The Australia-Vietnam Young Leaders Dialogue Network hosted a digital technology forum in Melbourne on May 2 to map out orientations for digital cooperation between Vietnam and Australia, VOV reported.

More than 160 representatives from relevant ministries, associations, and businesses from both countries outlined information about digital economies, emerging technologies, trends and development prospects for artificial intelligence, blockchain, cybersecurity, sustainable development, and education.

Jonathan Saw, Australian Trade Commissioner in Vietnam, affirmed that Vietnam represents a potential market for Australian digital technology businesses, and its digital economy is estimated to be worth between AUD 180 billion (USD 118.8 billion) and AUD 300 billion (USD 198 billion).

The country is also considered to have the fastest growing digital economy in Southeast Asia, meaning that Australian technology firms will have huge opportunities to engage in the country’s ongoing digitalisation process, especially in areas such as cybersecurity, financial technology, agricultural technology, educational technology, smart cities, and infrastructure, he noted.

An overview of the forum.

Tran Van Binh, chief of the Operations Management Office of the National Center for Innovative Startup Support, said that Vietnam is focusing on developing its digital economy and facilitating the operations of businesses in the field of innovation and digital technology.

The event has provided an ideal venue for policymakers, businesses, and experts to examine ways of strengthening linkages among innovation ecosystems of the two countries, as well as enhancing ties in the digital field moving forward, he added.

At the forum, representatives of the Vietnam Blockchain Association and the Australian Blockchain Association signed a memorandum of understanding on future cooperation.

Hoang Minh Loi, Deputy Director of Financial Technology Applications of the Vietnam Blockchain Association, said that the fintech sector in Australia is developed and a typical example can be seen in all Australian banks, especially large banks such as CPA and NAB are currently using blockchain technology, with the use of the Crypto XITnetwork in cross-border money transfers. This is a major breakthrough in the use of blockchain technology. Therefore, he hopes to help Vietnamese businesses have technologies using blockchain that can be deployed in the Australian market in areas such as small business investment and financial management.

The Australia-Vietnam Young Leadership Dialogue (AVYLD) is a transnational non-profit initiative that was endorsed by the Australian Government through the ASEAN-Australia Council and other partners. The dialogue is designed to nurture relationships, promote engagement, and incubate collaboration between Australian and Vietnamese young leaders from a broad spectrum of society.

The first AVYLD was held in Sydney, Australia in May 2017, involving around 20 delegates aged 25-35 from Australia and Vietnam, along with various speakers and partners from diverse sectors, including business, education, policy, not-for-profit, and the arts.