No longer confined to the domestic market, Vietnamese technology businesses and startups are accelerating their expansion into the global market. From e-wallets and management software to AI and digital transformation, Viet Nam's technological footprint is becoming increasingly prominent on the regional map.

A shopping trip in Thailand, a QR code scan using a Vietnamese e-wallet, and a successful transaction without needing cash – this seemingly small experience for Mai Ngoc, an office worker in Ho Chi Minh City, reflects a larger picture: Vietnamese technology is truly present and being used abroad. It's no longer an ambition, but a reality happening every day.

Southeast Asia - a key market

The MoMo app currently supports over 100 million payment points in more than 60 countries across all five continents. Zalopay also allows Vietnamese users to make direct payments via QR code in five Asian markets: Singapore, Japan, China, South Korea, and Malaysia – in China alone, Zalopay's international payment volume reaches approximately 20 billion VND per month.

In the software sector, Tanca – a comprehensive human resource management (HRM) platform – has customers in approximately 15 countries, with the highest concentration in Singapore and Cambodia.

Mr. Tran Viet Quan, founder and chairman of Tanca, said the company approaches the market in two ways: direct sales through the In-App Purchase model and distribution through an ecosystem of international partners such as Lark Suite (ByteDance), Bitrix24, or G2.

Looking to the future, Mr. Quan believes that AI is helping businesses localize products faster and at a lower cost compared to traditional methods.

"In the SaaS sector, regional competitors are not as strong as platforms from the US or China. This is a gap for Vietnamese businesses to compete with comparable quality, more reasonable prices, and a deep understanding of the Southeast Asian market," Mr. Quan shared.

Confident on the regional stage

Within the framework of the Viet Nam-Thailand Business Forum in Bangkok and the Viet Nam-Singapore Technology Connectivity Forum, in the presence of General Secretary and President To Lam and high-ranking leaders of both countries,FPT Group signed six strategic cooperation agreements on AI transformation and digital transformation with major corporations in the fields of agriculture and food, manufacturing, banking, energy, logistics, and ground services.

In Thailand, FPT collaborates with Charoen Pokphand Foods and SCG. In Singapore, FPT expands its relationships with UOB, Sembcorp, and Singapore Airport Terminal Services.

At the same time, in early June, Google Cloud announced expanded collaborations with the Viet Nam National Innovation Center (NIC), the Ho Chi Minh City Innovation and Entrepreneurship Center (SIHUB), the Singapore Enterprise Development Agency (EnterpriseSG), and the Indonesian Ministry of Communications and Digital Technology (Komdigi), aiming to build an innovation corridor for AI startups in Southeast Asia, connecting the region with Silicon Valley.

Marc Woo, General Manager of Google Viet Nam, said that over the past four years, the Google for Startups program has supported more than 500 Vietnamese startups to achieve commercial scale – typical examples include Buymed, Reforged Labs, GIMO, and TopCV.

"Collaborating with NIC and SIHUB will help many Vietnamese founders access a comprehensive integrated AI ecosystem, thereby building, commercializing, and expanding pioneering solutions, bringing Viet Nam's AI workforce and digital economy to an international level," Mr. Marc Woo emphasized.

Nguyen The Vinh, CEO of Ninety Eight technology company, sees Southeast Asia as a large enough market for Vietnamese startups to make real money thanks to its young population, high level of digitalization, and strong demand in technology sectors.

Vietnamese startups have advantages including technical capabilities, competitive development costs, and the ability to deploy quickly, especially in the fields of applied AI, blockchain, fintech, logistics, agri-tech, healthtech, and edtech.

However, Mr. Vinh noted that ASEAN is not a homogeneous market – each country has different consumer behavior, legal frameworks, and payment levels. "Startups need to choose the right market, proceed step by step, and have local partners," he emphasized.

Regarding fundraising opportunities, Mr. Vinh believes that opportunities still exist, but investors will be more selective – not only interested in growth but also requiring startups to demonstrate real revenue, good profit margins, scalability, and legal compliance.

"To make money and successfully raise capital, startups need to solve real problems, generate real revenue, and build products with a regional mindset from the outset," Mr. Vinh shared.

Ambitious $55 billion from the international market.

The Prime Minister has just approved the Project to support and develop digital technology enterprises to expand globally by 2030, with a vision to 2045. This is the first time Viet Nam has set a specific target for the number of technology enterprises achieving billion-dollar revenues from international markets.

Targets for 2030: at least 5,000 digital technology businesses generating revenue from international markets; export revenue reaching at least US$55 billion/year with an average growth rate of at least 30%/year; 60 businesses achieving US$20 million/year; 5 businesses achieving at least US$1 billion/year; and at least 25 M&A/joint venture/strategic partnership deals with international partners, each deal worth US$1 million or more.

If completed, this group of businesses will position Viet Nam's digital technology industry among the countries with strong technology export capabilities in the region.

Source: Vietnam.vn