Vietnam is one of the fastest growing and most dynamic economies of Asia Pacific.
It has a young and growing population, a rapidly increasing middle class and high levels of internet penetration. This has created a vibrant but early-stage digital ecosystem ripe for Australian business investment, innovation and two-way knowledge transfer.
There has never been a better time for Australian businesses to seize opportunities in Vietnam, and this briefing provides the expert knowledge and emerging insights to help you make the most of them.
The Australia Vietnam Policy Institute (AVPI) is thrilled to release its inaugural AVPI Policy Briefing, exploring the key themes discussed in the Seizing Opportunities in FinTech and Ecommerce event hosted by Asialink Business in May 2022. Supported by the Australian Department of Foreign Affairs and Trade (DFAT), this briefing has been developed to raise awareness of business opportunities in fintech and ecommerce, and provide insight into the trade and investment environment in Vietnam.
Key Takeaways
- There is a unique economic and social moment occurring in Vietnam, coupled with a renewed focus by the Australian and Vietnamese governments on strengthening economic and cultural ties.
- To harness the growing opportunities in the Vietnam’s digital economy across Ecommerce and FinTech, the vital step for Australian businesses is to invest in local knowledge and relationships in Vietnam to realise the market opportunity.
- Vietnam’s decentralised, location-based governance model creates opportunities for Australian industry to harness localised opportunities and develop two-way partnerships at the provincial level for mutual advantage and growth.
- Understanding local regulations and opportunities is strongly reliant on finding the right partners and cultivating local knowledge.
- Due to the complex regulatory, governance and legal frameworks in Vietnam, business leaders highlight the importance of engaging with a long-term mindset.
- The Vietnamese market remembers who leaves quickly. Staying committed and continuing to work with local partners, advisors, lawyers and government can lead to opportunities for innovative solutions, especially when aligned to areas of growth or anticipated regulatory change.
