More than 70 executives from 42 technology companies gathered at the Australia-Vietnam Tech Forum, which opened in Ho Chi Minh City on Wednesday. The event aimed to introduce Australian expertise in fintech, digital transformation, and smart cities to Vietnam, a country with ambitious goals for digitalization and economic growth.
Assoc Prof Nguyen Quang Trung, head of the management faculty at RMIT Vietnam, highlighted the Vietnamese government’s emphasis on digital transformation as a critical factor for continued growth and prosperity. He noted that on April 4, the National Action Plan on Digital Transformation was announced, underscoring Vietnam’s national agenda for utilizing Industry 4.0 technologies to improve productivity and accelerate economic growth.
Vietnam is recognized as one of the fastest-growing digital economies, with a large population and ambitious commitments from the government. According to World Bank data, the country’s digital sector could exceed US$200 billion by 2045, a significant figure compared to its 2021 GDP of $352 billion.
Binh Pham, managing director at BCA Partners, pointed out that Vietnam’s fintech payment value has increased by 2.98 times between 2017 and 2021, driven largely by e-commerce. The COVID-19 pandemic and resulting quarantines and safe distancing requirements have significantly changed consumer behaviors, leading to a tremendous increase in online purchases and digital payments over the past two years, resulting in a boom in e-commerce activities.
Phan Thanh Son, chief business development officer at FPT Information System, highlighted that 41 out of 63 provinces and cities in Vietnam have plans for smart cities, with nearly 40 already developing smart city services and 17 having started building or agreed to build smart city operating centers. Vietnam is keen on embracing smart city solutions to drive sustainable urbanization and enhance the quality of life for its citizens.
Rebecca Ball, senior trade and investment commissioner at Austrade, emphasized that the Australian government supports ASEAN in developing sustainable smart cities, including Vietnam. She cited the A$5 million pilot program of the Department of Foreign Affairs and Trade’s InnovationXchange initiative, which aims to support and scale up high-growth potential enterprises, with a focus on smart urbanization solutions in ODA eligible cities across ASEAN.
The Australia-Vietnam Tech Forum served as a platform for knowledge exchange, networking, and collaboration between Australian and Vietnamese tech companies. The event showcased Australia’s expertise in fintech, digital transformation, and smart cities, and highlighted Vietnam’s growing digital economy and its commitment to embracing cutting-edge technologies for economic growth and sustainable urbanization. The forum concluded with a positive outlook on the potential for further collaboration and partnership between the two countries in the technology sector.
