Australia Showcases Technology Capabilities For A 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 on Monday 24 June in Ho Chi Minh City. The Australian Business Delegation including senior representatives from 13 DigiTech companies, led by Mr Nicholas Moore, Special Envoy for Southeast Asia and Ms Louise Adams, Australia’s recently appointed private sector “Business Champion” for Vietnam, showcasing their capabilities across cyber security, fintech and agtech, as well as raising awareness of business opportunities and possible investments between Australian and Vietnamese companies.
During the Mission, the delegation engaged with Ho Chi Minh City’s leaders, 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. The Australia – Vietnam Tech Forum 2024 on 25 June, hosted by the Australian Trade and Investment Commission (Austrade), welcomed over 100 Vietnamese participants from tech industry to hear from business leaders and 19 Vietnamese and Australian speakers. As part of the Mission, the new Austrade Landing Pad program for Vietnam, based in Ho Chi Minh City was launched at the forum. The Landing Pads were announced by the Australian Prime Minister at the ASEAN-Australia Summit in Melbourne on 5 March 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 Mr Daniel Boyer, Deputy CEO of the Australian Trade and Investment Commission (Austrade).
The Vietnamese government and industry are prioritising the digitalisation of services and looking to invest in new technology. In 2023, Vietnam’s digital economy expanded by 19%, reaching USD 30 billion (AUD44.1 billion), ranking third in Southeast Asia behind Indonesia and Thailand, according to Google, Temasek and Bain & Company. By 2030, Vietnam's digital economy is projected to be worth USD 120–200 billion. Ms Rebecca Ball – Senior Trade and Investment Commissioner, Vietnam and Australia highlighted: “There is growing demand for cyber security, fintech and agtech solutions in Vietnam. Vietnamese Government prioritises the focus on cyber, data protection and privacy; which aligns with the Australian Vietnam Enhanced Economic Engagement Digital Scoping Strategy. The fintech industry is growing exponentially here and is expected to reach USD 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 partner together for a brighter digital future.”
About Australia Southeast Asia Business Exchange (A-SEABX) Program
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 including: 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.
