Vietnam’s science ministry reports four technology exchanges accounted for 5,482 service and equipment transactions worth $129 million last year — 34% more than a previous year, and far exceeding expectations.
In Haiphong alone, 40,000 people exchanged scientific views and searched for technologies. The Danang exchange has recorded 5,321 domestic businesses and 153 foreign companies registering 7,754 technology transactions over the past five years.
These are signs that Vietnam is serious about being a global technology leader and consumer. The government projects a 15% annual increase in technological product and service sales through 2020 as exchange projects expand countrywide and universities grow the country’s tech expertise.
These developments have generated a growing awareness among global technology leaders about Vietnam’s potential. This week’s examples:
- On Thursday the Vietnamese and Finnish governments signed a $14 million agreement to implement the second phase of their joint innovation partnership to enhance the capacity of Vietnam’s information technology system and increase activities in scientific research and technology development.
- On Friday Microsoft formally agreed to a long-term partnership with Vietnam to focus on four technologies (1) IT infrastructure, (2) cyber security, (3) cloud apps development and (4) IT human resources.
The race is on to capitalize on hi tech hunger in a promising frontier market of nearly 100 million people.