At the event (Photo courtesy of Austrade)

The event introduced Australian expertise in fintech, digital transformation and smart cities.

Assoc. Prof. Nguyen Quang Trung, head of the management faculty at RMIT Vietnam, said the government views digital transformation as critical to continued growth and prosperity.

On April 4 the National Action Plan on Digital Transformation was announced, he said.

Vietnam has a national agenda for utilizing “Industry 4.0” technologies to improve productivity and accelerate economic growth.

“Vietnam is one of the fastest-growing digital economies and a promising market with a large population and ambitious goals and commitments from the government.”

According to World Bank data, the country’s digital sector could exceed 200 billion USD by 2045, a huge figure compared with its 2021 GDP of 352 billion USD.

Binh Pham, managing director at BCA Partners, said Vietnam’s fintech payment value increased by 2.98 times between 2017 and 2021 mostly to e-commerce.

The COVID-19 outbreak quarantines and safe distancing requirements changed consumer behaviors, and the number of people buying online has increased tremendously over the past two years, leading to a boom in both e-commerce activities and digital payments, he explained.

Phan Thanh Son, chief business development officer at FPT Information System, said 41 out of 63 provinces and cities in Vietnam have plans for smart cities.

Nearly 40 have been developing smart city services, while 17 have started building or have agreed to build smart city operating centers, he said.

Rebecca Ball, senior trade and investment commissioner at Austrade, said the Australian government supports ASEAN in its development of sustainable smart cities, including Vietnam.

“Australia is working with ASEAN to create cities that are smart and sustainable.

“A good example is the 5 million AUD pilot of the Department of Foreign Affairs and Trade’s InnovationXchange program that aims to support and scale up high-growth potential enterprises, focusing on smart urbanization solutions in ODA eligible cities across ASEAN.”

Source: VNA