Last week, I published an article on The Independent’s Turkish Edition website, exploring the themes of Web3, Vietnam, and Cardano. I’m now sharing the English translation, which I’ve just completed. You can find the original version of the article at the links below:
https://www.indyturk.com/node/762424/
https://x.com/TurkishIndy/status/1949035586947326217
In the coming months, I plan to publish two more articles on The Independent platform, featuring insights from developer teams and the broader Cardano community.
Upcoming articles may feature the following themes: “Blockchain Diplomacy and Decentralized Governance,” “Cardano and the Future of African Digital Sovereignty,” and “Cardano and Decentralized Autonomous Organizations (DAOs) in Global Governance.”
I welcome suggestions for topics to explore in future articles.
The Web3 Scene in Vietnam
Setting the Stage: Vietnam’s Tech Transformation
We are on the brink of a global turning point in the evolution of blockchain and Web3 ecosystems. In Vietnam, a Web3 renaissance is underway that arguably outshines developments in many Western European countries.
It’s hard to truly grasp the scale and potential of this technological wave without experiencing Vietnam firsthand. Though still in their infancy, these emerging sectors are rapidly gaining traction and are becoming increasingly visible in Vietnam’s tech landscape.
According to Tuoi Tre News, Vietnam’s digital industry revenue is projected to reach $152 billion by 2024. The country ranks second worldwide in smartphone exports, fifth in computer components, sixth in computer devices, and eighth in electronic equipment and components. A report from Import Globals highlights a 25% increase in Vietnam’s exports of computers, electronics, and related components in 2024. Foreign investment in advanced tech sectors drove much of this growth, responding to rising global demand.
Notably, Vietnam’s electronics exports reached $71.7 billion, while telephone exports totaled $53.9 billion. With total exports valued at $405 billion in 2024, Vietnam has firmly established itself as a major global export economy.
Vietnam’s Web3 Revolution
Vietnam’s rapid progress in high-tech industries has turned cities like Ho Chi Minh City, Da Nang, and Hanoi into magnets for global Web3 and blockchain companies. By establishing regional headquarters or expanding their presence in Vietnam, these companies can collaborate with developer teams nationwide.
This environment also encourages startups to develop strategies focused on establishing a direct presence in Vietnam. Vietnam’s strategic location provides easy access to major metropolitan centers such as Singapore, Hong Kong, Bangkok, Kuala Lumpur, and Jakarta. The country’s transportation infrastructure makes it easy for international participants to attend events and collaborate on joint projects and workshops.
The Vietnamese government’s proactive regulatory approach, which views Web3 and blockchain technologies as key drivers of national economic growth, has made the country even more appealing to crypto enterprises. Currently, Vietnam ranks third in Chainalysis’ 2023 Global Crypto Adoption Index.
In addition to economic incentives, sociocultural factors significantly influence the appeal of Vietnam for Web3-focused startups. With hundreds of communities, startups, and developer teams concentrated along the Hanoi–Ho Chi Minh City corridor, Vietnam has emerged as one of the world’s leading Web3 hubs.
Looking back on Vietnam’s Web3 revolution, I’d like to share some personal observations from my time there. Understanding Vietnam’s Web3 awakening requires more than statistical analysis or insights from traditional financial markets. It demands witnessing the practical, everyday expressions of the innovative spirit driving this transformation.
Da Nang
Da Nang, Vietnam’s emerging technology and financial hub, evokes the vibrant atmosphere of California’s tech centers. Much like Silicon Valley’s rise as a global tech center, the growing concentration of Web3 and blockchain organizations in Da Nang has transformed it into a regional Web3 powerhouse.
During my time there, the city was buzzing with activity thanks to the Super Vietnam Summit. Hundreds of global organizations flooded into the city—from Singapore and Tokyo to London and New York—turning Da Nang into a true crypto & Web3 festival. Major ecosystems like Cardano, Solana, and Aptos organized events that drew large groups from their communities.
Despite the fierce competition in this sector, the collaborative spirit among different projects was most striking. The crypto community, long accustomed to restrictive regulations, bear markets, and negative campaigns, seemed united by a shared sense of purpose. Even among teams working in the same field, there was a friendly atmosphere of collaboration and mutual respect. Given the limitations that traditional financial systems impose on technological progress and equitable wealth distribution, it was clear that forming alliances had become essential.
The week in Da Nang was packed with activity, from sunrise group meditation sessions on the beach—reflecting the Web3 community’s innovative approach to events—to all-day hackathons. The city hosted a range of cutting-edge gatherings. Unburdened by internal bureaucracy, Web3 organizations took advantage of these events to gather community feedback, collaborate with other teams, and test new applications in real time.
