Vietnamese blockchain project 'made domestically, based abroad'

 Despite being a bright spot on the world blockchain map, most Vietnamese blockchain companie


According to statistics from Yield Guild Games (YGG SEA) to the beginning of May, Vietnam market has about 1,000 blockchain game projects in progress. The most prominent is Sky Mavis with the game Axie Infinity, which has a total market capitalization of $ 9.7 billion. About 10 Vietnamese startups in the blockchain field currently have a market capitalization of over 100 million USD. However, most of them are based abroad while the market and human resources are mostly in Vietnam.


Sky Mavis with the majority of founding members are Vietnamese, the staff is located in Ho Chi Minh City, but on paper, the company's headquarters is in Singapore. Similarly, a series of leading blockchain startups such as KardiaChain, Kyber Network or Tomochain are all registered in this island nation.

According to Mr. Cris Duy Tran, co-founder of FAM Central and Director of the National Startup Fund, the fact that blockchain companies choose Singapore, Hong Kong, Malaysia... to locate their headquarters is an inevitable trend because of appropriate policies. suitable, friendly. Vietnam does not have clear legal regulations for this field, so it is not convenient to operate and raise capital.

Mr. Huy Nguyen, co-founder of KardiaChain, said that about 5-7 years ago when he was abroad, he also chose Singapore to locate his start-up company because of the clear legal corridor, which is recognized by international law.

"This is the general trend of the whole world, not just Vietnamese startups," he said. "By the period 2020-2021, the Vietnamese blockchain market is booming, companies still continue to choose Singapore because of its proximity and affordable prices. Besides, blockchain law firms are not many, they are available. connected in Singapore, so all future projects follow the path of their predecessors".
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