Vietnam's opportunity in front of the Web3 portal

 Vietnam is considered to be able to take advantage of the advantages of Internet infrastructure and a large number of Web2 users to become a pioneer in Web3.


"Digital transformation, digital economy is one of the top priorities of the Vietnamese government. From strategy to action, Vietnam is showing its determination in grasping the general trend of the world. ", Ms. Lynn Hoang, Head of Binance Southeast Asia, opened the seminar on using the power of blockchain, organized by Binance in Paris on September 16.

According to Lynn, in 2021, Vietnam has welcomed two new unicorns, Sky Mavis with a valuation of nearly 3 billion USD and MoMo, worth more than 2 billion USD. One of them is in the blockchain field, and Vietnam has many opportunities to be at the forefront of this new wave of technology.

From left to right, Ms. Lynn Hoang - Head of Binance Southeast Asia, Mr. Jerome Modolo, Director of FPT Software France, Mr. David Princay, Director of Binance France, Ms. Gwendolyn Regina - Investment Director of BNB Chain.
From left to right, Ms. Lynn Hoang - Head of Binance Southeast Asia, Mr. Jerome Modolo, Director of FPT Software France, Mr. David Princay, Director of Binance France, Ms. Gwendolyn Regina - Investment Director of BNB Chain.

And Mr. Jerome Modolo, Director of FPT Software in France, said that blockchain is bringing a lot of value to the economy and society, but it is still too new and needs more people to know about it. "Vietnam has many advantages in terms of human resources, infrastructure and a high spirit of innovation. Besides GameFi, DeFi, an extremely potential field of blockchain is Web3 being used by large technology corporations in the world. Vietnam is facing many great opportunities to be in the top countries," said Mr. Modolo.

The director of French FPT Software said that the blockchain economy in general and Web3 in particular have many similarities with the aviation industry in the 60s of the last century. "At that time, France had a lot of talent but lacked creative space to promote its abilities. We recognized our weaknesses and were trying to take advantage of every opportunity Web3 brought. Web3 was an opportunity. for us to start from scratch and Vietnam also has many similar advantages in this field," said Mr. Modolo.

Meanwhile, Mr. David Princay, Director of Binance France, was impressed with Vietnam's extensive Internet infrastructure. "You guys have really exploded in the Web2 era. It's an important stepping stone to Web3 with a young population, high Internet penetration rate and sensitivity to new technologies," said Mr. Princay.

According to him, in the Web3 era, each person will be a miniature "business" when holding their data instead of being controlled by foreign technology corporations. Therefore, Vietnam needs to take advantage of these advantages to rise up and become a common model in the region.

When asked about lessons that Vietnam can learn for sustainable development in blockchain and Web3, Ms. Gwendolyn Regina, Investment Director of BNB Chain, said that this technology is too new. Vietnam has a pioneering advantage, so building a healthy and fair investment environment will be the foundation for breakthroughs and taking the leading edge.

The Binance representative also affirmed that capital is not a big problem for startups because Vietnam is one of the world's largest investment attraction countries in the blockchain field. However, trends like GameFi and DeFi may be over, Vietnamese startups need to take advantage of Web3 technology, metaverse to continue calling for more international investment funds.

"In order for Vietnamese projects to pull in international money, you should contribute your voice in global events like how Binance Vietnam is doing at the event in France. The whole world knows about Vietnam. Nam past a hit game like Axie Infinity, but I believe, you still have many other attractive products that the world has not known," said Investment Director of BNB Chain.

Web3, or Web 3.0, is a term for a decentralized web system built on a blockchain platform. This is considered the next step of the Internet, where there will be no more servers, and users will be in control of their own data, identity and destiny. Although in its infancy, Web3 has received a lot of support from the community.

The majority of Web3 advocates consider current online platforms to be too centralized and dominated by large technology companies such as Apple, Amazon, Google or Meta - Facebook's parent company. These carriers store loads of data and personal information around the world, making it hard for users to trust.

Despite being in the crypto winter, Web3 is still receiving great attention from startups and large investment funds. In June, Magic Eden - a startup in the field of Web3 - became the focus of the technology world when it raised $ 130 million in investment, raising the company's valuation to $ 1.6 billion. In less than 9 months, Magic Eden has grown tenfold. Meanwhile, Binance and Andreessen Horowitz (A16z) are the largest investment funds in this field with a value of $500 million and $600 million, respectively.
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