Australia and Vietnam join forces to boost financial and digital innovation

Australia and Vietnam join forces to boost financial and digital innovation

The Australian Trade and Investment Commission (Austrade) signed an MoU with the Vietnam Banks Association (VNBA) on June 2, marking a significant step forward in enriching fintech collaboration between the two countries.

The agreement establishes a framework to foster knowledge exchange and support fintech delegations, business missions, academic partnerships, strategic programmes, and investment between both countries.

Organised by Austrade Vietnam, the MoU signing ceremony was followed by a thought leadership session to discuss fintech partnership opportunities.

This MoU focuses on developing a robust fintech ecosystem and facilitating bilateral trade and investment in the financial services and technology sectors. Australia and Vietnam are partnering to leverage their respective strengths, with leading Australian tech companies increasingly entering and expanding in Vietnam’s vibrant, tech-savvy market.

“This framework for collaboration will help connect Australian fintech innovators with Vietnamese financial institutions, support startups and scaleups, and encourage joint efforts to develop secure, inclusive, and modern financial solutions,” said Jonathan Saw, trade and investment commissioner for Vietnam and Cambodia. “Australia brings to the table a mature financial services industry complemented with advanced technologies and views Southeast Asia as central to its national interests, with digital economy and financial services as priority sectors under Australia’s Southeast Asia Economic Strategy to 2040.”

The signing of the MoU celebrating a milestone of cooperation between Austrade and VNBA. Photo: Austrade

At the event, Nguyen Quoc Hung, vice chairman and secretary general of VNBA, emphasised that the fintech market in Vietnam, with around 260 fintech companies, is a young, dynamic sector currently experiencing rapid growth.

Hung also shared that the Vietnamese government recently issued a decree which establishes a sandbox mechanism for fintech solutions in the banking sector. This presents both a significant opportunity for development and a considerable challenge for fintech companies.

“Vietnam’s signing and effective implementation of today’s cooperation agreement between VNBA and Austrade reaffirms the financial and banking sector relationship between the two countries, with a special focus on banking fintech technology, which has now been elevated to a new level. This enhances the reputation and standing of both parties, and serves as a practical bridge contributing meaningfully to the economic development of each nation,” stated Hung. “It also creates favourable conditions for fintech companies on both sides to strengthen exchanges, share experiences, and promote trade and investment cooperation, thereby improving the fintech ecosystem in each respective market.”

Future activities under the MoU include a fintech and cybersecurity immersion programme next year, and through these continued partnerships, Australia and Vietnam are committed to leading digital transformation efforts together.

VIR