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ToggleBinance CEO: "Gen Z in Vietnam Will Choose Cryptocurrency Over Stocks"
In an exclusive interview with VnExpress yesterday, Mr. Richard Teng – Global CEO of Binance – made notable observations about investment trends among young Vietnamese and the potential development of the crypto market in this country.
Crypto More Attractive to Young Vietnamese Than Traditional Stocks
According to Mr. Richard Teng, Gen Z in Vietnam has many reasons to choose cryptocurrency over the traditional stock market. First, Vietnam has a "golden population" with 67.4% of people in the working age (15-64 years old), with the 18-35 age group trending away from traditional investment channels like stocks or real estate.
Second, young Vietnamese have a quick technological mindset. Vietnam is currently in the top 10 countries with the highest digital asset acceptance rate globally. Each year, over 100,000 technology engineers graduate from domestic universities, creating a potentially rich workforce for blockchain and Web3 fields.
Third, Mr. Teng notes that cryptocurrency is still a new market with significant growth potential. Compared to the US stock market or real estate – which have already reached high valuation levels – crypto offers an opportunity to "get ahead of the trend" and exploit growth potential early on, something young people are particularly interested in.
Clear Legal Framework Will Create a Major Boost for the Market
When asked about the impact of establishing a clear legal framework for digital assets in Vietnam, Binance CEO said there would typically be three positive outcomes:
- First, the market will become more transparent, thereby strengthening the trust of domestic and foreign investors.
- Second, the country will have the ability to attract international investment capital and high-quality human resources in the blockchain field.
- Third, risks will be more effectively controlled, especially in issues like money laundering and financial fraud. According to Interpol data, only about 0.02% of global money laundering cases involve cryptocurrency, largely due to the transparency and traceability of blockchain technology – where all transactions are publicly recorded.
Binance Accelerates Support for Blockchain Ecosystem in Vietnam
To demonstrate its long-term commitment to the Vietnamese market, Binance has launched the "Blockchain for Vietnam" program with a budget of up to 1 million USD over the next 2 years. This initiative aims to promote education, application, and human resource development in the blockchain field.
Specifically, Binance will collaborate with universities to train specialized blockchain lecturers; support testing blockchain technology applications in fields like tourism and agriculture; and provide scholarships for students oriented towards pursuing careers in Web3.
According to Mr. Richard Teng, Vietnam has the conditions to become a blockchain technology innovation center in Southeast Asia, if there is close coordination between government, businesses, and the digital community.
