Vietnam’s tech sector is experiencing a red-hot surge. The IT Services market alone is projected to reach a staggering $2.07 billion in 2024, with IT Outsourcing leading the charge at a projected $0.7 billion [source: IT Services in Vietnam – Statista]. This growth is fueled by a highly skilled workforce and a national focus on cutting-edge advancements like AI and e-commerce. Recognizing this exciting moment in tech, BSS Commerce recently joined Vietnam IT Day 2024 held in Sydney! This event, themed “Innovation & Technology: Fostering Vietnam-Australia Partnership,” aimed to bridge the gap between Vietnamese and Australian IT leaders.
In this blog post, we’ll be recapping our experience at Vietnam IT Day 2024. We’ll share some of the key takeaways and insights we gained, along with some highlights you might have missed! So buckle up, tech enthusiasts, and let’s dive into the future of Vietnamese-Australian IT collaboration!
Building Bridges: An Overview of Vietnam IT Day 2024
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Following the success of events held in 2019 and 2023, the third iteration of Vietnam IT Day took place on May 6th, 2024, in Sydney, Australia. This year’s gathering brought together nearly 200 delegates, a vibrant mix of representatives from leading Vietnamese tech companies, Australian business matching platforms, and local trade promotion offices. Many of these attendees are key players shaping the dynamic IT landscape of Vietnam.
The event was held at Watermans Quay in Barangaroo NSW 2000, Australia. This strategic location sits within the heart of Sydney’s vibrant financial district, a hub experiencing rapid growth in the IT sector. Hosted by the GITS Group, Vietnam IT Day serves a vital purpose – to bridge the gap between Australian corporations and Vietnamese tech companies. Their mission is to create a dynamic cross-border platform fostering unlimited business opportunities in technology and innovation.
BSS Commerce was proud to be a part of this forward-thinking initiative, with Ms. Emma Nguyen and Ms. Grace Doan representing our company and actively connecting with keynote speakers and industry leaders to gain valuable insights into the future of Vietnamese-Australian tech collaboration.
A Look at Vietnam IT Day's Key Discussions
Vietnam IT Day 2024 wasn’t just about connecting businesses; it was about igniting a spark of innovation. The event agenda pulsed with a dynamic lineup of workshops, fireside chats, and panel discussions led by industry titans from big brands like: PwC Australia, GITS, NashTech, KMS Solutions Vietnam, BAP, ….. These sessions offered a treasure trove of insights designed to unlock business opportunities for both Vietnamese and Australian organizations.
Get ready to dive into some of the key topics explored:
- Vietnam’s Tech Landscape
- The dynamism of Vietnam’s tech ecosystem
- Manufacturing technology and automation in Vietnam
- Solving tech talent shortage problem: Case study of Japan & Vietnam partnership
- Vietnam’s Tech Boom: Pathways and Opportunities for Australian Enterprises
- How to succeed in the Australian market?
- Vietnamese and Australian tech companies exchanging lessons learned throughout the growth trajectory
The agenda also included dedicated networking sessions, fostering the exchange of knowledge and the creation of valuable partnerships. Now, buckle up for a deeper dive into the specific takeaways gleaned from these insightful sessions – knowledge that can propel your business to new heights!
Delving Deep: Key Takeaways from Vietnam IT Day 2024
Key Takeaway #1: Vietnam's Booming Tech Landscape - A Powerhouse in the Making
Vietnam’s tech sector is experiencing explosive growth, with a projected revenue exceeding US$2 billion in the IT Services market alone for 2024. This growth is fueled by a robust digital technology ecosystem boasting over 70,000 firms and IT exports reaching an estimated US$136 billion.
This dynamism is further amplified by the IT Outsourcing segment, projected to reach US$0.7 billion in 2024 and showcasing a projected CAGR (Compound Annual Growth Rate) of 11.51% until 2028. This translates to an expected market size of US$3.20 billion by 2028.
Fueled by a tech-savvy workforce and a booming digital economy, Vietnam has rapidly emerged as a Southeast Asian tech powerhouse. This surge is driven by several factors, including a large and young population with high smartphone penetration, fostering a strong foundation for digital adoption. Additionally, the government’s proactive support through initiatives like tech hubs and startup incubators nurtures a culture of innovation. Vietnam’s strategic location in Southeast Asia further enhances its attractiveness, making it an ideal gateway for foreign tech companies seeking to access the region’s burgeoning market.
Key Takeaway #2: Unleashing Outsourcing Potential and a Thriving Tech Talent Pool
Vietnam’s dominance in IT outsourcing continues to shine, solidifying its position as a top destination according to Kearney’s Global Services Location Index™ (GSLI) report, ranking a strong 7th in Asia. This attractiveness is further amplified by the presence of major technology companies establishing their presence in Vietnam, solidifying the country’s status as a global digital hub. This influx of tech giants motivates Vietnam’s ongoing commitment to upskilling its workforce, ensuring a future-ready talent pool.
