Cybersecurity, fintech, and high-tech agriculture are the three priority sectors in the upcoming Vietnam-Australia bilateral trade promotion program.
On June 25, 2024, the Australia-Vietnam Technology Forum, organized by the Australian Government’s Trade and Investment Agency (Austrade) in Ho Chi Minh City, welcomed over 100 delegates and nearly 20 speakers from the technology sectors of both nations.
On this occasion, a delegation of leaders from 13 leading Australian technology companies in the fields of cybersecurity, financial technology (fintech), and high-tech agriculture, led by Mr. Nicholas Moore, the Australian Government’s Special Envoy to Southeast Asia, held meetings with the leadership of Ho Chi Minh City, the Vietnam Blockchain Association, and various professional organizations.
Speaking at the Forum, Mr. Trần Dinh, Chairman of the Fintech Application Committee of the Vietnam Blockchain Association (VBA), emphasized that fintech is one of the top priorities in Vietnam’s finance and banking sector. Recently, the State Bank of Vietnam submitted the 7th Draft Decree on the Controlled Trial Mechanism (sandbox) for fintech in the banking sector to the Government. This field has also seen significant growth in recent years, with three companies—Sky Marvis, Momo, and VNpay—achieving unicorn status (valued at over USD 1 billion). Therefore, promoting development establishing a suitable legal framework, and supporting technologies such as regulatory technology (regtech) will positively impact Vietnam’s economy.
“Along with the fintech sandbox trials, Decree 52/2024 on Cashless Payments and Decision 194/QD-TTg on the National Action Plan for Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) will be key drivers in enforcing legal regulations to foster a healthy market. These measures will play an important role in gradually removing Vietnam from the Financial Action Task Force’s (FATF) Grey List before the government’s committed deadline of May 2025,” emphasized Mr. Trần Dinh.
As part of the Forum, Austrade also officially launched the Landing Pad Program, an initiative by the Australian Government aimed at helping Australian startups integrate and expand in partner regions. The Vietnam Landing Pad program was announced by the Australian Prime Minister at the ASEAN-Australia Special Summit in Melbourne on March 5, 2024.
Mr. Daniel Boyer, Deputy CEO of Austrade, stated that the Landing Pad Program will assist Australian technology companies in developing effective market entry strategies, fostering sustainable partnerships with Vietnam, and contributing to the rapid and robust digital transformation taking place in Southeast Asia.
A report by Google, Temasek, and Bain & Co. revealed that in 2023, Vietnam’s digital economy grew by 19%, reaching over USD 30 billion, ranking third in Southeast Asia after Indonesia and Thailand. By 2030, Vietnam’s digital economy is expected to be valued between USD 120 billion and USD 200 billion.
According to Ms. Rebecca Ball, Senior Trade and Investment Commissioner of the Australian Government, Vietnam’s government priorities, such as cybersecurity, data protection, and privacy, align well with the objectives of Australia’s Enhanced Economic Cooperation Strategy in the digital sector. In high-tech agriculture, there are many opportunities for collaboration between the two countries in water resource management, carbon capture and storage, climate risk management, the Internet of Things (IoT), and artificial intelligence (AI). Austrade is also committed to supporting Vietnamese and Australian companies in working together for a sustainable digital future for both nations.