VIETNAM BLOCKCHAINLANDSCAPE

ASIABLOCKCHAINREVIEW.COM

OUTLINEGENERAL LANDSCAPE1.1 What is Blockchain?1.2 Economic Background1.3 Social Conditions1.4 Technological Infrastructure1.5 Regulatory Overview1.6 SWOT Analysis

BLOCKCHAIN MARKET2.1 Observations and Milestones2.2 Ecosystem Map2.3 Ecosystem Map Zoom-In2.4 Major Industry Players2.5 Notable Industry Players

SURVEYS AND UESTIONNAIRES3.1 The Respondents3.2 Development Stage3.3 Issues and Challenges3.4 Benefits and Advantages3.5 Timeline for Mainstream Use3.6 Industry Disruption3.7 Key Challenges to Adoption3.8 Critical Success Factors3.9 Fostering Approaches3.9 Observations and Trends

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1.1 WHAT IS BLOCKCHAINFEATURES OF BLOCKCHAIN TECHNOLOGY

DECENTRALIZED(P2P)

AUTOMATED

TRANSPARENT IMMUTABLEAlthough the use of cryptographic techniques originated back in 1991, blockchain was conceptualized by the mysterious Satoshi Nakamoto in 2008 by introducing a Hashcash-like method to add blocks to a cryptographically secured chain without requiring them to be signed by a trusted party. The following year, blockchain was deployed as the underlying technology for the legendary cryptocurrency Bitcoin, a blockchain-based public ledger serving as a record of all the transactions carried out on its network.

Blockchain which is also referred to as distributed ledger technology (DLT) consists of a growing list of records (i.e. blocks) that are linked (i.e. chained) together using cryptographic techniques.

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TYPES OF BLOCKCHAIN NETWORKS

PUBLIC NETWORKS WHICH

ALLOW ANYONE WITH AN

INTERNET CONNECTION TO

JOIN

PRIVATE NETWORKS

WHICH ONLY ALLOW

THOSE WHO HAVE

PERMISSION TO JOIN

HYBRID NETWORKS WHICH

COMBINE ASPECTS OF

PUBLIC AND PRIVATE

NETWORKS

FEDERATED/CONSORTIUM

NETWORKS WHICH

OPERATE UNDER THE

LEADERSHIP OF A GROUP

As blockchain is still very much in its infancy, the different types of blockchain networks only serve as a general guide. The nebulous categorization of the different types of blockchain networks means that the features and characteristics of any particular blockchain network may fall into different categories, whereby no rigid categorization may be possible.

1.1 WHAT IS BLOCKCHAINThere are at least four types of blockchain networks with their own distinct features and characteristics.

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1.1 WHAT IS BLOCKCHAIN

PoW PoS DPoS PoB

Blockchain epitomizes democracy by operating based on consensus algorithms which are group-based decision-making processes, whereby individuals are required to support the decision of the majority on thebasis that the majority knows what is best for the group as a whole.

MAIN TYPES OF BLOCKCHAIN CONSENSUS ALGORITHMS

Proof of Work (PoW):Anyone can be a minerby verifying transactionblocks through solvingmathematical problems

Proof of Stake (PoS):Only coin holders can be a miner, whereby miningcapabilities are based on the number of coins owned

Delegated Proof of Stake (DPos): Uses real-time voting together with a social reputation system to obtain consensus with active delegates being voted in by coin holders

Proof of Burn (PoB):Coin holders are requiredto burn their coins bysending them to an “eateraddress” in order to beable to mine in theprotocol

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1.1 WHAT IS BLOCKCHAINBlockchain can support the operations of commercial entities across a wide range of industries, though certain industries have taken the lead in terms of

blockchain adoption and use.

Among the global technology giants that have developed their own blockchain platforms are IBM (HyperledgerFabric), Microsoft (Azure), Amazon (AWS), Baidu (Totem), and Tencent (TrustSQL). In this report, our primary

focus will be on the adoption and use of blockchain in the cryptocurrency and financial service industries,though other industries will also be covered.

CRYPTOCURRENCY

FINANCIAL SERVICES

SUPPLY CHAIN MANAGEMENT

ENERGY TRADING

INTERNET OF THINGS (IOT)

GAMING

LEADING INDUSTRIES IN BLOCKCHAIN ADOPTION AND USE

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1.2 ECONOMIC BACKGROUNDOver the course of the 15 years period from 2000 - 2015, Vietnam recorded an average annual gross domestic product (GDP) growth of 6.9% per year. In 2018, Vietnam upped the ante even more by recording an impressive 7.1% GDP growth rate, beating the forecast growth rate of 6.8%.

As the top 3 GDP contributing market sectors in Vietnam have the potential to leverage on blockchain, the wide-scale adoption and use of blockchain may propel Vietnam’s economy to even greater heights, whereby the local digital economy can serve as the platform for the deployment of blockchain.

TOP 3 GDP CONTRIBUTING MARKET SECTORS

SERVICES

MANUFACTURING

AGRICULTURE

51%

33%

15%

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Under the national digital transformation plan put in place by the Ministry of Planning and Investment, the Vietnamese government aims to establish an institutional foundation based

on sound digital economic models and undertake regulatory reforms to attract digital technology investment. In addition, the plan has set some targets to be achieved by 2025.

In April 2019, the Vietnamese government launched the National E-document Exchange Platform which allows sending and receipt of documents between government agencies to

be done digitally.

80% of Dealings with theGovernment to be Digitized

Broadband Access Rates tocost less than 2% of national

income per capita

50% of Firms in theCountry to Operate

Digitally

Review the Law onEnterprises to Promote

Digital Investments

1.2 ECONOMIC BACKGROUND

TARGETS TO BE ACHIEVED BY 2025

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THAILAND (2.7%)

PHILIPPINES (1.6%)

INDONESIA (2.9%)

SINGAPORE (3.2%)

1.2 ECONOMIC BACKGROUNDIn the “e-CONOMY SEA 2018” market report published by Google in collaboration with Singapore company Temasek Holdings Pte. Ltd, it was noted that Vietnam’s internet economy was worth US$9 billion with a compound annual growth rate (CAGR) of 38% from 2015 to 2018. In terms of GDP percentage, the gross merchandise value (GMV) of Vietnam’s internet economy amounted to 4% of the country’s GDP, thehighest among Southeast Asian (SEA) countries.

