Vietnam, Australia boost fintech cooperation opportunities
The Asialink Business Centre under Australia’s University of Melbourne has announced to commence a new capability development programme, aimed at building awareness and positioning Australian business to engage in Vietnam’s fintech sector.
Sydney (VNA) - The AsialinkBusiness Centre under Australia’s University of Melbourne hasannounced to commence a new capability development programme, aimed at buildingawareness and positioning Australian business to engage in Vietnam’s fintechsector.
The programme is jointly held by Asialink Business, theAustralian Department of Industry, Science, Energy and Resources (DISER), and theAustralian Trade and Investment Commission (Austrade).
The programme will complement and support the Australia-Vietnam Enhanced Economic Engagement Strategy. This strategy, due forcompletion in late 2021, will solidify Australia and Vietnam’s sharedcommitment to trade and investment, liberalisation and economic connectivity,and help both countries take advantage of emerging market opportunities.
Asialink Businessstressed that Vietnam has the fastest growing middle class in SoutheastAsia, a COVID-resilient GDP growth rate (2.9 percent in 2020), and a youngpopulation that readily embraces new technology.
While the country has suffered from COVID-19, the pandemichas also accelerated the uptake of digital services. In 2020, more consumersmoved online and tried new digital services for the first time, for example, inhealthtech, edtech and fintech, helping to fuel growth of 29 percent in thecountry’s digital economy.
According to the centre, demand amongst Vietnamese banks fortechnical and commercial expertise is growing, with many looking to partnerwith domestic and international fintech businesses to provide innovativecustomer solutions. Australian businesses may be well-placed to meet thisdemand.
However, to make the best use of the opportunities,Australian businesses need to be strategic in their approach.
Navigating Vietnam's fintech opportunities requires a well-thought-outstrategy that helps Australian enterprises invest time and resources tounderstand Vietnam’s people and businesses, and be ready for localisingproducts in Vietnam’s market, said the centre./.
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Illustrative image (Source: Internet) 
