Vietnam Blockchain Association Signs Strategic Partnership with Binance To Drive Blockchain Innovation

The Vietnam Blockchain Association and Binance crypto exchange co-announced on Monday for establishing a strategic partnership. 

Through this strategic partnership, The Vietnam Blockchain Association and Binance will collaborate in the exchange of research and application of Blockchain technology and human Resource training in Vietnam.

The Blockchain application is set to further build more resilient and prosperous lives for Vietnamese users through greater access to financial, business, and technology services.

Two parties will also leverage each other’s network and expertise to advance the development of blockchain technology in Vietnam and build a bridge with other major tech firms around the world.

Mr. Changpeng Zhao, the CEO of Binance exchange, talked about the collaboration and said: “And today, along with the active activities of the Vietnam Blockchain Association, I pledge that Binance will always comply with Vietnamese laws and put users in focus.”

Mr. Phan Duc Trung, Vice President of the Vietnam Blockchain Association, also commented on the development and said that he hopes that the partnership between Binance and the association will bring value to the business community in Vietnam. He further stated that the collaboration will assist in developing a workforce mastering high technology and contributing policy advice to the government’s management agencies.

Trung further said: “In its role, the Association connects and gathers the Blockchain community in the country and a bridge to bring Vietnamese products to the world and attract more international resources to Vietnam. The Association also promotes personnel training and attracts international investment into Vietnam.

High Demands for Blockchain

The Vietnam Blockchain Association, a government entity which launched last month, aims to promote the nation's digital economy, develop relationships with blockchain firms and communities around the globe and create favourable conditions for local users to share experiences and resources to research, test, apply, and trade blockchain technology in accordance with Vietnamese law.

In recent years, Vietnam has seen the rapid development of Blockchain technology. The number of enterprises, researchers, and engineers seeking to use technology for work has continued to rise. As a result, the need for connection, collaboration, sharing, and support has also continued to increase. This explains the reason why the government formed an official organization with a complete legal entity on May 17 to spearhead the expansion of the Vietnamese Blockchain community.

Vietnam has been a leader in crypto usage for the previous few years. Despite the country’s lack of legal framework for owning, trading, and using crypto coins, the adoption rate of such virtual currencies among its population has been among the highest worldwide (ranked 10th in terms of crypto adoption worldwide). The majority of Vietnamese investors, especially younger ones, are aware of and have expressed positive sentiments towards cryptos as a potential investment.

The Vietnamese government has not banned crypto trading and allows local consumers to hold them as assets. In March, the government announced plans to spearhead research for the implementation of a legal framework governing digital assets.