Vietnam Turned favorite Destination for Korean Blockchain Firms

Korean blockchain companies are rushing to Vietnam to find business opportunities and new revenue sources in the Southeast Asian market, which has emerged as the global blockchain innovation hub, according to industry officials..

Vietnam Turned favorite Destination for Korean Blockchain Firms
Vietnam Turned favorite Destination for Korean Blockchain Firms

Korean blockchain companies are rushing to Vietnam to find business opportunities and new revenue sources in the Southeast Asian market, which has emerged as the global blockchain innovation hub, according to industry officials..

NEEO Apps, a domestic social media platform service provider, became the first Korean company in September to open a crypto exchange based on the Vietnamese dong.

The name of NEEO Apps' crypto exchange is Exvina.

Considering that Vietnam is a country with one of the highest volume of cryptocurrency investments and trades in the world after the United States, China, Russia, Korea and Japan, the company has expanded its presence in the country, establishing a local subsidiary in June.

"Vietnam's population is double the population of Korea, and it is a young and active country having a median age of 30 and a 6 percent annual economic growth rate," NEEO Apps CEO Maeng Jung-ho said in a press release. "In addition to our recent opening of a crypto exchange, we plan to pursue various businesses affiliated with our existing social media platform."

The Super Alki Foundation, operator of the blockchain-based financial and technology platform Finple, attracted a strategic investment in August from Vin Crypto, a Vietnamese blockchain investment fund.

"We looked closely at the growth potential and future value of the Finple Platform," a Vin Crypto official said in the Super Alki Foundation's press release. "We believe that there will be a strong investment value."

Super Alki Foundation CEO Cho Kang-ho said: "We will continue to actively expand in the Southeast Asian market, by introducing our payment solutions suitable for the market conditions. We will continue to lead creation of a new global financial ecosystem by connecting various industries."

Sigma Chain, a blockchain tech firm, formed a partnership with Vietnamese marketing firm Shimex Media in August to run a blockchain business in the Southeast Asian country.

Following their agreement, Shimex Media has directed Sigma Chain's Futurepia blockchain platform project in the country, which includes marketing, networking and listing of cryptocurrencies on exchanges.

Sigma Chain said SNAC, the first DApp of Futurepia, will be launched in Vietnam with localized version in October, under the lead of Shimex Media.