Metaverse offering precious opportunities to Vietnamese businesses

SGGP

Metaverse is a digital space, operating based mostly on the Augmented reality (AR), Virtual reality (VR), and Artificial Intelligence (AI). Since members in this universe can interact with one another, the Metaverse has provided valuable chances for lucrative transactions worth billions of USD. Vietnamese businesses are eager to investigate new opportunities to join this highly potential market.

Metaverse offering precious opportunities to Vietnamese businesses ảnh 1 Many young people came to the event ‘Metaverse in Asia – Road to Web 3 Metaverse’

In a report announced by Emergen Research in April 2022, the scale of the Metaverse market will reach over US$1,600 billion in 2030 due to the increasingly popularity of online games, virtual goods, and digital currency. Such a lucrative market is a dream to any technological businesses, including the Vietnamese ones.

In this week alone, two Metaverse-related events were held in Ho Chi Minh City. The first one – ‘Metaverse in Asia’ – was co-organized by Metalook, the National Startup Support Center, Saigon Innovation Hub (SIHUB), and Connect Club platform. Participants agreed that Metaverse is a promising land for technological businesses to boom.

CEO of SIHUB Huynh Kim Tuoc commented that being an active digital environment, Metaverse is able to attract a large quantity of the young to work, interact, play games, earn money, show off and exchange virtual properties. Many leading IT enterprises have joined in this universe with large investments, offering opportunities for businesses to implement new online marketing strategies in both the real and virtual worlds.

In the second event, the seminar ‘Vietnamese Businesses and Opportunities from Metaverse’, Co-founder of FAM Central cum M3TA’s Strategic Director Cris D Tran stated that Vietnam has experienced this Metaverse via a Metaverse project of a beverage company with the team sited in the country; or a bank being about to announce its online card issuance project through Metaverse for a more complete virtual transaction environment.

Standing representative of the Southern branch of the National Startup Support Center Chu Quang Thai commented that advanced technologies like Blockchain or fintech are all related to Metaverse. This is a valuable chance for innovative startups.

Nevertheless, Cris D Tran has mentioned several challenges that businesses participating in Metaverse might encounter before it is legally recognized. Therefore, investing in this universe must go along with considerations on current legal matters, especially policies on virtual properties and cryptocurrencies.

Also, Metaverse projects need a large quantity of skillful human resources and capital. Satisfying these requirements means tremendous opportunities for technological businesses to earn great market shares in both real and virtual markets. Hence, enterprises should wisely select the most suitable approach to reach their expected outcomes, said CEO Huynh Kim Tuoc.

By Ba Tan – Translated by Vien Hong

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