Vietnam, regarded as the country with a booming blockchain sector, faces a tremendous shortage of workforce with blockchain expertise. Though the country earns a reputation for having the largest number of software engineers, the tragedy is that half of them lack knowledge of blockchain technology. As a result of a skilled labor shortage, significant blockchain projects are deferred, a matter of concern for the country.
Grim situation for Vietnamese companies seeking blockchain experts
Most South-East Asian countries have a large population of software developers; however, they lack enough expertise to operate a digital ledger. BizHub, an English language portal, reported lack of human resources is hindering the growth of the gradually developing blockchain industry. CEO of the ‘Fight of the Ages’ game company commented that the lack of experience among Vietnamese in blockchain programming had slowed the pace of product development procedures, resulting in the cancellation of several projects.
The lack of blockchain experts has already been noticed in many industries, and the number of people with blockchain expertise is growing. More than 50 sectors of the Vietnamese economy have started implementing blockchain solutions, with about 600 projects just in the GameFi industry.
The recruitment process is halted in Vietnam, and there’s more woe to the story due to the country’s limited training programs. If we look at the current situation, existing expertise meets only 15 to 20 per cent of the industry’s demand.
Vietnam companies switch to outsourcing
The Labor shortage is pretty straining! Most business organizations were compelled to switch to outsourcing. They are mainly targeting countries like United Arab Emirates, Europe, and India for seeking blockchain specialists. Some industrialists and market researchers think Vietnam needs to spend capital on training programs in blockchain because the sector can generate massive employment.
High-time business enterprises should encourage international collaboration and involve students in different skill development initiatives.
Vietnam is not the only country facing a limited workforce in the blockchain. In the U.S., job postings with the keyword ‘blockchain’ increased by almost 400% between 2020 and 2021, according to the professional social media network LinkedIn.