Physital Labs presented itself before the public on October 1 in HCM City. The founders of the startups are Huy Nguyen and Nam Do, who once were engineers working for Google.

At the debut ceremony, the firm introduced its core product – Nomion, an identification of things. Nomion is a comprehensive solution, creating a unique digital identity for each physical product using RFID (Radio Frequency Identification) and blockchain technologies, ensuring transparency and uniqueness of products on both real and digital spaces. 

With the solution, it is possible to apply LiDAR technology (Light Detection and Ranging - infrared light scanning and measuring technology) and VR/AR (virtual reality, augmented reality) to bring physical products to the digital environment, contributing to increasing value and becoming an important part of the digital economy.

In Vietnam, according to Insider Intelligence, the number of smartphone users reached 62.8 million in 2022, accounting for 98 percent of total internet users of the country. Of this, 6 percent have devices connected with virtual reality.

The figures show a large-scale movement of users in both Vietnam and the world to digital space. The presence on digital space for a long time will lead to high demand for a true digital space with features simulating real life. 

This is a market with great potential that Vietnam can access right from the first days. It is estimated that the Digital Twin market would be valued at $35.8 billion by 2025, while the market of AR and VR technologies that connect real life and digital life would have the value of $266.2 billion in 2021-2024. 

MGI Research estimated that the digital economy’s value would rise from $8.51 trillion in 2022 to VND11.47 trillion by 2026, which means the CAGR (compound annual growth rate) of 7.75 percent for five years.

According to Nam Do, CTO of Phygital Labs, if phygital can be reasonably applied in reality, this would help improve the value of products in both the digital and real worlds. Phygital helps automate processes and user experiences, reduce the required efforts and storage cost, and recognize and increase user’s confidence thanks to transparency and high authenticity level. 

In addition to the digital economy, identification solutions to identification of things also help store, preserve and spread the nation's cultural values to Internet users around the world in a simple, economical and effective way. 

In Vietnam, phygital has been applied successfully in many fields, including digital fashion brand – Ortho Starlight; farm specialties and OCOP - Cafe Le J’, The Ho Tieu, and digital museum – Non Nuoc Stone Village.

Le My