The booming internet economy in Vietnam provides a ready-made platform for the entry of blockchain-based utility tokens, particularly payment tokens which are exchangeable for goods and services into the local crypto market.

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1.3 SOCIAL CONDITIONS

MIL

LIO

N64M

ILLI

ON143.3

MIL

LIO

N62

With a 4G network slower only than that of Singapore’s, Vietnam is the second-fastest speed king in the world when it comes to cellular technology network performance, outdoing even global technology giants such as the United States and China.

INTERNET

USERS (66% POPULATION

PENETRATION)

MOBILE

SUBSCRIPTIONS (148%

POPULATION PENETRATION)

ACTIVE SOCIAL

MEDIA USERS (64%

POPULATION PENETRATION)

With the country’s tech giant Viettel Group having successfully tested its 5G technology in May this year, Vietnam looks set to take the country’s cellular network technology development to the next level in the not too distant future.

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The key strength of Vietnam’s internet network lies in the relevance of its language content whereas high mobile phone prices reduced the level of internet availability and use. In terms of digital literacy, the Vietnamese population was found to have sufficient digital literacy with internet safety high on the list.

In the Inclusive Internet Index 2019, Vietnam was ranked 9th out of the 21 Asian countries surveyed and 44th out of 100 countries globally. The Index assessed the parameters of the local internet network based on availability, affordability, relevance, and readiness.

1.3 SOCIAL CONDITIONS

VIETNAM’S INTERNET NETWORK

AVAILABILITY OF INTERNET

FOR ACCESS AND USE

(RANKED 54TH GLOBALLY)

AFFORDABILITY OF

INTERNET USE (RANKED

53RD GLOBALLY)

RELEVANCE OF LOCAL

LANGUAGE CONTENT

(RANKED 10TH GLOBALLY)

READINESS OF LOCAL

POPULATION FOR NTERNET

USE (RANKED 24TH

GLOBALLY)

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As of 2018, about 65% of Vietnamese live in rural areas and 68% of the rural population own asmartphone. The high proportion of the rural population coupled with their significant level of mobile internet use creates ideal conditions for the entry of blockchain into the Vietnamese market.

Rural Vietnamese, particularly the younger generation, turn to mobile internet to escape the limitations of rural life. Blockchain industry players may leverage on this market by providing alternative products and services supplied using different modes of delivery to the rural population.

1.3 SOCIAL CONDITIONS

120-140 45%

70% 82%MIN PER DAY ON AVERAGE SPENT ON

INSTANT MESSAGING APPS

WILL CLICK ON ADVERTISEMENTS

WHICH ARE RELEVANT TO THEM

USE YOUTUBE MOBILE APP FOR

RELAXATION

USE E-COMMERCE PLATFORMS AFTER

SEARCHING FOR PRODUCTS ONLINE

MOBILE INTERNET USE PATTERNS AMONG RURAL VIETNAMESE POPULATION

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1.4 TECHNOLOGICAL INFRASTRUCTURE

≥ 40% ≥ 60% ≥95% 100%Households will have access tofixed broadband internet

of broadband internet subscribers to get a minimumdownlink speed of 25 Mbps

of residential areas will becovered by 3G/4G networks

100% public access pointsnationwide offering broadband services, with half of the access points delivering a minimumdownload speed of 50 Mbps

Under the Wireless Broadband Masterplan, the Vietnamese government aims to develop the country’s digital network infrastructure under a policy which removes discriminatory barriers between state-run and private companies, with the ultimate aim of socio-economic development.

The Wireless Broadband Masterplan has enabled Vietnam’s internet connectivity ranking in the Asia CloudComputing Association Cloud Readiness Index to rise to 5th in 2018 from 11th the previous year.

OBJECTIVES TO BE ACHIEVED BY 2020 UNDER THE WIRELESS BROADBAND MASTERPLAN

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1.4 TECHNOLOGICAL INFRASTRUCTUREVIETNAM’S RANKING IN GLOBAL DIGITAL INDICES

UN E-GOVERNMENT DEVELOPMENT INDEX 2018Current Rank: 88Previous Rank: 89 (2016)Other Countries: Singapore (7), Malaysia (48),Thailand (73), Philippines (75) and Indonesia (107)

ICT GLOBAL DEVELOPMENT INDEX 2017Current Rank: 108Previous Rank: 108 (2016)Other Countries: Singapore (18), Malaysia (63),Thailand (78), Philippines (101) and Indonesia (111)

WEF NETWORKED READINESS INDEX 2016Current Rank: 79Previous Rank: 84Other Countries: Singapore (1), Malaysia (31), Thailand (62),Indonesia (73) and Philippines (77)

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1.5 REGULATORY OVERVIEWThe official stance of the Vietnamese government towards the local crypto industry is reflected in theseveral bans which it has imposed on industry dating back to October 2017.

BANS IMPOSED ON THE LOCAL CRYPTO INDUSTRY

Issuing, supplying, and usingcryptocurrency as a means of payment by any person

Dealings by any commercial bank, payment serviceprovider, or intermediaries withcryptocurrency-related transactions.

Issuance or carrying outof any transaction orbrokerage activities related to cryptocurrencies by public companies, securities companies, fund anagement companies, and securities investment firms

Importation of CryptoMining Rigs

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LEGALIZATION:

REGULATORY APPROACHES PROPOSED IN THE MINISTRY OF JUSTICE’S REPORT

1.5 REGULATORY OVERVIEWIn November 2018, the Ministry of Justice assessed the crypto landscape in Vietnam and reviewed

existing crypto legislation in other countries, before proposing several approaches for the regulation of crypto-related activities in Vietnam in a report submitted to the government.

Grant full legal recognition to cryptocurrencies, albeit

subject to the imposition of stringent conditions

“FLOATING” APPROACH:

Regulatecryptocurrencies under

a lax regime

PROHIBITION:

Completelyban cryptocurrencies

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1.5 REGULATORY OVERVIEW

SCAMS IN VIETNAM’S CRYPTO INDUSTRY

The need for crypto regulations in Vietnam is highlighted by three major scams which resulted in damages of more than US$700 million to investors.

