March 09, 2023 | 09:28 GMT+7

Opportunities remain for Vietnamese businesses to conquer international markets

Local tech enterprises in a position to access opportunities in a host of different countries.

Photo: VnEconomy
Photo: VnEconomy

Japan, South Korea, India, the US, and EU countries are all markets with great potential for Vietnamese digital technology enterprises to exploit and seek cooperation for mutual development.

Representatives from trade promotion agencies in several countries recently shared an overview of the development situation, market needs, and cooperative opportunities that Vietnamese digital technology enterprises can grasp.

“Japan is suffering from a shortage of human resources, especially IT engineers,” said Mr. Takeo Nakajima, Chief Representative the Hanoi Office of the Japan External Trade Organization (JETRO Hanoi). “Vietnam has shown its potential as a global force in the tech industry. Therefore, Japanese firms want to cooperate and conduct complex digital transformation tasks.”

The South Korean market is also facing a shortage of human resources in the IT sector. Shortages are also being seen in sectors such as software research and development and cloud computing, etc., according to a representative from the South Korea ICT Industry Promotion Agency in Hanoi.

Mr. Pavel Poskakukhin, Co-Chairman of the Digital Subcommittee at the European Chamber of Commerce in Vietnam (EuroCham), said the market has opened up opportunities for local enterprises providing cloud computing products and services and the Internet of Things (IoT) devices. Vietnamese enterprises can seize these opportunities through their direct presence or through joint ventures and business cooperation with local enterprises.

In the Indian market, meanwhile, which is also the world’s fifth-largest economy, Mr. Ravi Vajpayee, a representative from the Indian Chamber of Commerce in Vietnam (Incham), said Indian enterprises are looking for cooperative opportunities in Vietnam, which would present many business opportunities for Vietnamese digital enterprises.

These countries all have their own policies and initiatives to attract investment cooperation in the digital sector. Japan has a five-year startup development plan that aims to create a world-class startup ecosystem by openly promoting innovation with international venture capital investors, startups, and entrepreneurs.

A digital strategy was issued in South Korea in 2022 focusing on prioritizing AI technologies, data, software services, semiconductors, magnetic computing, digital transformation, and developing e-government.

Mr. Vajpayee added that a budget of more than $10 billion has been allocated by India to implement information security policies and to promote the development of software parks and information technology parks. When participating in the project, which will be 100 per cent export-oriented, enterprises will receive incentive policies from the government.

Mr. Poskakukhin said that countries in the EU also have incentive mechanisms and policies to promote and attract investment in order to develop a digital market based on compliance with key regulations related to digital environment technology and data privacy.

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