Vietnam is struggling with a shortage of human resources in the blockchain sector. The shortage is slowing down the progress of projects in the blockchain business that is quickly expanding there.
In general, there is no shortage of talented software developers in the Southeast Asian country. Yet, few have the credentials necessary to work with distributed ledger systems.
The CEO of the business that made the Fight of the Ages video game, Trinh Ngoc Duc said:
"The shortages make it difficult to attract new soldiers. Besides, Vietnam does not have many training programs to help ease the situation. The lack of qualified blockchain programmers harms the process of developing new products. It causes a significant number of potentially valuable initiatives to remain unrealized."
There is already a shortage of blockchain specialists in several industries, including finance. Other sectors affected by the shortage are education, healthcare, logistics, and agriculture.
Vietnam companies scramble for blockchain experts
Over fifty sub-sectors of the Vietnamese economy have begun to work on solutions based on blockchain tech. So far, the Gamefi industry alone is implementing about 600 such initiatives.
According to Kevin Tung Nguyen, CEO of Jobhopin, existing talent can only meet between 15 and 20 percent of the need. This is a significant gap in supply and demand.
The CEO got first-hand experience of the gap. He lost three blockchain specialists from his firm. They left despite offering them triple salary increments.
He observed a growing demand in the market for blockchain coders. He also noted an increasing amount of tough rivalry for these programmers.
The scramble for these experts is not going down soon as the world embraces Web 3.0. The scramble is set to continue, and there is the likelihood it will spread out of Vietnam. Even the most developed countries will feel the shortage.
The global adoption of web 3.0 triggers the demand for experts. Most organizations are relying on smart contracts to execute their transactions. Thus, the need for experts is necessary.
Vietnam firms outsource blockchain engineers
According to Nguyen Thi Ngoc Dung, who works at the National Innovation Center, the shortage is real. He feels Finding qualified workers has developed into a significant challenge.
Many businesses operating in the rapidly expanding blockchain field in Vietnam are suffering. She said that some entities have begun to hunt for programmers in other nations. Some nations that export specialists include the United Arab Emirates, India, South Korea, and Europe.
Dung thinks that one of the reasons is that blockchain is not considered in Vietnamese educational institutions. Also, she feels that start-ups and innovation hubs should start their training programs. Businesses should target students and increase their level of international collaboration.
Research by Vietnamworks employment platform reveals a huge positive gap for blockchain engineers. It revealed that blockchain specialists are the highest paid staff. The survey targeted 1000 sampled employees from the information tech sector.
Vietnam is not the only economy struggling to find enough qualified staff to work in the blockchain industry. According to the professional social media network Linkedin, the number of job listings in the United States that included the keyword “blockchain” surged by approximately 400 percent in 2020-21.
The traditional “build vs. buy” choice is radically shifted to the “buy” side by the shortage of blockchain talent. You can altogether avoid the issue by working with a business that has already completed all that work.
Financial institutions primarily need blockchain expertise. The experts develop the capacity needed to gather data on digital assets and turn it into sets of information that finance teams can use. Having a credible source for virtual asset data removes the need to hire blockchain developers.
Training analysts to interpret digital asset info presented to them in formats they already know is easier. It can’t be the same with training them to analyze raw blockchain data.