Where to Hire A Blockchain Developer: India vs Vietnam

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Why you should hire a Blockchain Developer: Navigating the Surge in Blockchain’s Popularity

The decision to hire blockchain developers has become increasingly relevant as blockchain’s rise, initially tied to the inception of Bitcoin, the pioneering decentralised cryptocurrency in 2009. Initially synonymous with cryptocurrencies, blockchain gained broader recognition beyond the crypto realm in the mid-2010s. Today, this technology has diversified its impact, extending its influence to sectors like gaming, real estate, supply chain management, and healthcare. Although blockchain applications are widespread, digital money remains the most widely discussed by 2023. 

A Deloitte survey highlights that a significant 76% of financial executives foresee digital assets emerging as a robust alternative to fiat currencies within the next 5 to 10 years. 

 Worldwide spending on blockchain solutions from 2017 to 2024, according to Statista
 Blockchain technology use cases in organisations worldwide as of 2021, according to Statista

In 2021, secure information exchange emerged as the leading use case for blockchain technology, with 45% of respondents indicating active company engagement in this domain. According to the PwC “Time for Trust” 2020 report, the trajectory of blockchain’s impact is poised for significant growth, with an anticipated addition of approximately 40 million jobs worldwide by 2030.

Central to this burgeoning landscape are blockchain developers, tasked with the creation of decentralized applications operating on blockchain networks. These networks derive their functionality from smart contracts, necessitating a nuanced proficiency in programming languages such as Solidity, Java, Python, C++, JavaScript, Rust, Go, and Clarity.

Finding your best suit to Hire a Blockchain Developer: India vs Vietnam

Companies, especially firms in the US, are exploring plans to build their businesses abroad. India and Vietnam emerge as the most cost-effective options, while still offering a vast pool of skilled talents. 

India

Education and Training:

Indian universities and educational institutions have responded to the growing relevance of blockchain technology by introducing courses and programs tailored to this domain. Notable educational establishments embracing this trend include JNT University, Motilal Nehru National Institute of Technology, University Visvesvaraya College of Engineering, and Bangalore University, among others.

Beyond traditional academic settings, online platforms and specialized training institutes  provide courses to upskill developers in blockchain, building a foundation for a new wave of skilled blockchain developers. These programs aim to equip developers with the necessary skills, laying the groundwork for a burgeoning cohort of proficient blockchain developers. An illustrative example is the National Power Training Institute, operating under India’s Ministry of Power, which extends blockchain training across multiple cities nationwide. Enrollees undergo comprehensive instruction covering diverse facets of blockchain technology, encompassing its applications, smart contracts, Ethereum, cryptocurrency, Bitcoin, and even the intricacies of mining. 

Skills and Expertise

The expansive technology industry in India, employing a substantial 5.4 million individuals, is notably concentrated within seven major cities: Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. Within this dynamic landscape, blockchain proficiency has swiftly emerged as one of the most rapidly growing skill sets, witnessing an extraordinary job growth rate ranging from 2,000% to 6,000%.

Indian developers, integral to this technological surge, showcase proficiency in key programming languages, including Solidity (for smart contracts), JavaScript, Python, and C++. This prowess extends across small and medium-sized enterprises (SMEs), where familiarity with blockchain frameworks like Ethereum, Hyperledger, and R3 Corda is widespread. Take Tata as an example. Tata Consultancy Services (TCS) has launched a “low code” development kit for organisations interested in developing and deploying blockchain – helping them to build apps 40% faster.

India has also been an active player in the global cryptocurrency market. The nation not only boasts the world’s highest number of crypto users but also secures the second position in terms of cryptocurrency adoption. 

Cost Advantage

The compensation landscape for junior Indian software developers reflects an average monthly earning range of $601 to $3.5K+ USD, a more cost-effective scenario compared to regional counterparts. However, hiring developers situated in metropolitan areas such as Chennai, Pune, or Mumbai tends to incur higher costs, contributing to fluctuations in the overall pricing structure. 

