Experts exchanged ideas on how Vietnam and Thailand can leverage strengths to drive innovation. Source:KBTG Vietnam

Techsauce Global Summit 2024 took place in Ho Chi Minh City on October 10, in collaboration with KBTG Vietnam.

The event attracted global business and technology leaders, positioning itself as a platform for small- and medium-sized enterprises (SMEs) and startups to explore international growth opportunities while fostering innovation across the region.

The summit, themed 'Unleashing Southeast Asia's Tech Potential', opened with a focus on the pivotal roles of Vietnam and Thailand within the region’s tech landscape.

Oranuch (Mimee) Lerdsuwankij, CEO and co-founder of Techsauce, noted that Southeast Asia is the fifth-largest contributor to global GDP, with Thailand and Vietnam serving as crucial pillars in this region.

"Thailand boasts a strong digital infrastructure and a strategic location, while Vietnam has a robust tech talent pool," she said. "Combining these strengths creates a mutually beneficial partnership that can drive significant growth for both countries."

The discussion soon shifted to Vietnam’s rapidly expanding tech market, which is gaining traction in sectors like AI, fintech, and healthtech.

With increasing interest from both domestic and international investors, coupled with the Vietnamese government's commitment to digital transformation, the participant spoke of the numerous growth opportunities on the horizon.

Lerdsuwankij stressed the importance of collaborative efforts, saying, "Our goal is to build a community where people can exchange knowledge and transform these ideas into tangible actions."

Nicole Nguyen, co-founder of APAC DAO - a Web3 and blockchain platform, brought a complementary perspective to the conversation by identifying consumer tech, agri-tech, and fintech as key areas where Vietnam and Thailand can collaborate.

"Both countries are dynamic young markets with a tech-savvy population, making consumer tech a prime area for growth," she explained. Nguyen further highlighted the potential for Vietnam to learn from Thailand's expertise in modernising agriculture with digital solutions, fostering a more sustainable approach in the sector.

Turning to fintech, Nguyen noted that while Vietnam has made significant strides in cashless payments, there remains considerable room for expansion, especially in developing AI-driven products for the underserved population. She expressed optimism that with support from major players like KBTG, the region could experience transformative growth in fintech.

Echoing these sentiments, Jarung Kiatsupapong, vice chairman and chief information officer of KBTG, shared insights on the group's strategy to scale outside Thailand by prioritising digital channels over physical branches.

He explained that focusing on mobile and digital banking solutions allows KBTG to extend its reach across Southeast Asia, particularly in markets like Vietnam, Indonesia, Laos, Cambodia, and China.

"Investing in branches is costly, so our strategy is to expand through mobile and digital banking solutions," Kiatsupapong said. He also praised the quality of Vietnamese tech professionals, highlighting their high performance in KBTG’s assessments, which has reinforced the group's reliance on this talent pool for its projects.

The conversation also delved into the long-term impact of AI on business.

Thanussak Thanyasiri, CEO of KBTG Vietnam, pointed out that while AI is a hot topic, its real benefits are not immediate.

"It takes at least six years for a business to start realising the benefits that AI can bring," he remarked, underscoring that AI development requires patience and strategic planning far beyond initial excitement.

Nonetheless, Thanyasiri reaffirmed his belief, "AI will undoubtedly transform how businesses operate."

Thang Bui, chief representative of KVision in Ho Chi Minh City, reinforced Vietnam’s significance as a crucial market for KASIKORNBANK and KBTG’s expansion strategy.

He explained that KVision is channelling a $200 million capital investment to fuel tech sector growth in Vietnam, seeking local startups that align with their vision.

"We’re looking for local startups with a solid foundation that align with our expertise so that we can leverage our network to support their growth," Thang noted.

The summit was held in Vietnam for the first time and represents a significant step towards harnessing the collective power of the tech ecosystems in Thailand and Vietnam. Through a series of 10 sessions featuring 22 experts, the event provided a comprehensive exploration of the latest trends in AI, fintech, and digital transformation.