10:30 28/11/2022

Sound prospects for metaverse in Vietnam

Ngoc Lan

The metaverse has established a presence in Vietnam and its future looks bright.

Photo: VnEconomy
Photo: VnEconomy

Recent SYNC research from Bain & Co. and Meta found that 74 per cent of digital consumers in Vietnam have used at least one metaverse-related piece of technology in the last year, such as Crypto, AR, VR, Virtual Worlds, or NFTs.

Vietnam was ranked 54th out of 100 countries and territories in StartupBlink’s Global Startup Ecosystem Index 2022, up five places from 2021.

A Metaverse Village has been set up in central Da Nang city to build an ecosystem for metaverse technologies, including researchers, startups, funders, and other individuals.

The Vietnam Blockchain Association is working with global cryptocurrency exchange leader, Binance, on blockchain research and application in Vietnam.

Vietnam can capitalize on the success of tech unicorns like Sky Mavis to attract talent and investment.

Smartphone penetration in the country is high, at 68 per cent. Given affordability challenges, mass smartphone ownership may provide an entry path to metaverse experiences, albeit with limited immersivity.

Legislation that form the guardrails for the metaverse are under review, including those on data privacy, cyber security, consumer protection, and intellectual property.

Regulatory reviews for specific sectors such as telecommunications and digital technology are also expected shortly. These regulations are anticipated to place Vietnam’s digital economy on a firm foundation of transparent laws that protect its citizens while allowing new metaverse technologies to flourish.

To fully realize the economic and social benefits of the metaverse, digital inclusion is a priority.

Deloitte has estimated that the potential economic impact of the metaverse in Vietnam is $9-17 billion a year by 2035. There are key sectors that are expected to see major developments, including gaming and education.