Are Blockchain and AI the Next Wave? Vietnam on the Brink of Tech Revolution

Asia Blockchain Review
June 3, 2019

Vietnam’s government has announced its successful phone call test of fifth-generation (5G) telecommunications technology. However, the challenge ahead is whether the country’s industries can drive innovation that will allow it to evolve into a digital economy.

According to VOA News, Vietnam‘s Ministry of Science and Technology recently released a report on the digital economy with its Australian counterpart. The report addressed projected levels of tech adoption for the future of Vietnam’s industries.

The report, “Vietnam’s Future Digital Economy: Toward 2030 and 2045,” outlined four scenarios for the country — ranging from the most technologically evolved, with high productivity driven by its skilled workforce and smart cities, to the other end of the spectrum, where the Southeast Asian country continues to rely on a cash economy and unskilled labor.

The report’s lead author, Lucy Cameron, revealed that with technologies such as the Internet of Things (IoT) and blockchain, there is much potential to be uncovered for the nation.

“The next wave of digital technologies — artificial intelligence, blockchain, the internet of things, and platforms and cloud-based services — has the potential to transform Vietnam into Asia’s next high-performing economy. Vietnam will need to seize these substantial opportunities while carefully navigating a number of risks,” Cameron said.

On a positive note, Vietnamese companies have already exhibited signs of tech adoption, from the use of robots in Vinamilk’s warehouses to chatbots in FPT, a domestic electronics business. Moreover, in the gaming industry, virtual reality titles and systems are already available to players.


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