MODERN TECH

TYPE: EXIT SCAM

LOSS: US$660 MILLION

VICTIMS: ≈32,000

SKY MINING

TYPE: EXIT SCAM

LOSS: US$35 MILLION

VICTIMS: ≈1,000

VNCOIN

TYPE: ICO SCAM

LOSS: US$8.5 MILLION

VICTIMS: ≈6,000

These scams highlight the need for regulations on the part of Vietnam’s crypto industry.

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1.6 SWOT ANALYSIS

•Thriving economic hub with one of the world’shighest GDP growth rate;

•Home to SEA’s most valuablee-commerce market.

•Occurrence of several major scams whichresulted in huge losses to investors and hampered

investor confidence in the local crypto market;•Country with the highest number of online

infections among the top 20 countries with Internet Connection Sharing (ICS) based on a report by

Kaspersky Lab.

•Lack of regulatory support for the localcrypto industry;•High mobile phone prices limit the level of digital connectivity among the general population.

•A vibrant and dynamic startup ecosystem which isonly 3 years old but already has over 3,000 startups;•Regulatory support is on its way, with the government actively exploring different approaches to regulating the local crypto industry.

S W

T O

WEAKNESSESSTRENGTHS

OPPORTUNITIESTHREATS

SWOT ANALYSIS OFVIETNAM’S

LANDSCAPE FORBLOCKCHAIN

ADOPTION AND USE

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2.1 OBSERVATIONS AND MILESTONES

4,600,000,000 9,3%

1%3,399,505

FACTS AND FIGURES OF THE BLOCKCHAIN MARKET IN VIETNAM

Notwithstanding the crypto bans imposed by the government, Vietnam’s crypto market accounts for about 4% of global crypto interest.

Accounting for about 50% of crypto interest in SEA, the Vietnamese crypto market certainly has a centralrole to play in the development of cryptocurrency in this part of the world.

VND Peak in Monthly Cryptocurrency TradingVolume (recorded in January 2018)

Total Bitcoin Trading Volume (USD)as of July 2018

of the Population are Owners ofCryptocurrency

of the Population are Active Usersof Cryptocurrency

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2.1 OBSERVATIONS AND MILESTONES

MAY 2018 OCTOBER 2018

The National Payment Corporation ofVietnam (NAPAS) and three otherlocal banks i.e. VietinBank, VietnamInternational Bank (VIB), and TienPhong Bank (TPBank) successfullypilot a blockchain-based interbankpayment transfer system.

Vietnam’s largest telecommunicationsoperator Viettel Group establishes itsdevelopment and innovation arm Viettel Enterprise Solutions Corporation which has set itself the goal of becoming Vietnam’s leading blockchain technology provider in five years’ time.

Hanoi hosts the Cryptocurrencies & Digital Asset Dialogue 2018, endorsed and hosted by the Ministry of Justice. The official public-private dialogue brings together regulators and industrystakeholders to discuss the future ofcryptocurrency in Vietnam.

Singapore-based TADA, whichprovides blockchain-basedride-sharing services, launchesin Vietnam.

The pioneer cryptocurrency tradingexchange in the country, BitcoinVietnam, which has been in operationfor more than four years since itsinception back in 2014, changes itsdomain to .io, which is generally usedfor websites of technology-basedcompanies.

JANUARY 2019

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2.1 OBSERVATIONS & MILESTONES

MARCH 2019 MAY 2019 JULY 2019

Australia-based CSIRO's digital armData61 and Vietnam’s Ministry ofScience and Technology release a jointreport titled Vietnam’s Future DigitalEconomy under the AustralianGovernment’s Aus4Innovation program.

FPT Corporation and SBIHoldings Inc sign amemorandum of understanding(MoU) to invest US$3 million inblockchain-based loyaltyredemption startup Utop.

Vietjet announces plans to build ablockchain-based e-commerceplatform offering banking services,insurance packages, hotel bookings,and consumer goods within the nexttwo years.

The government announces that it islooking at collaborating with Japan’sleading universities, institutes, andIT enterprises to train local ITworkers to conduct R&D programsin the areas of blockchain, cloudcomputing, and cybersecurity.

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2.2 ECOSYSTEM MAPGOVERNMENT & REGULATORS

PROTOCOL

PLATFORM

PLATFORM

ASSOCIATIONS/ALLIANCES

SOLUTIONS PROVIDERS

EXCHANGE PLATFORM

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2.2 ECOSYSTEM MAPFINANCIAL INSTITUTIONS

EDUCATION

ACCELERATOR - INCUBATOR BLOCKCHAIN R&DVENTUREBUILDER

VCs

SERVICE PROVIDER CONSULTANCY REGTECH

REAL ESTATEPAYMENT, WALLET & REMITTANCE

GAME

GAME

OTHER

DIGITALADVERTISING

PROFESSIONALNETWORKING

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2.2 ECOSYSTEM MAPTRACEABILITY

COMMUNITY

COMMUNITY

COMMUNITY MEDIA

MEDIA

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2.3 ECOSYSTEM MAP ZOOM-IN(REGULATORS)

MINISTRY OF JUSTICEThe government ministry responsible for matters of state administration such as thedevelopment and implementation of laws and regulations as well as the dissemination oflegal knowledge. Back in November 2018, the Ministry submitted a report to thegovernment which set out the possible approaches to cryptocurrency regulation.

MINISTRY OF FINANCEThe government ministry responsible for fiscal management under the national budget, the imposition and collection of tax revenue, the coordination of any dealing with state assets, and balancing the national financial reserves. Back in July 2018, the Ministry proposed the imposition of a temporary ban on the import of crypto mining hardware, citing the difficulties in regulating newly minted cryptocurrencies.

MINISTRY OF INDUSTRY AND TRADEThe government ministry responsible for governing and promoting the advancement and growth of the local trade industry, as well as handling matters relating to the regulatory and management policies of the industry. The Ministry was responsible for implementing the import ban on crypto mining hardware, but has expressed concerns that the ban would affect local businesses that rely on such hardware.

