Are Vietnamese Ready In The Face Of New Technology Wave?

Some traditional industries in Vietnam are predicted to have considerable growth after Covid-19 with the participation of new technology waves. With these factors that help to rehabilitate and develop the economy consistently, Vietnam is ready to receive some significant changes in their digital journey.

Finance in Vietnam has been having vigorous changes with the participation of new technology waves

“The financial sector in Vietnam is in a period of transformation and strong growth is expected in the coming years based on investment in technology and digital. The latest statistic show that:

• Transactions using mobile devices in Vietnam are expected to increase by more than 400% by 2025
• 25% of banks in Vietnam will “actively pursue modernization of digital core platforms” 

2021 to 2025 will be an acceleration period for all banks, businesses and tech companies pursuing Digital First, which is all about being customer-oriented and more background. Ultimately, the potential of large-scale personalization in the Fintech industry will be unleashed. 

“Data is like oil in the digital age. The Covid pandemic has created a new normal more digital less physical. This promotes and creates new trends in the exploitation and utilization of data sources. In Viẹtnam, data-mining still has many potentials, but do not have any legal frameworks to protect private personal data. 

Fintech has been developing beyond the scope of banking with the attendance of “a new player” – Crowdfunding 

Companies like Kickstarter, Patreon, GoFundMe, and a some others are demonstrating the scope of fintech outside of traditional banking. Crowdfunding platforms allow internet users to send money to or receive money from others on the platform. This is a form of raising capital through small individual contributions from the masses and is done mainly via the internet. Instead of going to a traditional bank to get a loan, startups can now “go straight” to investors for financial support.

According to Kickstarter, since its foundation, nearly 9.8 million people have supported the project, with more than $2 billion raised, and 95,000 projects successfully funded. In 2012, Kickstarter raised 319.8 million USD for many projects in various areas. Crowdfunding projects submitted to Kickstarter must be in the areas of movies, games, music to art, design, and technology. Projects for personal, charitable or self-sponsored purposes or unable to meet the conditions of Kickstarter will not be accepted. 

Fashion has been quickly innovating in Metaverse with two virtual asset trends: NFT and VR 

The marketing value of digital fashion as well as NFT is now very potential, through increasing the level of consumer interaction with the metaverse. From AR experiments, to VR galleries and the world of fashion gaming, “metaverse” is becoming a dominant term in the sights of brands…

In Vietnam, BOO – A fashion startup also officially became one of the first Vietnamese fashion brands to enter the field of virtual universe (metaverse). This business will cooperate with VerseHub, a startup based in London (UK), co-founded by Vietnamese engineer – Canh Ho and CTO. Recently, VerseHub received an investment of one million USD by an investor group led by GameFi. This startup will undertake the digitization of Boo’s traditional fashion products on the blockchain platform. Accordingly, BOO products will become NFT items in “NextVerse” – the virtual universe being developed by VerseHub. Then, BOO customers will also experience a new shopping style in the virtual reality environment of NextVerse. NextVerse virtual universe is developed by VerseHub on the Solana blockchain platform, oriented to build a 3.0 social network supporting VR/AR technologies, in order to bring users a vivid experience on multiple platforms (PC, mobile), VR).

>>  Read more about Vietnam Open Innovation Landscape in 2022 at  https://report.bambuup.com/2022

>> Read more abotu Vietnam Open Innovation Landscape Report 2021 at: https://report.bambuup.com/