting from traditional Pay TV to internet protocol television (IPTV) and has become increasingly competitive with the presence of many domestic and foreign telecommunications service providers. In the first half of 2022, Pay TV revenue increased 14 per cent year-on-year, with IPTV revenue rising 300 per cent.

The Ministry of Information and Communications has said that all ministries, agencies, and localities have now established steering committees on digital transformation. Forty-nine of Vietnam’s 63 cities and provinces have built more than 42,000 community digital technology groups to help people with the process.