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2.3 ECOSYSTEM MAP ZOOM-IN(REGULATORS)

STATE BANK OF VIETNAMThe central bank which is responsible for the supervision of credit institutions and banks operating in Vietnam for compliance with domestic monetary laws and policies. In October 2017, the State Bank issued a declaration that cryptocurrencies are not recognized as a lawful means of payment in Vietnam, which was followed by the imposition of a ban in April 2018 which prohibited commercial banks, payment services providers, and intermediaries operating in the country from dealing with cryptocurrency-related transactions.

STATE SECURITIES COMMISSIONAn organization under the Ministry of Finance which is responsible for the regulation and supervision of the domestic securities market as well as the management of public services relating to such markets. Back in July 2018, the Commission issued an announcement in which it warned public companies, securities companies, fund management firms, and securities investment funds operating in Vietnam not to engage in any issuance, transaction or brokerage activities related to cryptocurrency.

NATIONAL AGENCY FOR TECHNOLOGY ENTREPRENEURSHIPAND COMMERCIALIZATION DEVELOPMENTAn administrative agency under the Ministry of Science and Technology which advises andassists the Minister to promote the growth and development of the domestic technologymarket and provide support for the development of local startups.

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2.3 ECOSYSTEM MAP ZOOM-IN(EDUCATION)

BLOCKCHAIN EDUCATIONNETWORK (BEN)

CODERSCHOOL (CS)

BEN’s mission is to educate and empower students from across the world with knowledge of blockchain technology. Established by students and alumni who have created Bitcoin and blockchain clubs on their campuses, BEN aims to provide a platform in which students can experiment with building new expectations and innovations within a safe network of their peers. BEN hopes to establish a rich web of interconnected blockchain hubs across the world to create a global impact through local initiatives.

Founded in 2015, CS trains the best developers, designers, and data scientists in Vietnam. CS’s basic blockchain course offers students the opportunity to learn about Initial Coin Offerings (ICOs), blockchain platforms such as Ethereum, and smart contract programming languages such as Solidity. In addition, CS also offers an advanced blockchain course which teaches students how to develop blockchain DApps and business networks.

https://blockchainedu.org/Facebook l LinkedIn

https://www.coderschool.vn/enFacebook l LinkedIn

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ALL IN STATION (AIS) VIETNAM BLOCKCHAIN CLUB (VBC)

Founded in 2018 by a group of pioneers from Insight Group, AIS aims to ‘unblock’ blockchain and cryptocurrency by providing a platform for people to share knowledge andexperiences and learn from each other about blockchain and cryptocurrency. AIS serves as a special meeting point where members can actively interact with prospective investors who want to explore blockchain and cryptocurrency. AIS aspires to contribute to the development of blockchain technology in Vietnam and make Vietnam one of the leading blockchain centers in the world.

Founded in 2016 as the first, largest, and most active blockchain community in Vietnam, VBC aims to be the central blockchain source for companies, institutions,groups, and individuals in order to foster the sharing of blockchain knowledge as well as to provide a platform for the testing and development of impactful blockchain applications. VBC aims to connect the various stakeholders by hosting a range of eventsand programs which cover education, consulting, and innovation to promote blockchain in Vietnam.

Facebook l LinkedIn http://vietnamblockchainclub.com/Facebook

2.3 ECOSYSTEM MAP ZOOM-IN(COMMUNITY)

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2.3 ECOSYSTEM MAP ZOOM-IN(MEDIA)

bitcoinvietnamnews.com

Facebook l Twitter

Bitcoin Vietnam News

bigcoinvietnam.com

Facebook l Twitter

Bigcoin Vietnam

coin68.com

Facebook l Twitter

Coin68

https://techtalk.vn/

Facebook

TechTalk ICTNEWS

ictnews.vn

Facebook

VBC News

vbc.group

Facebook | Twitter

Tap Chi Bitcoin

tapchibitcoin.v

Facebook

VnExpress

https://vnexpress.net/

Facebook l Twitter

Blog Tiền Ảo

blogtienao.com/

Facebook l Twitter

tiendientu.org

tiendientu.org

Facebook l Twitter

Coin98

coin98.net

Facebook l Twitter

Asia Blockchain Review

asiablockchainreview.com

Facebook l Twitter

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2.4 MAJOR INDUSTRY PLAYERS

Company ( Coin Ticker): Quoine (QASH)HQ: JapanFounded: 2014Mission: Provide a platform which serves as an universal liquidity solution by allowing token holders to access its suite of services consisting of World Book and Prime Brokerage to carry out crypto trading through an exchange regulated by the Japan Financial Services Authority (FSA) and aligned with the legal compliance requirements of most regulated markets around the world.ICO Status: Ended November 8th, 2017 (~US$105,000,000)Website: https://quoine.com

Company ( Coin Ticker): Kyber Network (KNC)HQ: SingaporeFounded: 2017Mission: Develop an on-chain liquidity protocol which allows decentralized token swaps to be integratedinto any application, thereby enabling value exchange to be performed seamlessly between all parties inthe ecosystem.ICO Status: Ended September 15th, 2017 (~US$48,960,000)Website: https://kyber.network

Crypto TradingCrypto Trading

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2.4 MAJOR INDUSTRY PLAYERS

Company ( Coin Ticker): CyberMiles (CMT)HQ: Hong KongFounded: 2017Mission: Build a next-generation blockchain platform consisting of a large library of commerce-related Smart Business Contracts optimized for e-commerce applications whereby the platform would function as part of a streamlined decentralized e-commerce framework.ICO Status: Ended December 21st, 2017 (~US$30,000,000)Website: https://www.cybermiles.io

Company ( Coin Ticker): Tomochain (TOMO)HQ: SingaporeFounded: 2017Mission: Develop a 150-Masternodes architecture which operates using Proof of Stake Voting (POSV) consensus and deploys techniques such as double validation, staking via smart-contracts, as well as uniform randomization processes to ensure security, stability, and chain finality.ICO Status: Ended March 20th, 2018 (~US$8,500,000)Website: https://tomochain.com

