Vietnam is emerging as a powerhouse in business collaboration and economic transformation. With its strategic location in ASEAN, a dynamic workforce, and an openness to global collaboration, the country is positioning itself as a leader in the digital economy. At the Vietnam Innovation Summit 2024, experts explored how partnerships, resource investment, and digital transformation are fueling this growth.
Vietnam: The ASEAN Gateway for Global Partnerships
Vietnam’s robust international partnerships are a driving force behind its innovation success. Francis Wong, Chairman of the Australia-ASEAN Business Forum, emphasized that Vietnam is not just an economic partner for Australia but a vital gateway to ASEAN. Public-private collaborations, such as Australia’s $2 billion export finance initiative, showcase how action-driven policies can accelerate business growth.
One notable success story is a Vietnamese seafood enterprise that, with the backing of Australia’s CSIRO research institute, grew to become one of Vietnam’s largest seafood companies. This case illustrates how strategic collaborations help businesses scale and elevate Vietnam’s global standing.
Why Vietnam is a Prime Investment Destination
Vietnam’s business-friendly policies, young workforce, and strong global ties make it an attractive destination for investors. According to Angela Ngan Nguyen, Senior Advisor at the Australia Vietnam Policy Institute, Vietnam’s diaspora plays a crucial role in fostering international business connections.
Additionally, the government’s commitment to economic reform and free trade agreements strengthens investor confidence. Vietnam’s fast-growing digital economy and increasing focus on high-tech industries create lucrative opportunities for foreign direct investment.
The Role of Digital Transformation in Economic Growth
Vietnam is rapidly embracing digital transformation to drive its economy forward. Post-pandemic, the country is focusing on IT solutions, AI applications, and data centers to position itself as a leader in digital transformation. However, experts warn that Vietnam must move beyond outsourcing and focus on developing advanced digital solutions.
Sectors such as agriculture and food science present untapped potential for tech-driven innovation. By integrating AI, automation, and big data, Vietnam can enhance productivity, improve food security, and contribute to global sustainability efforts.
Vietnam’s Tech Talent: A Game Changer for Innovation
Vietnam’s young, tech-savvy workforce is a valuable asset in the country’s innovation journey. According to Francis Wong, Vietnamese engineers and developers possess the agility and creativity needed to drive disruptive change. However, to fully unlock their potential, Vietnam must invest in English proficiency and international incubator collaborations.
Drawing inspiration from Australia, where government-backed initiatives have supported over 20 unicorn startups, Vietnam can implement similar strategies to boost its tech ecosystem. Enhancing startup support, commercialization strategies, and global market access will help Vietnam nurture its next generation of industry leaders.
Sustainability as the Foundation for Long-Term Growth
Sustainability is no longer just an environmental concern—it’s a business imperative. Vietnam is already attracting ESG-driven investments, such as LEGO’s $1.2 billion sustainable factory in Binh Duong. To maintain long-term growth, Vietnam must integrate green initiatives into its industrial and digital development strategies.
Moreover, preparing a future-ready workforce trained in sustainable practices and Industry 4.0 skills will be key. Education and exchange programs will play a pivotal role in equipping young professionals with the expertise needed to thrive in a green, digital-first economy.
For a deeper dive into how Vietnam is advancing sustainable innovation, read more in Investing in Green Tech: Paving the Way for Sustainable Innovation.
Shaping the Future Through Collaboration
The fireside chat “Co-Creating the Future of Vietnam” was more than just a discussion; it was a rallying call for businesses, governments, and communities to work together toward a shared vision. Mr. Francis Wong and Ms. Angela Ngan Nguyen painted a picture of a Vietnam that leverages its unique strengths—its vibrant workforce, strategic location, and openness to collaboration—to emerge as a regional and global leader.
“Vietnam has the foundation to not just participate in the global economy but to shape its future. The partnerships we build today will define that journey.”
Mr. Francis Wong aptly concluded
The Vietnam Innovation Summit 2024 provided the perfect backdrop for this compelling dialogue, highlighting the transformative potential of collaboration. For those invested in Vietnam’s growth, the message was clear: the future is bright, and it is best built together.
