On December 3rd and 4th, the Vietnam Tech Impact Summit 2024 (VTIS2024) took place at the National Convention Center, focusing on four main themes: AI, Fintech, Blockchain, and Game technology. Alongside the insightful discussions, the event also featured fashion shows, cosplay, and musical performances.
Kicking off the summit, Mr. Nguyen Duy Hung, Chairman of SSI Securities Corporation, emphasized the profound impact of emerging technologies like AI, blockchain, and gaming, which have transitioned from mere concepts to integral parts of our daily lives.
Mr. Hung cited Forbes’ recognition of Vietnam as the second-largest market for digital asset ownership and interest globally. Notably, out of the world’s leading trading organizations present at the event, ten of the largest exchanges acknowledged Vietnam as one of the top four countries in terms of trading volume.
“However, we lack a clear legal framework to provide certainty to businesses and investors, foster development, and prevent fraud in the digital realm. While tangible assets can be physically secured within our borders, digital assets know no boundaries. Without a legal foundation, we risk individuals taking their digital wealth elsewhere,”
Mr. Hung cautioned.
Mr. Hung shared that he had initially prepared a different speech but decided to change its focus after conversations with the event’s sponsors. He wanted to use the platform to advocate for a comprehensive legal framework, urging the government to address the concerns of the tech community and create an environment conducive to innovation and entrepreneurship.
“We need a method to reassure investors and technology innovators that their efforts will be protected and supported. We should not have a situation where our entrepreneurs have to set up businesses in Singapore or the US, only to return to Vietnam to hire talent and establish production facilities, resulting in companies that are physically present but not legally recognized as Vietnamese entities,”
he asserted.
We aspire for a legal framework that provides peace of mind to investors in digital assets, assuring them that their holdings will be legally recognized and that they can openly pay taxes. Only then can these assets be considered truly legitimate.
Moreover, we need a transparent legal environment that safeguards developers and investors alike, preventing deceitful practices and ensuring fair dealings in the market.
We seek government support in fostering the growth of this business sector and empowering entrepreneurs in this field,”
Mr. Hung continued, presenting a series of recommendations.
The Chairman of SSI Securities Corporation also expressed his eagerness, along with Mr. Truong Gia Binh, Chairman of FPT Corporation, to financially contribute to the community of businesses and entrepreneurs, but they are unsure of the best way to provide effective support.
Emphasizing the importance of legal framework refinement, Mr. Hung believes that Vietnam requires international cooperation, which can be achieved by showcasing the potential for contribution and mutual benefit to visiting international organizations.
From Mr. Hung’s perspective, it is essential to ignite the patriotic spirit of the nation’s youthful and tech-savvy population, channeling their enthusiasm into nation-building. To achieve this, a digital asset market is indispensable. Only when these assets are officially recognized and granted the freedom to be traded will they attract resources and inspire participation.
“If we fail to ignite the spark today, the fire may never catch tomorrow. If we miss this opportunity with digital assets, we may not get another chance to propel our nation to new heights,”
Mr. Hung concluded.