Service ProviderSmart Contract, E-Commerce

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2.4 MAJOR INDUSTRY PLAYERS

Company (Coin Ticker): Lina Network (LINA)HQ: SwitzerlandFounded: 2018Mission: Create an ecosystem which consists of the world’s first blockchain-based review platform, supply chain tracing, digital identity management, cross-jurisdiction electronic healthcare records, and digital asset trading.ICO Status: Privately HeldWebsite: https://lina.network

Company (Coin Ticker): Kambria (KAT)HQ: USAFounded: 2017Mission: Build a sustainable research and development ecosystem which consists of the world’s first decentralized open innovation platform for Artificial Intelligence (AI) and robotics, through whichanyone can collaborate in researching, developing, and commercializing innovative ideas and get rewarded fairly for their contributions.ICO Status: Ended December 5th, 2018 (~US$16,000,000)Website: https://kambria.io

Research and DevelopmentCrypto Trading and Service Provider

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2.4 MAJOR INDUSTRY PLAYERS

Company (Coin Ticker): TE-Food (TFOOD)HQ: SwitzerlandFounded: 2016Mission: Develop a farm-to-table food traceability system which integrates supply chain companies, consumers, and government authorities to improve food safety, eliminate food fraud, and decrease the operating costs of supply chain companies, with the main target market being emerging countries which aremajor food producers.ICO Status: Ended March 22nd, 2018 (~US$19,100,000)Website: https://tefoodint.com

Company (Coin Ticker): Relex (RLX)HQ: British Virgin IslandsFounded: 2018Mission: Offer the world's first cryptocurrency-based real estate development investment token which allows its holders the opportunity to invest in projects during the development phase, thereby opening the door to obtaining passive income, equity stakes, or proxy ownership of real estate properties, with the platform functioning as a gateway streamlining the flow of foreign direct investment (FDI) into developing economies.ICO Status: Privately HeldWebsite: https://www.relex.io

Real EstateSupply Chain Tracking

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2.4 MAJOR INDUSTRY PLAYERS

Company (Coin Ticker): Bigbom (BBO)HQ: SingaporeFounded: 2016Features: Build a decentralized advertising ecosystem for all parties involved in online advertising by using Ethereum-based smart contracts.Industry: AdvertisingICO Status: Ended June 10th, 2018 (~US$2,000,000)Website: https://bigbom.com

Company (Coin Ticker): RedFOX Labs (RFOX)HQ: VietnamFounded: 2019Mission: Identify and build upon proven unicorn business models for emerging markets in Southeast Asia (SEA) by providing innovative and scalable solutions using the Komodo Platform to unlock the true potential of the digital market, thereby creating opportunities for startups in the e-commerce, e-media, e-travel, and ride-hailing sectors.ICO Status: Ended April 19th, 2019 (~US$5,650,000)Website: https://redfoxlabs.io

Venture BuilderAdvertising

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2.5 NOTABLE INDUSTRY PLAYERS

Company (Coin Ticker): BitCEO (BCEO)HQ: VietnamFounded: 2018Mission: Combine blockchain with Artificial Intelligence (AI) to support CEOs build up their powerful business network by creating the most reliable social platform for CEOs to collaborate while doing business and optimizing resources around the world.ICO Status: Ended August 31st, 2018 (175,000,000)Website: https://bitceo.io

Company (Coin Ticker): Bitdeal (BDL)HQ: VietnamFounded: 2015Mission: Create the next wave of cryptocurrency which forms part of a big ecosystem that connects with people and help them spend, save and make more money through a sharing economy.Industry: Payment ServicesICO Status: Privately HeldWebsite: https://bitdeal.co

Payment ServicesProfessional Networking

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2.5 NOTABLE INDUSTRY PLAYERS

Company: OKLinkHQ: Hong KongFounded: 2016Mission: Use blockchain to build a decentralized money transfer network which facilitates the inter-transferability of monetary funds between bank accounts and digital wallets, whereby these fundsmay be in the form of airtime, cash pickups, and other forms of monetary representations.ICO Status: Privately HeldWebsite: https:/oklink.com

Company (Coin Ticker): Nami Trade (NAC)HQ: SingaporeFounded: 2012.Mission: Establish a decentralized and fully automated trading exchange that will democratize and revolutionize forex, commodities, indexes, bonds, and cryptocurrencies trading by allowing tradings to be carried out in an anonymous, yet transparent manner.ICO Status: Ended March 31st, 2018 (~US$2,245,250)Website: https://nami.io

Crypto TradingFinancial

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*currently closed down

2.5 NOTABLE INDUSTRY PLAYERS

Company: ProofstackHQ: SingaporeFounded: 2014Mission: Provide online notary services by helping users obtain legally effective evidential proofs through Qualified Authorities located in Germany, Estonia, Hungary, and Turkey using the blockchain protocols of Bitcoin, Ethereum, Litecoin, EOS, NEO, and Stellar.ICO Status: Privately HeldWebsite: https://proofstack.io

Company: Cynopsis Solutions / HQ: Singapore / Founded: 2014Mission: Offer cloud-based anti-money laundering and counter-terrorism financing Software-as-a-Service (SaaS) products which are deployed through Amazon Web Services. These products aim to automate the manual processes of financial services organizations and digitize the analog documentation and records of such organizations using industrial-strength encryption, security technology, and architecture design to protect the confidentiality and privacy of the data of these organizations.ICO Status: Ended June 29th, 2018 (~US$12,511,800) (undertaken through its subsidiary TraceTo)Website: https://cynopsis-solutions.com

RegTechIntellectual Property

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2.5 NOTABLE INDUSTRY PLAYERS

*currently closed down

Company: NEXTTECHHQ: VietnamFounded: 2001Mission: To use Information Technology (IT) to facilitate traditional commerce transactions, thereby creating new business opportunities without limits or borders in the emerging Digitized Commerce (D-Commerce) industry.ICO Status: Privately HeldWebsite: https://nexttech.asia

Company (Coin Ticker): Etheremon (EMONT)HQ: SingaporeFounded: 2018Mission: Combine the use of blockchain and Virtual Reality (VR) technology to offer a digital collectible gaming experience, in which there is true ownership of in-game items as the “mons” can be sold for fiat money after they have been powered up or transformed.ICO Status: Privately HeldWebsite: https://etheremon.com

