Great chance for Vietnam navigate to Web 3.0: Experts

Hanoi (VNA) – As more information technology businesses invest resources into Web 3.0, coupled with the large number of users and coders, Vietnam sees great opportunities in the blockchain market in the Southeast Asian region, say experts.

Web 3.0 was born from the natural evolution of older generation Web tools combined with advanced technologies such as artificial intelligence (AI), blockchain, and the connection between users and the Internet. In other words, Web 3.0 is an upgrade to its predecessors: Web 1.0 and 2.0.

In recent years, foreign investors have flocked to Vietnam and established investment funds specialising in blockchain. Capital inflows into non-fungible token (NFT) assets also skyrocketed from 37 million USD to 4.8 billion USD in 2021, Finder reported.

Experts explained that Vietnam has about 5.9 million people, or 6.1% of the population, who have exposure to blockchain-enabled assets such as cryptocurrencies or NFTs. This number is projected to increase 30-fold by 2030.

Vietnam is also among the top countries with the largest cryptocurrency adoption rate in the world in 2021, according to data from Chainalysis. This is an important premise for Web 3.0 to have the opportunity to develop.

Hung Dinh, co-founder and General Director of RADA Network, who has 15 years of experience in the field of technology startups based on Web 2.0 platform, affirmed the Web 2.0 market was too cramped, especially since the big tech giants like Google, Facebook or Amazon have monopolised the market.

Therefore, within the past year he has decided to put all of his efforts into Web 3.0, and he is not the only one. Appota Group is also in the process of transitioning to Web 3.0 as a provider of solutions and platforms for the digital entertainment industry in Vietnam. The group has more than 50 million users globally.

Jason Tran, co-founder of Appota Group and General Director of AceStarter Launchpad said that out of his 10 friends, only one person knows about blockchain. This field is still too new and there are many opportunities for Vietnamese developers to reach out to the international market, he said.

In fact, there have been many Vietnamese startups seizing the opportunity and making their mark in the world such as Axie Infinity, Kyber Network or Coin98. Jason said that the success stories of these projects have created a significant incentive for Vietnamese developers to participate in the Web 3.0 market. Notably, only in the last 6 months of 2021, domestic projects have raised a total of more than 500 million USD.

From the perspective of an investment fund, James Wo, founder and CEO of DFG, emphasized that the founding and development team is the key factor determining the success of a Web 3.0 project.

With a community of programmers that are talented and responsive to new technologies, Vietnam is likely to become an innovation hub in Southeast Asia or even worldwide in the next growth wave of the blockchain market, said Joanna Liang, co-founder and CEO of Jsquare Investment Fund.

Helena Wang, Director of Parity Technologies Asia – Pacific held that human resources for Web 3.0 developers and blockchain user community in Vietnam will certainly be an important driving force in the development of the Polkadot ecosystem.

Web 3.0 is expected to be a breakthrough to solve these problems, to make the Internet better and safer. This is also one of the important reasons why technology organizations and businesses decide to develop Web 3.0 projects./.