English-Vietnamese Bilingual International Conference On "Vietnamese Digital Currency & Blockchain Enabled Applications In International Trade" Theme
Journal of Economic and Business Research (JABES), collaborates with Friedrich-Naumann Foundation for Freedom (FNF) in Vietnam to successfully organize International Conference English-Vietnamese Bilingual with "Vietnamese Digital Currency & Blockchain Enabled Applications in International Trade" Theme under Hybrid Meeting format. The conference is honored to attract approximately 140 domestic and international researchers and those interested, from universities in Vietnam and countries that register and attend as follows: New Zealand, USA, China and Taiwan and so on.
Digital technology trend has been creating essential changes in industrial value chain as well as global supply chain. Towards Industrial Revolution 4.0 wave, Blockchain has been considered as the "key" for transforming digital and building future information technology platform. Vietnam has great potentiality in digital transformation with the advantage of a young, dynamic population with the ability to quickly access high technology. Therefore, Vietnamese government as well as businesses has been absolutely interested in digital currency issues as well as Blockchain Enabled applications in international trade.
In his welcome speech at the Conference, Prof. Sử Đình Thành, UEH Rector, asserts that “Vietnamese Digital Currency & Blockchain-Supporting Applications in International Trade” International Conference is held with the aim of assessing the benefits and long-term impact of national digital currency on the foundation of understanding Vietnamese residents’ viewpoints and expectations; The conference will publish researches the following issues regarding digital currency (Central Bank Digital Currency - CBDC): approaches, necessary features, issuance process, application and circulation in the economy as well as Blockchain-based commercial application prospect in Vietnamese market; therefore, proposing recommendations and policy implications for government agencies in CBDC development process, promoting Blockchain-based applications to support commercial activities at Vietnamese enterprises.
On behalf of the co-organizer, Prof. Andreas Stoffers, Country Director of FNF in Vietnam, affirms that FNF Vietnam is honored to accompany UEH and JABES with organizing a meaningful bilingual international conference on digital currency topic as Blockchain topic is being applied more commonly in economic life. That the workshop is completely meaningful in promoting digital transformation and recovering Vietnamese economy in COVID-19 pandemic context is one of the activities showing the deepening relation between Vietnam and Germany countries towards a more comprehensive cooperation relationship.
In Conference 1st session, Prof. Charla Griffy-Brown (Pepperdine University, USA) presents his research on "Blockchain Trends and Applications in the New Age" Topic. Prof. Charla Griffy-Brown states that the world economy is going through the biggest revolutionary digital transformation centering on Blockchain technology. Blockchain technology will redefine the way human beings conduct economic transactions: currency or asset storage. Besides, Blockchain market has grown very strongly in the past decade with more and more applications in industries listing as: transportation, public services, media, finance; with current application extensions to manufacturing and retail industries. It is estimated that Blockchain’ market value will be around $3.1 trillion by 2030. In addition, more and more multinational corporations are involved in Blockchain technology application in their operation.
In accordance with Blockchain technology, digital currency can be applied in smart contracts (Smart Contract), opening new utility services that paper money can hardly do. In terms of how economic transactions are based on Blockchain technology, Dr. Ngô Minh Vũ (UEH, Vietnam), on behalf of his research team, announces their results from "Vietnamese Digital Currency: Economic Perspectives and Policy Implications" Research. Dr. Ngô Minh Vũ, in succession, presents CBDC’s main characteristics: CBDC - an emerging form of digital sovereign currency - is generally considered to be equivalent to physical cash (paper money) or reserves at a central bank by financial institutions; CBDCs are expected to replace or coexist with physical money; CBDC exists in two forms: (1) For general public towards conducting daily transactions; (2) For financial institutions (effectively used in interbank payments and other stock trading transactions). Their research results show that public awareness towards CBDCs is limited; CBDC is a new concept for the vast majority of people surveyed although many people already have an understanding of digital currency - Bitcoin digital. From these research results, the authors suggest some policy implications: In the short term, State Bank should apply E-wallets to encourage the use of CBDC in retail activities; In the long term, the use of CBDC will help reduce a lot of transaction costs and intermediary management stages; however, it is a necessity to have a coordination in implementation, supervision with a solid legal framework in each step of CBDC application.
In Conference 2nd session, MSc. Hoàng Gia Thịnh (Hanoi Department of Science and Technology, Vietnam) represented his research team to “Blockchain technology applications in international payments: Feasibility and policy implications for Vietnam” Topic. MSc. Phan Thị Nhã Trúc (UEH, Vietnam) represented her research team to present “Blockchain technology applications in international payments: Feasibility and policy implications for Vietnam” Topic. For commercial activities and supply chain of the economy, Blockchain technology has great potentiality: improving efficiency, increasing transparency, saving time and transaction costs. Therefore, Vietnam needs to develop a legal framework to recognize and apply Blockchain technology so that businesses and commercial groups can pilot and apply in economic activities. In addition, Vietnam may consider using Blockchain technology in activities of trade control, customs, tax and goods traceability. The successful implementation of information exchange via Blockchain platform will shorten the stages and the procedures besides avoiding risks in customs activities between Vietnam and other countries.
After each speaker’ presentation, the researchers and the conference guests enthusiastically participated in asking questions with lively discussions as well as constructive comment contributions to the presented research contents.
After 3 short-but-succinct working hours, “Vietnamese digital currency & Blockchain-supported applications in international trade” Conference took place successfully well and left various positive impressions on participating investors, researchers and attendees.
News, photos: JABES
Main pictures at Conference: