Web 3.0, blockchain, the Metaverse and other nascent technologies are at the cutting edge of industrial development and naturally create a need for agile, skilled and dynamic software developers. The Guangdong-Hong Kong-Macao Greater Bay Area is a hotspot of industrial development, generating strong demand for expertise in these technologies.
Noting this need, the Hong Kong Trade Development Council (HKTDC) helped Vietnamese company VMO Holdings Technology sign a memorandum of understanding (MOU) with three Hong Kong companies and associations to strengthen software development cooperation and jointly explore business opportunities in the GBA.
“In the GBA, technologies such as the metaverse, Web3 and blockchain offer great opportunities,” Dr Patrick Lau, HKTDC Deputy Executive Director told the MOU signing ceremony.
Representatives of several Hong Kong IT companies had visited Vietnam earlier, and the Ho Chi Minh City HKTDC office introduced them to a number of organisations, including one of the largest software development centres in the region, VMO, and facilitated VMO’s cooperation with Hong Kong companies.
Established in 2012, VMO also has offices in Hanoi, Tokyo and Silicon Valley in the United States and has more than 1,200 employees, providing diversified, fast and cost-effective software outsourcing services for companies around the world, covering e-commerce, fintech, medical care, learning, public services and other fields. Projects include Drone Delivery, Paktor and Mobio.
Jamie Nguyen, Chief Business Officer of VMO, said VMO shared the goal of exploring business opportunities and was dedicated to solving real-world problems.
On 30 March, Dr Lau witnessed the signing by representative of VMO, the Association of Blockchain Development, ACH Worldwide Limited and Greatmeta.
Dr Lau said: “Hong Kong businesses integrate into the overall development of the country, grasp the opportunities brought by the establishment of the GBA as an international technological innovation centre, focus on research and development of technological innovation, and make good use of efficient software outsourcing services to implement the results and provide different types of services for the region. solutions, such as blockchain, Metaverse and more, to meet the needs of the region.”
VMO representative Ted Nguyen, Head of East Asia Markets, said: “Thanks to the HKTDC for facilitating this cooperation, allowing us to effectively use the Hong Kong platform to enter the GBA and serve the enterprises and massive consumer base in the area. VMO will continue to expand mutually beneficial cooperation with enterprises in the area and strive to open new business opportunities.”
Developing new technologies
Dr Kyle Wong, Chairman of the Association for Blockchain Development (ABCD), pointed out that the Hong Kong Special Administrative Region Government actively supported Hong Kong enterprises in their digital transformation, which had greatly increased the market demand for IT services. To fill the talent gap and control operating costs, Hong Kong technology innovation companies had sought software outsourcing services in the region.
“This cooperation will serve as a model to promote Hong Kong's cooperation with Association of Southeast Asian Nations (ASEAN) companies, and with the support of organisations such as the HKTDC, we will overcome different challenges and enter the GBA and other new markets in the region.”
He said the association was committed to promoting blockchain development and encouraging application in different industries.
“We are expanding our network in Asia, and Vietnam is the first stop. After becoming a member of the association, VMO will establish contacts with relevant investors and entrepreneurs, and provide innovative solutions to help them successfully develop their businesses in the digital age.”
Dr Amanda Lim, Founder and Director of ACH, thanked the HKTDC for facilitating the cooperation and successfully established a partnership with VMO to jointly explore GBA business opportunities.
“This cooperation allows both parties to strengthen their strengths and expand their business and join hands to enter the GBA. We will focus on emerging technologies such as artificial intelligence, digital transformation, blockchain, web3, and Metaverse.”
Dr Lim said Vietnam was 50% cheaper than India for software development outsourcing, and it was another IT hotspot in the Asia-Pacific region.
“Vietnam has a young population many of whom can speak fluent English, another advantage." She is very optimistic about GBA prospects and is committed to developing the local market.
“The GBA is the region that gathers young and highly educated talents in the country. It has abundant capital and excellent infrastructure. Its unique advantage lies in Hong Kong's ability to connect global capital and professional talents.”
Development time cut
Greatmeta founder and Chief Operating Officer Cyril Yeung said he would cooperate with VMO to develop Metaverse products and solutions to capture the business opportunities of Metaverse-as-a-Service (MaaS).
“Without the full assistance of HKTDC, we would not have been able to find such an ideal partner. VMO is proficient in blockchain and AI and we have rich experience in the metaverse. The cooperation between the two will bring great benefits. Such as sharing expertise and information to develop new innovative solutions.”
The rise of the metaverse generated great demand from individuals and enterprises and it could be applied in exhibitions, conferences, education and training, parties and other scenarios.
“This mutually beneficial cooperation will help enhance the competitiveness of both parties, promote innovation and accelerate business growth. With complementary advantages, we can shorten the time to market for products and more effectively explore new markets by combining our network and marketing resources.”