E-GamingE-Commerce

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2.5 NOTABLE INDUSTRY PLAYERS

Company: Nexus Frontier TechHQ: VietnamFounded: 2015Mission: Harness the power of Artificial Intelligence (AI) and blockchain to develop and integrate technological solutions into existing operating systems for the purpose of streamlining businessoperations to reduce inefficiencies and data wastage.ICO Status: Privately HeldWebsite: https://nexusfrontier.tech

Company: WOWTRACEHQ: VietnamFounded: 2018Mission: Develop a blockchain-based traceability solution that facilitates the flow of transparent and trustworthy information to enable businesses to have better control over their supply chains by making the right decisions based on accurate and timely information.ICO Status: Privately HeldWebsite: https://www.wowtrace.io

Service ProviderService Provider

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2.5 NOTABLE INDUSTRY PLAYERS(EXCHANGES)

Platform

Website

Year Founded

Supported Currencies

Bitcoin Vietnam

bitcoinvn.io

2014

5BCH, BTC, DASH,

ETH, LTC

Kenniex

kenniex.com

2018

8BCH, BTC, DASH,

ETC, ETH, LTC,

USDT, ZEC

Bitcoin VietnamCloud

bitcoinvn.cloud

2019

12BCH, BTC, DAI, DASH,

EOS, ETH, ONG, LTC,

ONT, USDT, XRP, ZEC

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2.5 NOTABLE INDUSTRY PLAYERS(EXCHANGES)

Platform

Website

Year Founded

Supported Currencies

Remitano

remitano.com

2015

6BCH, BTC, ETH,

LTC, USDT, XRP

Cash2VN

cash2vn.com

2014

VCC Exchange

vcc.exchange

2019

5BCH, BTC, DASH,

ETH, LTC

145ADA, ADX, AERGO, AMP, ANKR, ARDR, ARK, ATOM, BAT, BCH, BCPT, BLOC,

BSV, BTS, BTT, CMCT, CVC, DASH, DENT, DGB, DNT, DOGE, DRGN, DTA, ELF,

EMC2, ENG, ENJ, , EOS, ETC, ETH, FCT, FSN, FX, GNT, GO, GRS, GTO,

HYDRO, IGNIS, IOTX, KMD, LOOM, LRC, LSK, LTC ,LUNA, MANA, MCO,

MFT, MONA, MTL, NAV, NEO, NKN, NLC2, NPXS, NXS, OCN, OGO, OK, OMG,

ONT, ORBS, OST, PI, PIVX, POLY, POWR, QNT, QRL, QTUM, RCN, RDD, RET,

RFR, RLC RVN, SC, SOLVE, SPND, STEEM, STORJ, STORM, STPT, STRAT, SYS,

TRX, USDT, VBK, VDX, VIA, VIB, VTC, WAVES, XEM, XLM, XMR, XRP, XVG.

XZC, ZEC, ZEN, ZIL, ZRX

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3.1 THE RESPONDENTS(PENDING)

SAMPLE OF RESPONDENTS

BUSINESS VERTICAL

SURVEY METHODOLOGY

Industry Data Venture Builder Exchange Exchange Travel

Platform Platform

Platform

E-commerceCrypto Lending

Digital Advertising

Payment Solution

TECHNOLOGY FINTECH60%20%

The survey was carried out through an email interview with business startups and organizations in Vietnam which areusing blockchain for their business operations. These startups and organizations represent the views of a widecross-section of the industry, with the input coming from top management personnel with decision-making roles.

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BLOCKCHAIN FINANCEINSTITUTIONS10% 10%

3.2 DEVELOPMENT STAGE

What is the current development stage of your organization'sblockchain project or undertaking?

20%40%

80%

RESEARCH ANDDEVELOPMENT

PILOTTESTING

ACTIVE USE(I.E. PASSED BETA TESTING)

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3.3 ISSUES AND CHALLENGES

25%25%

50%

What were the main issues and challenges faced by your organizationin deploying the use of blockchain as part of its operations?

TECHNOLOGICALHURDLES

INTEROPERABILITYISSUES

LEGALCOMPLIANCE

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3.4 BENEFITS AND ADVANTAGES

What were the expected benefits or advantages which droveyour organization to use blockchain as part of its operations?

20%

20%

MARKETINNOVATION

IMPROVEDTRANSPARENCY

ANDACCOUNTABILITY

GENERAL COSTSAVINGS

OPERATIONALEFFICIENCY40%

20%

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3.4 BENEFITS AND ADVANTAGES

QUITESUBSTANTIALLY 60% 40% ALMOST

COMPLETELY

To what extent have the expected benefits or advantages which drove your organization to useblockchain as part of its operations materialized?

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3.5 TIMELINE FOR MAINSTREAM USE

1 - 3 YEARS

4 - 6YEARS

6 - 10 YEARS

> 10YEARS

How long do you think it will take before blockchain will be widely usedin your industry i.e. used by more than 50% of market players in your industry?

17%

17%33%

33%

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3.6 INDUSTRY DISRUPTION

Which industry do you think will be mostdisrupted by blockchain?

FINANCIALSERVICES

TRAVEL

SUPPLYCHAIN

66.6%

16.7%

16.7%

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3.7 KEY CHALLENGES TO ADOPTION

What are the key challenges to blockchain adoptionin Vietnam?

LACK OF EDUCATIONINITIATIVE40%10%

10%

10% LOW MARKETAWARENESS

ADOPTION IN THE BLACKMARKET IS PRETTY HIGH.

GENERAL IS STILL LOWBUT IT IS COMING

ABSENCE OFREGULATION

LACK OF A COMPREHENSIVEECOSYSTEM 30%

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3.8 CRITICAL SUCCESS FACTORS

What do you think are the most critical and least critical success factorsfor the development of the local blockchain industry?

Most critical Least criticalPUBLIC

AWARENESS

TECHNOLOGICALINFRASTRUCTURE

REGULATORYFRAMEWORK

POLICYINCENTIVE

28%

13%

14%

28% 50%

50%

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3.9 FOSTERING APPROACHES

What should be done to foster further blockchain growthin Vietnam?

