Vietnam: a growing economy in need of a more useful money

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Last week, on Thursday 24th January, we launched Constant in Vietnam.

Vietnam is one of Asia’s fastest growing blockchain hubs. With a thriving startup scene and a talented developer community, it was the perfect place to launch Constant to the Asian market.

But despite having one of the fastest-growing economies in the world, Vietnam has an urgent need for digital money.

In 2019, experts predict inflation to reach 4.2% — second highest in the region (after Myanmar) and over double that of the USA—which can devalue long-term savings.

Also, millions of Vietnamese citizens live abroad and regularly send money home. This typically means paying high bank fees and waiting days for the money to arrive.

But perhaps most importantly, only 31% of Vietnamese citizens have a bank account. That leaves a staggering 69% unable to access financial services or build credit profiles for loans and other products.

Constant, therefore, is a more stable, efficient, and flexible way of sending money home to Vietnam. With just an internet-enabled device, Constant can be easily converted to local currency, sent onwards to another person (for free), or saved to take advantage of its stability (1 Constant always equals 1 USD).

To celebrate Constant’s launch in Vietnam, we hosted a party at our offices in Ho Chi Minh City. We welcomed local and international entrepreneurs, financiers, and traders for an evening of refreshments and a demonstration of the Constant system.

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Our resident growth hacker, Crystal, welcomes people to the launch party

Here’s what some of the attendees had to say about Constant:

Cuong Le Nguyen, IVO Fund

Nam Anh, Designer and Trader

Riley Tran, Bibox Exchange

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The team demonstrate how easy it is to use Constant

The enthusiasm from all of our attendees was amazing. As well as receiving great feedback on how to make Constant better, we now have opportunities for expansion in markets from Hong Kong to Europe. A great night!

Vietnam’s economy is in bloom. As innovation continues to shape this vibrant country, we believe Constant will play an important part.

To find out how to make the most of your money, open a free Constant account now.

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