The mission provided insights into digital technology opportunities in Indonesia and Vietnam.
Australian technology companies showcased their capabilities during the inaugural Australia Southeast Asia Business Exchange to Vietnam and Indonesia from 24-28 June.
The mission was led by the Australian Special Envoy for Southeast Asia, Mr Nicholas Moore AO, the Business Champion for Vietnam, Ms Louise Adams, and the Business Champion for Indonesia, Professor Jennifer Westacott AO.
The mission provided 18 Australian technology companies with market, sector and regulatory updates and insights across Vietnam and Indonesia. The program matched market demand with Australian capability, focusing on fintech, cyber security and agricultural technology.
Mr Moore reflects: 'This business exchange will support more Australian businesses launch in Indonesian and Vietnamese markets and is closely aligned to the achievement of the Australian Government's Southeast Asia Economic Strategy to 2040 to increase greater two-way trade and investment, particularly in the fastest growing and vitally important digital sectors in Indonesia, Vietnam, and Australia.'
Mr Nicholas Moore AO led the Australia Southeast Asia Business Exchange digital tech mission to Vietnam and Indonesia.
Vietnam and Indonesia's thriving digital markets
The mission focused on harnessing Vietnam and Indonesia's rapid digitisation and embrace of new technology solutions.
Vietnam's digital economy is the fastest growing in Southeast Asia and is forecast to increase to between A$186 billion and A$310 billion by 2030. Australia has strong capabilities to meet this demand.
'As part of my role as Australia's Business Champion for Vietnam, I am passionate about supporting companies to leverage commercial opportunities that not only bring prosperity to both sides but also contribute to regional stability,' says Ms Adams.
Indonesia is Southeast Asia's largest economy. It has a dynamic, fast-growing technology market with 14 homegrown unicorns. High-growth sectors include fintech, cyber security, artificial intelligence, agtech, cleantech and smart city solutions.
'I'm privileged to accompany this delegation of outstanding Australian technology companies as they showcase their capabilities and deepen their understanding of Indonesia's digitalisation journey and priorities,' says Professor Westacott.
The program included:
- technology forums and panel discussions on market readiness and know-how with government representatives, venture capital firms, system integrators, industry associations and potential business partners
- pitch sessions for Australian companies, followed by more than 131 tailored business matchings to facilitate partnerships
- site visits to relevant established organisations, including Ho Chi Minh City Business Startup Support Centre, VNG (Vietnam's first unicorn), the Indonesia Stock Exchange, BRI Ventures (corporate venture capital) and KADIN (the Indonesian chamber of commerce and industry)
- sessions with the Business Champions.
Austrade delivered the Indonesian component of the mission with support from its co-delivery partners, Asosiasi Fintech Indonesia (AFTECH), Kumpul.id and Pisagro.
New Landing Pads launched in Indonesia and Vietnam
The mission also celebrated the official launch of Austrade's newest Landing Pads in Southeast Asia by Mr Moore and Austrade Deputy CEO for Trade and Investment, Mr Daniel Boyer.
'The Landing Pad program will help market-ready Australian technology scaleups to develop an effective go-to market strategy,' said Mr Boyer. 'It will help them secure partnerships and contribute to Southeast Asia's continued digital transformation.'
Indonesia's Landing Pad is receiving expressions of interest. The cohort will commence on 25 July with a 6-week virtual bootcamp to build market readiness, followed by an in-market immersion program in Jakarta in late 2024.
In Vietnam, the Landing Pad will have a presence at the InnoEx exhibition on 22-23 August in Ho Chi Minh City. The Landing Pad will promote Australia's digitech capabilities and build new partnerships.
To learn how the Landing Pad programs can help launch your business in Southeast Asia, watch this video.
