Opportunities Abound in Foreign Markets for Vietnamese Digital Technology Enterprises

Representatives from the Ministry of Information and Communications (MIC) and various ministries, sectors, and organizations attending the second global digital cooperation conference all agree that Vietnamese digital technology enterprises are currently enjoying favorable conditions and wide-ranging opportunities for collaboration and investment in foreign markets.

Affirming Commitment to Support Digital Technology Enterprises

On March 26th, in Hanoi, the MIC organized the second conference on global digital cooperation under the theme "Opportunities for Vietnamese digital technology enterprises in foreign markets." This event follows the initiative launched by the MIC in February 2023 to support digital technology enterprises expanding into foreign markets.

At the inaugural conference of the campaign, Minister of Information and Communications Nguyen Manh Hung emphasized: "Without going abroad, without competing, without conquering, without revenue from foreign markets, Vietnam cannot become a high-income developed country." The head of the information and communications sector also called on Vietnamese digital technology enterprises to reach out and conquer the world in a Vietnamese way.

As an affirmation of the commitment to accompany digital technology enterprises by the MIC and relevant state management agencies, this conference focuses on providing domestic digital technology enterprises with comprehensive information about the global market situation, as well as analysis and evaluation of the potential and opportunities for Vietnamese enterprises.

Providing information to enterprises and organizations attending the March 26th conference, Deputy Minister of Information and Communications Phan Tam stated that this year the MIC will continue to focus on supporting Vietnamese digital technology enterprises in expanding their markets and seizing investment and business opportunities in countries worldwide. The program includes conferences, forums both domestically and internationally, and organizing booths at leading ICT and digital technology exhibitions worldwide.

From the perspective of the unit entrusted by the MIC to promote and support enterprises in entering the global market, alongside identifying areas where Vietnamese digital technology enterprises have advantages and development potential in foreign markets, Deputy Director of the Information and Communication Technology Industry Department Nguyen Thanh Tuyen also summarized seven lessons learned from successful Vietnamese enterprises in the Japanese market.

Important Preconditions for Enterprises to Confidently Enter the World

Sharing at the conference, Deputy Minister Phan Tam believes that, along with the development of the global digital economy and society, Vietnamese digital technology enterprises have favorable conditions to develop markets and expand cooperation relationships with partners worldwide.

Assessing support for digital technology enterprises to expand into international markets as the right policy direction, Mr. Dang Khanh Linh, Deputy Head of the Economic General Department (Ministry of Foreign Affairs), stated: "The pie," opportunities in foreign markets, is still very large. Some opportunities for Vietnamese technology enterprises in international markets include: countries having policies for digital transformation and investment in technology, upgrading digital cooperation in relations with other countries and international activities; or specific examples such as India's high demand for human resources...

Representatives from specialized agencies of four ministries: Information and Communications, Foreign Affairs, Industry and Trade, and Trade and Industry, unanimously agreed that to develop markets and expand cooperation and investment relationships abroad, alongside advantages, enterprises also face many challenges and risks. Therefore, understanding the market, their own capabilities, and strengths is an important precondition for enterprises to confidently take steps and enter the world.

Therefore, the majority of the time at this conference was dedicated to representatives from trade and investment agencies of Australia, India, the United States, South Korea, Japan, the United Kingdom, and Europe sharing and updating information for Vietnamese digital technology organizations and enterprises about market demand, regulations, and especially encouraging policies and incentives to attract investment.

According to Ms. Eunjung Han, Deputy Chair of the Digital Subcommittee of EuroCham, the European Union will increase support for digital transformation in the coming years, as evidenced by the recent proposal for the "European Digital" program, scheduled to last until 2027.

As the first sponsored program solely for supporting digital transformation in Europe, "European Digital" provides strategic funding for projects in five core areas, including: supercomputing, artificial intelligence, cybersecurity, advanced digital skills, and ensuring widespread use of digital technologies in the socio-economic sphere.

Ms. Eunjung Han also noted that when Vietnamese enterprises seek to expand their operations into Europe, it is essential to grasp the legal framework for investment management and designed incentive programs to facilitate foreign participation in the European economy.

The Chief Representative of the Japan External Trade Organization (JETRO), Mr. Takeo Nakajima, stated that many Vietnamese technology enterprises have successfully entered the Japanese market, with FPT being the most successful. "To attract foreign enterprises, the Japanese government does not provide financial or tax support. However, we offer various soft supports, such as activities related to registration, business connections, business model consulting, or support for research and development programs," Mr. Takeo Nakajima informed.

"The content shared by domestic and international agencies and organizations at the conference will help Vietnamese digital technology enterprises have more data, foundations to consider, evaluate, and make policies, and gain more confidence to develop new plans and goals on the path to conquer and develop markets, and expand cooperation relationships with partners worldwide," stated representatives from the MIC.

In essence, while the path to international expansion may be fraught with challenges, Vietnamese digital technology enterprises are poised to capitalize on the abundant opportunities offered by the global digital economy. By embracing innovation, collaboration, and strategic foresight, these enterprises can carve out a significant presence in foreign markets, drive sustainable growth, and contribute to Vietnam's broader economic advancement.