On the first day, I attended an Aptos event where I reconnected with the community leader for Aptos in Vietnam. I had previously met him at a Web3 summit in Bangkok. The event, held on the beach, felt more like an outdoor festival and showcased how quickly collaborative blockchain and Web3 projects can come together.
My initial impression was that these technologies are beginning to find creative, real-world applications. For example, at a Web3 event organized by Ivy, a friend distributed over 100 business cards. Each card contained a code that provided a week of free global internet access, enabled by blockchain technology. Developers working on tailored AI solutions in multiple fields believe the cyberpunk era might be closer than we think.
Another memorable moment was meeting a Vietnamese friend from the organizing team who had spent a year as an exchange student at METU in Ankara. She fondly recalled many details about Ankara. The surreal sociopolitical conversations that took place during the event warrant a deeper exploration in another article.
Ho Chi Minh City
Ho Chi Minh City, a unique blend of Vietnam’s traditional symbols and cutting-edge technology, is one of the country’s fastest-growing Web3 environments. It’s important to remember that Vietnam endured more bombings during the war than the total dropped in World War II. The city’s remarkable recovery and development since the Vietnam War showcases its resilience.
Today, Ho Chi Minh City stands as a symbol of Vietnam’s resurgence, having made significant advances in education, technology, and science. Its numerous skilled development teams in information and financial technologies have attracted substantial resources from Web3 companies and projects.
The city regularly hosts events, conferences, workshops, and hackathons focused on blockchain and Web3, which draw significant interest. The city’s Web3 community is now more dynamic than many other global metropolises’ communities. Many European and American Web3 initiatives are establishing a presence in Ho Chi Minh City to benefit from its dynamic atmosphere, opportunities for community growth, and robust app development ecosystem.
Unlike many other cities, Ho Chi Minh City’s shift toward blockchain and Web3 is not solely driven by financial incentives. The city has fully embraced this vision, integrating Web3 and blockchain applications into daily life. The inspiring energy of the developer teams here is driven by a genuine desire to use technology for positive change. This motivation encourages Web3 initiatives across different sectors to collaborate and share technology.
Friends who have relocated here from countries like Australia, Japan, and Italy all highlight a shared sentiment: a unique spirit that naturally connects people to the city and its community.
Cardano Vietnam
To truly understand the dynamism of Vietnam’s Web3 and blockchain communities, Cardano Vietnam offers valuable insights. As one of the most active blockchain communities worldwide, Cardano Vietnam regularly organizes in-person and online training sessions and workshops on blockchain technology. The community also plays an active role in Cardano’s governance processes.
The conversations I had with members of this community at events in Ho Chi Minh City and Da Nang were particularly enlightening, especially regarding the future of the Cardano ecosystem and Web3 as a whole. The vibrancy of the Vietnamese scene, combined with the frequent events hosted by Cardano Vietnam, has allowed the community to gain substantial theoretical and practical experience.
Cardano, known for its strong academic foundation within the crypto ecosystem, has successfully fostered a culture of academic idea-sharing within its Vietnamese community. The idea of “1 ADA = 1 ADA”—highlighting that the true value lies in the technology rather than the price—strikes a chord even with those new to the Cardano ecosystem.
Seeing the practical application of “decentralization” and “organic democracy”—the two core pillars of Cardano’s vision—within Cardano Vietnam is a powerful example of the micro-level sociopolitical transformations sparked by the blockchain movement. From this perspective, Cardano’s global vision of encouraging scientific research and publication alongside technological development has found fertile ground in Ho Chi Minh City.
The Future of Web3 in Vietnam
During my time in Vietnam, I found myself immersed in a packed schedule of panels, hackathons, and workshops organized by the country’s vibrant crypto ecosystem.Amidst the emergence of avant-garde, postmodern, and cyberpunk event styles in this region, the accelerating momentum of the Web3 wave is hard to miss.
Hundreds of communities, stretching from major cities like Ho Chi Minh City, Da Nang, and Hanoi to rural areas, have already established Vietnam as one of the world’s leading Web3 hubs. Yearly statistics on Vietnam’s high-tech exports provide additional evidence of this positive trend.
The intersection of grassroots enthusiasm, regulatory adaptability, and technical proficiency in Vietnam provides a template for emerging economies embracing blockchain. The forces propelling Vietnam’s adoption of decentralized tech offer a striking example for institutions confronting structural obstacles in the shift to digitalization.