EP-51 With Thanh Le: How Vietnam Leaves the Wild West Behind

This episode of WuBlockchain Podcast explores the long-term evolution of Vietnam’s crypto market through the perspective of Thanh Le, CEO of G98 and Founder of Ninety Eight. Drawing on his experience since entering the industry in 2017, Thanh discusses how Vietnam’s crypto ecosystem has matured from an early high-risk phase into a highly active market shaped by retail participation, developer talent, and emerging regulation.Ninety Eight builds practical Web3 products, including multi-chain wallets and DeFi tools, from Vietnam. Through G98, a joint venture with G-Group, these technologies are localized and deployed using domestic infrastructure to support digital-asset-related products and services in the Vietnamese market.Text summary: LinkTimeline:00:00 Opening & Guest Background: A long-term, on-ground perspective since entering the crypto industry in 201701:15 Evolution of Vietnam's crypto market: From widespread scams to recognition as a new asset class03:21 Market size and activity: Vietnam's user base characterized by high ownership and high trading activity07:19 User entry paths: Generational shifts from Bitcoin to GameFi, DeFi, and memecoins10:16 User profiles and risk appetite: From CEX-dominated trading to a growing understanding of on-chain activity and strategy allocation13:26 Regulatory environment: A conservative yet supportive policy stance and expectations around a 2025 inflection point16:41 Shifts in asset and narrative preferences: A return to BTC and major assets alongside interest in emerging narratives19:04 Cooling of Vietnam-based projects: The impact of the bear market, talent outflows, and regulatory uncertainty22:58 Developer ecosystem and city distribution: A technical talent pool spanning both Solana and EVM ecosystems26:18 Changes in the fundraising environment: From pro-cyclical fundraising in 2021 to a broadly tighter capital market29:11 Vietnam's long-term advantages: Strong learning willingness, community mobilization, and talent supply