Blockchain now counts among industries attracting the strongest capital flows in Vietnam, having raised more than half a billion USD in the second half of 2021.

Mr. Tran Minh Duy Cris, Managing Director of the Viet Nam Startup Investment Fund and Chief Strategy Officer with Huobi Vietnam, said it is highly likely that Vietnam’s next unicorns will be in the blockchain industry.

Among five unicorns in Vietnam, VNG, VNPay, and Momo took more than ten years to achieve the title. Others like Axie Infinity and Kyber Network, meanwhile, took just three or four years.

As for startups in the field of blockchain, Vietnam is far superior to many other countries. The country and its startups are very responsive and up-to-date, seizing potential and staying abreast of new technology trends.
This is considered a major advantage for the startup field overall in Vietnam, but is also a limitation as the supply of developer resources is limited.

Compared to other countries in the region, such as Malaysia and Thailand, where the legal corridor is relatively complete, Vietnam has many “Make in Vietnam” blockchain products of good quality.

However, if the country does not act faster, it may miss out on great opportunities to attract investment in the sector.

From an investor’s perspective, Mr. Duy suggested that startups try to find ways to resolve specific problems in the market and minimize investment relating to crypto-currency projects.

“The core of blockchain is still technology,” he said. “Therefore, if they are looking to resolve specific problems in the market and society, startups will have a lot of opportunities to survive for a long time.”