On September 6, InnoLab Asia is pleased to cooperate with MDEC in the “Gain Expand In Vietnam” event to help Malaysian companies gain more perspectives and insights on the Vietnamese market.
Mr. Thang Huynh, CEO & Co-Founder of InnoLab Asia shared a brief introduction about the Vietnamese market and insight into 4 industries: Agritech, Edtech, Fintech, and AI.
Some summary of these industries:
- EDTECH:
The EdTech market in Vietnam receives positive responses as well as changing perspectives from consumers, especially parents. The enhanced trust also results from improved infrastructure whose foundation of the technology system is slightly better than others in the region. Given the bold emphasis on education and, undeniably, COVID-19 pandemic, parents and students have a strong need for effective and independent education along with foreign language learning services. Also, due to the prolific and competitive human resources in Vietnam, enterprises need to train their employees more conveniently and effectively, strengthening EdTech’s demand.
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- AGRITECH
The agricultural industry has also paid more attention to digital transformation solutions and applying technology to most areas of the industry. Up to now, most of the basic digital technologies in agriculture have been deployed or started to be tested in Vietnam such as Big Data, IoT, etc. A number of digital agricultural technologies have had substantial success. With the trend of increasingly using digital technologies, Vietnamese agriculture is gradually transforming from traditional agriculture to modern agriculture. Moreover, AgriTech emerges as a relatively new sector which allows prolific space for developments and few competitors.
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- FINTECH
The number of Fintech startups in Vietnam has always increased year by year. With favorable conditions concerning demography and environment, FinTech presents a promising development potential in Vietnam. Vietnam has a high proportion of young population which are in the golden population structure till 2039 (Vietnam General Statistics Office 2020). Furthermore, statistics show that Vietnam has about 64 million Internet users, ranking 6th in the Asia-Pacific region and 13th in the world.
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- AI
Vietnam emerged as a bright spot in the world’s artificial intelligence (Al) market. Al identified as one of the breakthrough technologies, and in focus to accelerate national development by the government. Diverse ecosystem of products, solutions and platforms for businesses and users (ICT Vietnam 2021). Despite promising potential. Al in Vietnam encounters challenges: limited human resources, data accuracy and firms’ capital access.
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He highly recommended Malaysian companies to find a local partner. That would be more helpful for them to enter the Vietnam market. Besides, he also emphasized paying more attention to the fundamental parts of business including product, customer, payment, and revenue to adapt to the fast change in the world.
Thang also encouraged these companies to visit Vietnam to better understand the market and the behavior of the Vietnamese. At the same time, if we build a company in Vietnam, we will not only focus on the business but also on the relationships that we build with your partners.
According to Mr. Quang, the ecosystem of ventures is very competitive, the number of venture capital is over 200 in Viet Nam.
In general, Vietnam is now one of the most prospective markets among ASEAN countries. The country has gained great achievements in GDP growth, regulatory system, and tax policies to attract foreign investment.
We wish you enjoy the sharing and look forward to seeing more potential companies to join us in the Gain Expand Programme!