EASE OF USEDAPPS10%

20%

20%

40%

INCENTIVES/INITIATIVESFROM THE GOVERNMENT

CONNECTION WITH OTHERBLOCKCHAIN HUB IN THEREGION AND THE WORLD

POLICY ADVOCACYFOR A BETTER REGULATORY

ENVIRONMENT

MORE EDUCATION COURSESAND WORKSHOPS

10%

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CONTEXTUAL OVERVIEW OF SURVEYS AND INTERVIEWS

3.9 OBSERVATIONS AND TRENDS

Vietnam was the fourth fastest growing economy in the world in 2018 with a GDP growth rate of 7.1%. In the context of the local digital economy, the government had in May this year established the National Innovation Centre (NIC) which sets out a slew of policy incentives to spur the development of the local digital economy. In the context of blockchain however, Vietnam has the unfortunate infamy of being known for three major scams which caused losses amounting to more than USD 700 million to investors. In November last year, the Ministry of Justice submitted a report to the government in which the Ministry studied the various possible regulatory approaches for the local crypto industry.

From an industry perspective, blockchain adoption and use in Vietnam can be found in sectors such as agriculture, real estate and loyalty points in the form of notable use cases such as TE-Food, RELEX and Utop respectively. Other than startups, major corporations such as Viettel Group and VietJet Air are also exploring the possible use of blockchain for their business operations. A notable real world use case example is the successful execution of the world’s first blockchain-enabled live trade Letter-of-Credit (LC) transaction involving HSBC Vietnam as the issuing bank in July this year.

With this context in mind, we set out to explore the thoughts of the market players on the regulation of the local blockchain industry, the use of blockchain in the country and the critical success factors for the development of the industry moving forwards.

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REGULATORY NEEDS OF THE LOCAL BLOCKCHAIN INDUSTRY

3.9 OBSERVATIONS AND TRENDS

Based on our interview with a representative from the Ministry of Justice, we understand that the government is of the opinion that blockchain has immense potential in terms of facilitating the development of the Vietnamese economy whereby they aim to provide the necessary supporting framework for the technology to fulfil its potential in this regard. Nonetheless, as much as the government is willing to provide the necessary support for the local blockchain industry, it feels that startups and market players in the country should work closely with the government in order for it to be able to properly understand the situation on the ground so that it can tailor its provision of regulatory support accordingly.

In this regard, the market players which we have interviewed feel that the government should provide financial support in the form of tax incentives to ease their cash flow. Additionally, as blockchain is still very much in its infancy the market players are of the opinion that it is crucial for the government to introduce more incubators to spur innovation among local startups. From a legalistic perspective, the market players feel that the government should recognize the legitimacy of blockchain-based instruments for example by acknowledging the legal validity of e-signatures which have been integrated into smart contracts.

Nonetheless, the government is of the opinion that at this developmental stage of the industry it is more important for local blockchain startups and market players to work closely among themselves to establish self-regulatory standards for the industry instead of each minding their own business which results in an industry lacking in collaboration and cooperation.

Perhaps as suggested by the market players, the government should introduce more incubators to help local blockchain startups and market players build the necessary networking connections between themselves for the betterment of the industry as a whole.

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REGULATORY APPROACH TOWARDS THE LOCAL BLOCKCHAIN INDUSTRY

3.9 OBSERVATIONS AND TRENDS

The need for a proper regulatory approach is highlighted by the fact that half of our survey respondents faced legal compliance issues in their adoption and use of blockchain though our survey findings indicate that the establishment of a regulatory framework is not of critical importance at this point of time. It appears that the government is thinking along the same lines as it is taking its time to study the situation carefully before deciding on the proper approach which it should take towards regulating the local blockchain industry as it is well aware of the risks which may arise from the introduction of ill-timed or improperly structured regulations. Accordingly, it feels that it needs to be careful so as not to hamper blockchain’s potential in fostering the growth of the country’s economy.

In this regard, the government is evaluating the regulatory sandbox approach to ensure that any regulations introduced for the local blockchain industry will be properly aligned with the features of the technology and the market conditions of the industry thereby avoiding the aforementioned risks and ensuring that blockchain will be able to lend a hand in developing the country’s economy. During our interview with the market players, they highlighted the need for a regulatory sandbox and shared their observations that the sandbox has been in the works for almost 2 years whereby they hope that it will be ready soon.

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BLOCKCHAIN USE TRENDS IN VIETNAM

3.9 OBSERVATIONS AND TRENDS

The government is of the opinion that it is a matter of time before blockchain use in the country would cover the areas of finance, education, management, traceability and verification. From an industry perspective, the market players believe that biggest use cases of blockchain will be in the form of decentralized finance (DeFi) in particular the payment industry though they expect blockchain to also be used widely in the gaming, supply chain particularly logistics and travel industries. In the context of problem solving they are looking forward to the use of blockchain to tackle the problem of real estate scams and fake diamonds.

NEED FOR EDUCATION INITIATIVES

Our survey findings indicate that the local blockchain industry is in need of more education initiatives whereby this was reflected in our interviews with the market players who highlighted the fact that not many organizations in the country realize the importance of blockchain. In this connection, they suggested thatmore blockchain courses be organized to educate the Vietnamese public about the potential of blockchain.

Additionally, the government and the market players concurred that in order for there to be sufficient blockchain-skilled workers to meet the demands of the local industry, it is imperative that the ecosystem players ascertain the required numbers of blockchain-skilled workers and the skill sets criteria which theyrequire from such workers in order for universities and educational institutions to have a target to aim for in their endeavour to meet the industrial needs for these workers. Accordingly, it is important for the local blockchain ecosystem players to build a close rapport among themselves as suggested by the government so that they can come together and set the industry’s targets for the required blockchain-skilled workers.

