Panellists discuss digital transformation in Việt Nam at the Australia-Việt Nam Tech Forum that opened in HCM City on Wednesday. — Photo courtesy of Austrade

HCM CITY — More than 70 executives from 42 technology companies participated in the Australia-Việt Nam Tech Forum that opened in HCM City on Wednesday.

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

Assoc Prof Nguyễn 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.

Việt Nam has a national agenda for utilising “Industry 4.0” technologies to improve productivity and accelerate economic growth.

“Việt Nam 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 US$200 billion by 2045, a huge figure compared with its 2021 GDP of $352 billion.

Bình Phạm, managing director at BCA Partners, said Việt Nam’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 behaviours, 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 Sơn, chief business development officer at FPT Information System, said 41 out of 63 provinces and cities in Việt Nam 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 centres, 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 Việt Nam.

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

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