Focus Industry

In India, the domain of blockchain development frequently intersects with sectors including finance, supply chain, healthcare, and government applications. Some Indian developers carve out niches in constructing decentralised finance (DeFi) applications and non-fungible tokens (NFTs). While these areas hold immense potential for innovation and disruption, developers in this space grapple with ongoing concerns and challenges. 

Vietnam

Education & Training 

In Vietnam, a burgeoning emphasis on blockchain education is evident through initiatives undertaken by universities and online platforms, with a collective push to establish courses, training programs, and internship opportunities in blockchain development. Phan Đức Trung, Vice Chairman of the Blockchain Association, emphasises the need for Vietnam to swiftly set up training centers and integrate blockchain courses within universities and colleges to nurture talent in this rapidly evolving industry. 

Entities such as MoonLab serve as hubs for IT students on the cusp of graduation, offering them opportunities to augment their skills and deepen their understanding of the blockchain industry during internships. Incentives, including attractive salaries, are extended to encourage these students to stay on and become integral members of the team. Likewise, Vietnam Blockchain Corporation (VBC) is actively contributing to this educational landscape by providing courses and specialized programs for blockchain training throughout the country.

Skills and Expertise

Java, Python, C#, C++ are the most popular programming language among software engineers in Vietnam. The relationship between popular programming languages and blockchain proficiency underscores the adaptability and skill set of Vietnamese developers in the blockchain domain. According to the Pentalog Report 2022, Hanoi developers are positioned as the 5th best globally, with a noteworthy distinction in C/C++ development, ranking among the top 4 alongside Moldova, Germany, and Ukraine. 

Cities with the best developers in the world, according to the Pentalog Report 2022
Countries with the best C/C++ developers in the world, according to the Pentalog Report 2022

This recognition is further substantiated by a HackerRank survey, which positioned Vietnam as the second-best in the Southeast Asian region and 23rd globally out of 50 nations in terms of programming capabilities, surpassing the United States, India, and the Netherlands with an impressive score of 81.1 points.

Vietnam also ranks in the 1st place in The 2022 Global Crypto Adoption Index Top 20. With the booming popularity of cryptocurrency and vibrant startup ecosystem, Vietnam is set to be an ideal environment for the country’s blockchain developers to practise and gain relevant working experience.

Cost Advantage

In Vietnam, the talent pool for junior software developers begins at an accessible price point of $1,000, offering companies the advantage of securing professionals who also possess effective English communication skills. For roles where English proficiency is not a prerequisite, additional cost savings of up to 20% can be realised by hiring non-English speaking professionals in the country.

This economic advantage positions Vietnam as an attractive destination for companies, particularly beneficial for small and medium-sized enterprises (SMEs) and startups looking to optimize costs. Such savings stand out in comparison to alternative hiring options in countries like Singapore, China, and sometimes even India.

Focus Industry

Vietnam’s cadre of blockchain developers is actively engaged in deploying applications across diverse industries, with emphasis on finance, logistics, and government services. The appeal of blockchain technology is particularly pronounced among domestic businesses, showcasing its versatile utility and adoption within the Vietnamese market. Vietnam also has a high rate of crypto adoption and a fondness of GameFi (play-to-earn blockchain games) – apparently, there were about 600 GameFi projects in 2022. 

Hire a Blockchain Developer: Start your hiring process in Vietnam

Navigating the complexities of establishing a development team in a foreign country can indeed be a daunting task, involving considerations of local labor laws, taxes, and employee benefits. However, fear not, as we’re here to streamline the process for you and facilitate access to the exceptional tech talent in Vietnam – recognized as one of the most cost-effective destinations for offshore development.

If you’re unsure about where to begin, consider this your starting point. At Inspius, we specialize in making it easier for you to tap into the incredible pool of tech talent in Vietnam. With over 8 years of expertise and a track record of assisting over 200 Singaporean companies, we are your ideal partner on this journey to assemble the best and most dedicated team of blockchain developers. 

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