Binance Officially Enters A Strategic Partnership With Vietnam Blockchain Association

Binance Officially Enters Strategic Partnership With Vietnam Blockchain Association

Blockchain Association in Vietnam signed a partnership agreement with Binance on Human Resource Training and the exchange of blockchain technology research and application In the country’s capital Hanoi.

Binance is regarded as the world’s largest cryptocurrency exchange in terms of users and daily transactions. They continue a worldwide expansion while trying to incorporate the use of blockchain technology into the daily lives of people. They claimed that the presence of blockchain in world economics would ensure more efficient management, better transparency, and an extensive network of transactions.

Vietnam, a Southeastern country in Asia, is a socialist state that boasts of a population of more than 97 million people. A socialist economy means that the people’s source of production and dependency is on their government. The country is still regarded as a growing economy because of the production conditions of the population but is deeply market-oriented.

According to the World Bank’s SWOT analysis of Technology and Innovation of Vietnam, it was concluded that the country has a great export strength due to the massive labor force, good reputation in education, especially science and technology, and institutions that greatly support the advancement of technology in the country. However, there’s little to no finance accessible to a better part of the population for entrepreneurship, and a poor information base for better policies and research but all these weaknesses serve to present opportunities for development and diversification of the budding economy.

The Vietnam Blockchain Association was recently founded on 27 April to promote and advance the development of the blockchain industry and technology. It was also created to serve as a connection for businesses thereby encouraging the desire to integrate blockchain applications that will further contribute to the economic growth of the country.

This association is the first of its kind to truly serve as an official platform for connecting blockchain application researchers, developers, and builders in the country. It aims to serve the international market by upgrading the standard of its digital economy and bridging the gap between businesses with blockchain.

The Blockchain Summit

The summit which was tagged “Vietnam NFT Summit – Solutions for A New Era” is just one part of a host of upcoming events that were specifically organized for the application and research of blockchain Technology and Human Resource Training in Vietnam. This event is also a worldwide cooperation between Binance and the Vietnam Blockchain Association. The scheme of activity includes conventions for discussion, cooperation, and exchange agreements, with many other networking programs for the individuals and firms researching and growing blockchain in Vietnam.

During the summit, Mr. Ngo Thang Duc, the Vice President and the Director of the Cipher Committee of the association stated that blockchain is one of the technological fields that had been cited as a priority for Research and Development for the 4th Industrial Revolution, according to Decision No. 2117/QD-TTg which was signed on December 16, 2020, by the Prime Minister Vu Duc Dam.

The implication is that transactions through the blockchain would be integrated into many sectors like banking and finance, governmental fields, healthcare services, production, accounting, energy, agriculture, retail, and consumption. Blockchain can be applied to the global sector. It is already projected that because of the massive benefits that blockchain will bring to the overall economy of the country, it’ll affect every part of the lives and businesses before they realize it, and the impact would be tremendous.

Mr. Ngo Thang Duc further made a statement that

In the coming time, the Government will continue to facilitate, encourage and promote early businesses to proactively accelerate the digital transformation process in which blockchain technology is the mainstay. It is expected that by 2030, blockchain will create 40 million jobs, and 10% – 20% of the global economic infrastructure will run on Blockchain technology systems.

Mr. Ngo Thang Duc

Changpeng Zhao, the CEO of Binance, said that more and more countries continue integrating blockchain technology into their economy because of its impact on their future despite the constant regulation which he thinks is essential for it to flourish.

After the agreement signing, he said,

Today, along with the active activities of the Vietnam Blockchain Association, I pledge that Binance will always comply with Vietnamese laws and put users first. Therefore, Vietnamese users in particular and users worldwide believe that Binance’s platform is one of the most secure and reliable in the world.

Changpeng Zhao, the CEO of Binance

Binance was recently licensed to operate in Italy, Dubai, France, and some states in the US.

Barinem Pene Verified

Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.

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