Furthermore, Vietnam boasts a rapidly growing IT talent pool, expanding in both quantity and quality. The country produces around 80,000 IT graduates annually, with a significant portion specializing in computer science, information technology, and related fields.
This highly skilled workforce caters to the evolving needs of the domestic IT industry while providing a robust resource pool for international outsourcing ventures. Importantly, Vietnam’s IT resources are consistently evaluated to deliver higher quality work, better customer service, and especially higher reliability when compared to other outsourcing competitors.
Key Takeaway #3: Australia's Innovation Landscape: A Hub of Cutting-Edge Advancement
Australia’s tech scene is a vibrant incubator of innovation, with several key trends shaping its future:
- Generative AI: 75% of Australian companies are already embracing Generative AI, showcasing their commitment to cutting-edge technology.
- Cloud Migration: Cloud adoption is surging – by 2025, over half of Australian workloads are expected to be in the cloud, signifying a shift towards flexibility and cost-efficiency.
- Cyber Security: Australian businesses face evolving threats like spear phishing (46% of businesses attacked in 2022). This highlights the need for robust security, employee awareness, and multi-factor authentication.
- Automation Revolution: Automation is set to reshape industries, from everyday devices to large-scale applications. Law and finance are already experiencing disruption, forcing businesses to adapt and innovate.
Key Takeaway #4: Local Partnerships: Your Passport to Success in the Australian Market
Venturing into the Australian market presents exciting opportunities, but navigating the landscape requires strategic planning. Here’s a crucial takeaway:
“Partnering for Success: Building a strong relationship with a local Australian partner is highly recommended.”
This collaboration offers invaluable advantages:
Local Network
Your partner leverages their established network to navigate the business landscape and connect you with key players.
Local Know-How
They bridge the cultural gap, ensuring your approach resonates with Australian audiences.
Legal Expertise
They provide insights into local regulations and legalities, streamlining your operations.
By forging a strategic partnership, you gain a valuable ally – a local expert to guide your entry into the Australian market and pave the way for long-term success.
Key Takeaway #5: Patience is Key: Cultivating Long-Term Success in Vietnam
The Vietnamese business landscape is fueled by ambitious entrepreneurs with a strong drive for growth. This hunger translates to a proactive approach, a valuable asset for any startup. However, translating this initial enthusiasm into lasting success requires a shift in perspective.
The Vietnamese market offers immense potential, but it’s a marathon, not a sprint. Be prepared for a dedicated investment period of at least 2 years before expecting significant returns. The business culture here prioritizes a long-term vision and a sustainable approach to growth.
Building Bridges Through Collaboration: BSS Commerce at Vietnam IT Day 2024
Besides the insightful sessions with their many key takeaways, Vietnam IT Day 2024 truly embodied its theme by fostering a dynamic environment for collaboration through dedicated networking sessions. These sessions provided a valuable platform for BSS Commerce to connect with major players like GITS, NFQ Asia, GMO-Z.com RUNSYSTEM, SupremeTech, HOPEE, and ICTS Custom Software.
These networking sessions weren’t just about exchanging business cards; they sparked a wealth of new ideas and potential collaborations.
For BSS Commerce, this meant the opportunity to:
- Explore potential partnerships that bridge the gap between Vietnamese innovation and Australian expertise. Discussions likely revolved around the Vietnamese IT landscape, future plans, and strategies to leverage technology for mutual growth.
- Gain valuable insights from industry leaders on both sides of the table, fostering a deeper understanding of the Vietnam – Australia tech landscape and potential partnership opportunities.
Conclusion
Vietnam IT Day 2024 proved to be a transformative experience, offering a wealth of insights into the future of technology and fostering valuable connections within the Vietnamese and Australian tech ecosystems. The insightful sessions provided a springboard for strategic planning, while the dedicated networking sessions allowed BSS Commerce to connect with industry leaders and explore potential collaborations. This exchange of ideas and expertise will undoubtedly play a key role in shaping our future endeavors.
At BSS Commerce, we remain deeply committed to playing a leading role in Vietnam’s IT revolution. The knowledge and connections gained at Vietnam IT Day will fuel our innovation and empower us to develop cutting-edge solutions that propel the industry forward.
Unlock Your E-commerce Potential with BSS Commerce
BSS Commerce is dedicated to fostering Vietnam’s IT industry and helping businesses leverage the latest tech trends, especially in e-commerce. Let us help you navigate the booming Vietnamese market and unlock its potential. Contact us today!
