On the morning of November 16th, the Vietnam Innovation Summit 2024 commenced with an insightful panel discussion titled “Transformative Technologies in Action.” Moderated by Ms. Quynh Vo (General Director, Zone Startup Vietnam), the session brought together distinguished thought leaders:
- Mr. Paolo Rentero – Co-Founder and Director, TechShake
- Mr. Anirban Roy – Senior Partner, InnoLab Asia & Founder, RENEWGO PTE LTD (Singapore)
- Mr. Khairil Effendy – Founder and Managing Director, Nexagate
- Mr. Ethan Choi – Global Business Director, Creww
The discussion explored groundbreaking technological trends reshaping Southeast Asia and the strategies businesses must adopt to thrive in this rapidly evolving landscape
1. Regional Perspectives on Transformative Innovation
Opening the discussion, Ms. Quynh Vo posed a fundamental question: “What technological trends are making the most significant impact across Southeast Asia?” This set the stage for an engaging dialogue on how innovation is driving economic and societal change.
Mr. Paolo Rentero highlighted the transformative role of AI in the Philippines’ service industry, which accounts for 10% of the nation’s GDP. Rather than displacing jobs, businesses are leveraging AI to enhance productivity while mitigating workforce disruptions. Mr. Anirban Roy underscored Vietnam’s potential in SME digital lending and the application of computer vision in traditional sectors like retail. He also addressed challenges in Vietnam’s emerging EV ecosystem, particularly concerning battery reliability and the underdeveloped second-hand market.
Mr. Khairil Effendy discussed Malaysia’s strategic focus on AI hardware manufacturing and cybersecurity, two less visible but globally critical industries. He emphasized Malaysia’s efforts to attract major tech investors like Amazon and Microsoft. Mr. Ethan Choi shared Japan’s approach to market expansion, emphasizing that face-to-face relationship building is crucial for businesses entering new territories, particularly in Southeast Asia
2. Overcoming Barriers to Market Expansion
A recurring theme in the discussion was the challenges of entering new markets and the strategies necessary for sustainable success.
Mr. Anirban Roy shared his experience in introducing extended EV battery warranties in Vietnam. He pointed out that despite the market’s potential, businesses face regulatory uncertainties and a lack of partnerships with key players like VinFast. Adaptability and a deep understanding of the local business ecosystem are essential. Mr. Khairil Effendy detailed his five-year journey into the Indonesian market, emphasizing the necessity of building strong local teams. He noted that localized in-market presence is key to gaining trust and navigating complex business environments.
Mr. Ethan Choi reinforced the importance of relationship-driven expansion strategies, stating: “Virtual meetings cannot replace the trust built through in-person interactions.” Understanding cultural nuances and fostering genuine connections are crucial for long-term market integration.
The panelists collectively highlighted a critical insight: Southeast Asia offers immense growth opportunities, but businesses must approach expansion with patience, cultural awareness, and customized strategies
3. A Bright Future for Southeast Asia
The session concluded on an optimistic note, with panelists recognizing Southeast Asia’s leadership in innovation and sustainability. Vietnam emerged as a central hub of dynamic growth, while nations like the Philippines and Malaysia demonstrated unique strengths, positioning the region as a global leader in transformative technologies.
Innovation is not just about technology—it’s about fostering a sustainable ecosystem. Southeast Asia stands poised to redefine the future, not just for itself, but for the world. Ms. Quynh Vo remarked
This panel served as a testament to the region’s collaborative drive toward innovation, setting a powerful precedent for a future defined by technological advancement and sustainability.
