Austrade signed an MoU with Vietnam Banks' Association in financial and digital innovation

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

The MoU focuses on two main goals: developing a robust fintech ecosystem as well as facilitating bilateral trade and investment in the financial services and technology sectors between the two countries.

The agreement also establishes a framework to foster knowledge exchange, support fintech delegations and business missions, academic partnerships, strategic programs, while supporting the attracting of more investment between both countries. Vietnam and Australia will partner to leverage their respective strengths, with leading Australian tech companies increasingly entering and expanding in Vietnam’s vibrant, tech-savvy market.

Some future initiatives under the MoU include a Landing Pad Vietnam Fintech and Cybersecurity immersion program next year, and through these continued partnerships and strategic programs, the two countries are committed to lead digital transformation efforts together.

According to Mr. Jonathan Saw, Australian Trade and Investment Commissioner to Vietnam and Cambodia, 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 solution.

Mr. Jonathan Saw also noted that Australia is very proud to support Australian tech companies in accessing Vietnam’s vibrant digital economy through various initiatives, while also working together to develop solutions tailored to local needs.

“Together, we can build a more connected, inclusive, and innovative future. I look forward to witnessing the remarkable outcomes this partnership will bring in the time ahead”, he added.

Similarly, Mr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks' Association (VNBA), also emphasized that the signing of the cooperation agreement with Austrade marks an important milestone, opening up opportunities for collaboration between the two sides.

It enables both parties to leverage their respective strengths and roles to support one another in their operations and development, while also contributing to the advancement of the Fintech sector in both Vietnam and Australia.

“This partnership serves as a vital bridge, making practical contributions to the economic development of each country. It also facilitates stronger engagement between Fintech companies from both sides, promoting knowledge exchange, commercial and investment cooperation, and enhancing the financial technology ecosystem in each market in the near future”, Mr. Hung noted.