Australia showcases technology capabilities for digital future with Vietnam

Australian technology companies are in Vietnam this week to take part in the Australia Southeast Asia Business Exchange (A-SEABX) Mission, which kicked off in Ho Chi Minh City on June 24.

The Australian business delegation comprising senior representatives from 13 DigiTech companies, led by Nicholas Moore, special envoy for Southeast Asia and Louise Adams, Australia’s recently appointed private sector “Business Champion” for Vietnam, are showcasing their capabilities across cyber security, fintech and agtech, as well as sounding out business opportunities with Vietnamese companies.

They met with leaders of Ho Chi Minh City, industry associations, technology experts, venture capital firms and potential business partners to better understand the dynamic tech ecosystem and explore commercial partnership opportunities in Vietnam.

On this occasion, the Australian Trade and Investment Commission (Austrade) hosted the Australia – Vietnam Tech Forum 2024 on June 25, attracting the participation of more than 100 Vietnamese tech firms.

The new Austrade Landing Pad program for Vietnam, based in Ho Chi Minh City, was also launched at the forum. The Landing Pad program was announced by the Australian Prime Minister at the ASEAN-Australia Summit in Melbourne on March 5, 2024.

“The Landing Pad program will help market ready Australian technology scale ups to develop an effective go-to market strategy and secure partnerships in Vietnam, contributing to Southeast Asia’s continued digital transformation,” said Daniel Boyer, Deputy CEO of the Austrade.

The government of Vietnam and businesses are prioritising the digitalisation of services and looking to invest in new technology. In 2023, Vietnam’s digital economy expanded by 19%, reaching US$30 billion, ranking third in Southeast Asia behind Indonesia and Thailand, according to Google, Temasek and Bain & Company. By 2030, its digital economy is projected to be worth US$120–200 billion.

“There is growing demand for cyber security, fintech and agtech solutions in Vietnam. The Vietnamese Government prioritises the focus on cyber, data protection and privacy; which aligns with the Australia - Vietnam Enhanced Economic Engagement Digital Scoping Strategy. The fintech industry is growing exponentially here and is expected to reach US$18 billion in value by the end of 2024. In terms of the agriculture sector, there are opportunities for technological solutions for water management, carbon capture, climate risk, IoT and AI. Australia has the capabilities to help meet all these needs. And we are here to support Vietnamese and Australian companies to partner together for a brighter digital future,” said Rebecca Ball, Senior Trade and Investment Commissioner, Vietnam & Cambodia.

A-SEABX is the Australian Government’s flagship program to grow two-way trade between Australia and Southeast Asia as well as raising awareness of business opportunities and possible investments between Australian and 10 key markets, namely Indonesia, Malaysia, Singapore, Philippines, Vietnam, Thailand, Cambodia, Laos, Timor-Leste, and Brunei.

Across these 10 key markets, the business exchange will focus on 10 priority sectors: agriculture and food, resources, green energy transition, infrastructure, education and skills, visitor economy, healthcare, digital economy, professional and financial services, and creative industries.

Source: VOV