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4.0 REFERENCES(REPORTS AND ARTICLES)

1. A. Pharm, Going Digital - From Innovation to Inclusive Growth in Vietnam (2018). Accessible athttps://www.academia.edu/37548607/Going_Digital_-_From_Innovation_to_Inclusive_Growth_in_Vietnam.pdf2. Asia Cloud Computing Association, Cloud Readiness Index 2018. Accessible athttp://asiacloudcomputing.org/images/cri2018/cri2018_acca_final.pdf3. Blockchain Hub, Blockchain Technology Hub (September 2017). Accessible athttps://s3.eu-west-2.amazonaws.com/blockchainhub.media/Blockchain+Technology+Handbook.pdf4. E27, Southeast Asia Startup Ecosystem Report 2018. Accessible athttps://e27.co/wp-content/uploads/2019/01/e27-Southeast-Asia-Startup-Ecosystem-Report-2018.pdf5. Google and Mobile Marketing Association, The State of Mobile in Rural Vietnam Report 2018/2019. Accessiblehttps://www.thinkwithgoogle.com/_qs/documents/7268/The_State_of_Mobile_in_Rural_Vietnam_Report.pdf6. Google and Temasek, e-Conomy SEA 2018. Accessible athttps://www.thinkwithgoogle.com/_qs/documents/6730/Report_e-Conomy_SEA_2018_by_Google_Temasek_v.pdf7. Ibinex, Global Cryptocurrency Market Report 2018. Accessible athttps://media.ibinex.com/docs/Global_Cryptocurrency_Market_Report_2018.pdf8. IMF, IMF Country Report No. 18/215 (July 2018). Accessible athttps://www.imf.org/~/media/Files/Publications/CR/2018/cr18215.ashx9. T. Barker and M. Ungor, Vietnam: The Next Asian Tiger? (March 2018). Accessible athttps://www.otago.ac.nz/economics/otago682041.pdf10. We are Social and Hootsuite, Digital 2019: Vietnam (January 2019). Accessible athttps://www.slideshare.net/DataReportal/digital-2019-vietnam-january-2019-v01

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4.0 REFERENCES(WEBSITES)

1. Asia Blockchain Review, The State Bank Vietnam Banned on Bitcoin and other Crypto Payments (7 August 2018). Accessible athttps://www.asiablockchainreview.com/the-state-bank-vietnam-banned-on-bitcoin-and-other-crypto-payments/2. Bitcoin Magazine, Vietnamese Government Bans Mining Hardware Imports (15 August 2018). Accessible athttps://bitcoinmagazine.com/articles/vietnamese-government-bans-mining-hardware-imports3. Coinup 24, Midas Protocol and Vinex Network partner with Vietnam Blockchain Ecosystem Meet-up (16 January 2019). Accessibleat https://coinup24.com/midas-protocol-and-vinex-network-partner-with-vietnam-blockchain-ecosystem-meet-up/4. Computer Weekly, Broadband Will Reach 40% of Vietnam Households by 2020, Claims Government (8 March 2016). Accessible athttps://www.computerweekly.com/news/4500278154/Broadband-will-reach-40-of-Vietnam-households-by-2020-claims-government5. Crunchbase, Triip. Accessible at https://www.crunchbase.com/organization/triip6. ETH News, Vietnam Officials Issue Another Ban On Cryptocurrency (27 July 2018). Accessible athttps://www.ethnews.com/vietnam-officials-issue-another-ban-on-cryptocurrency7. ICO Reign, Will Vietnam Go For Cryptocurrency Regulation Or Not? (12 November 2018). Accessible athttps://e.vnexpress.net/news/business/companies/thousands-duped-by-cryptocurrency-scams-in-vietnam-in-2018-3859459.html8. International Telecommunications Union, ICT Development Index 2017. Accessible athttps://www.itu.int/net4/ITU-D/idi/2017/index.html9. Nhan Dan, Vietnam Sets to Have 50% of Businesses Operating on Digital Platforms by 2025 (2 May 2019). Accessible athttps://en.nhandan.org.vn/business/item/7428202-vietnam-sets-to-have-50-of-businesses-operating-on-digital-platforms-by-2025.html10. OpenSignal, The State of LTE (February 2019). Accessible at https://opensignal.com/reports/2018/02/state-of-lte11. TechSauce, Vietnam's Startup Ecosystem: All You Need to Know (24 August 2018). Accessible athttps://techsauce.co/en/tech-and-biz/vietnam-startup-ecosystem-all-you-need-to-know/

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4.0 REFERENCES(WEBSITES)

12. The Economist, The Inclusive Internet Index 2019. Accessible athttps://theinclusiveinternet.eiu.com/explore/countries/VN/performance/indicators/readiness/trust--safety13. TotalCrypto, Bitcoin Adoption: Trading Volume by Country (10 August 2018). Accessible athttps://totalcrypto.io/bitcoin-adoption-trading-volume-country/14. United Nations, E-Government Knowledgebase. Accessible athttps://publicadministration.un.org/egovkb/en-us/Data/Country-Information/id/189-Viet-Nam15. United Nations, World Urbanization Prospects 2018. Accessible at https://population.un.org/wup/Country-Profiles/16. Vietnam Economic Times, Institutions and Legal Framework Go Digital (28 April 2019). Accessible athttps://www.vneconomictimes.com/article/vietnam-today/institutions-and-legal-framework-go-digital17. VietnamNet Global, First 5G Call in Vietnam Successfully Tested (12 May 2019). Accessible athttps://vietnamnet.vn/en/sci-tech-environmennt/first-5g-call-in-vietnam-successfully-tested-530900.html18. Vietnam News, Lina Network Launches Supply Chain Application (29 October 2018). Accessible athttps://vietnamnews.vn/economy/468794/lina-network-launches-supply-chain-application.html#qKQLQwobpJW5sZZy.9719. Vietnam Insider, Vietnam Faces Cybersecurity Threats (11 March 2019). Accesiblehttps://vietnaminsider.vn/vietnam-faces-cybersecurity-threats/20. VNExpress, Thousands Duped by Cryptocurrency Scams in Vietnam in 2018 (26 December 2018). Accessible athttps://crypto-regulation.org/cryptocurrency-fraud-scheme-under-investigation-in-hcm-city/21. Voice of Vietnam, Blockchain Technology Traces Farm Produce Origin in Vietnam (21 May 2018). Accessible athttps://english.vov.vn/market/blockchain-technology-traces-farm-produce-origin-in-vietnam-375090.vov22. World Economic Forum, Networked Readiness Index. Accessible athttp://reports.weforum.org/global-information-technology-report-2016/networked-readiness-index/?doing_wp_cron=1558190387.0005888938903808593750

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