Australia’s banking sector is undergoing a major transformation, with digital innovation at the core of its growth strategy. National Australia Bank (NAB), one of Australia’s largest banks, is at the forefront of this shift, prioritizing digital capabilities to enhance customer experience and operational efficiency. 

NAB Vietnam’s Strategic Roadmap 

Since 2019, NAB has strategically expanded in Vietnam, leveraging top technology talents to enhance digital experiences for over eight million customers. From opening the NAB Innovation Centre Vietnam to establishing three offices in Hanoi and Ho Chi Minh City (2020–2023), the team has grown to 1,500 employees by 2024, accelerating innovation and moving into A+ grade headquarters. 

Vietnam has already proven its potential as a key innovation hub, driving advancements in user interface development and registration processes. A standout achievement is NAB’s cloud-based digital mortgage solution, enabling approvals within an hour—transforming a traditionally slow process. 

Beyond business growth, NAB invests in workforce development, hiring 100 graduates annually through programs like We Camp (for female graduates) and Star Camp (mixed). These initiatives, alongside training for career switchers, reinforce NAB’s commitment to nurturing top-tier talent in Vietnam. 

Over the next 3-5 years, NAB will strengthen software engineering and security, expand into digital marketing, and explore AI-driven opportunities. A key focus is deepening customer insights, ensuring NAB’s Vietnamese teams can co-design tailored solutions for Australian users. 

This move also aligns with Australia and Vietnam’s growing economic ties, reinforced by the Comprehensive Strategic Partnership established in March 2024, which fosters collaboration in science, technology, and innovation. 

Former Australia’s Ambassador to Vietnam, Mr. HE Andrew Goledzinowski, stated: “NAB’s success in the Vietnamese market shows how valuable commercial collaboration between Australia and Vietnam can be. It is an example of our capabilities combining to create a real impact, boosting productivity and innovation for the benefit of both our economies.” 

NAB’s Motivation for Expanding Its Technology Capabilities in Vietnam 

Vietnam has emerged as a leading destination for IT talent, attracting global companies seeking top-tier software engineers. According to Mr. Patrick Wright, Group Executive, National Australia Bank, Vietnam is one of the fastest growing digital economies in the world and is putting significant investment into skill development.  

Highly skilled software engineers 

Mr. Howard Silby, General Director of NAB Vietnam, highlighted that one of the key drivers behind NAB’s expansion into Vietnam was the country’s abundant IT workforce. With over 50,000 IT graduates annually, Vietnam provides a steady pipeline of skilled professionals ready to tackle complex technological challenges. 

The country’s strong STEM education system and increasing emphasis on digital skills training have further solidified its reputation as a hub for innovation. Vietnamese engineers are not only technically proficient but also adaptable, quick to learn, and highly collaborative—qualities essential for developing cutting-edge financial solutions. 

Besides, Vietnam also ranks 10th in World Rank of Best Developers Survey. The country ranks 3rd for Artificial Intelligence Coders according to Hacker Rank’s Report of 2021 and ranks 11th globally in terms of their skill ratings according to the 2022 TopCoder Report’s Developer Skills Charts. 

Young and Tech-savvy Workforce

Vietnam’s tech workforce is young, dynamic, and highly adaptable, making it an ideal environment for innovation. With the ability to engage with global tech trends, develop cutting-edge solutions, and continuously enhance their expertise through challenging projects, Vietnamese engineers are well-positioned to thrive in the digital economy. 

Recognizing this potential, NAB has invested heavily in training fresh graduates, ensuring they gain hands-on experience and develop critical technical and business skills. 

Beyond technical skills, NAB emphasizes career growth and leadership development, helping young professionals carve out clear career paths. With an average workforce age of 29, NAB fosters an environment where emerging talent can rapidly advance, ensuring Vietnam remains a top destination for world-class tech professionals. 

Cost-Efficiency  

Vietnam provides highly competitive IT outsourcing costs, with senior software engineers earning an average of $22-$25 per hour—30% to 40% lower than in major outsourcing hubs like China, where rates can reach $40 per hour. 

According to the 2023 Kearney Global Services Location Index, Vietnam ranked 7th among the world’s top outsourcing destinations, solidifying its reputation as the “Next Silicon Valley in Southeast Asia.” 

Political Stability 

Vietnam has enjoyed five decades of political stability since its reunification in 1975, making it one of the most secure environments for business and investment in the region. The country’s last major conflict with a neighboring nation occurred in 1978, nearly 30 years ago.  

Vietnam and Australia have fostered a strong partnership based on strategic trust since establishing diplomatic ties in 1973. In 2024, their relationship was elevated to a Comprehensive Strategic Partnership, marking a new phase of deeper cooperation across trade, security, and innovation. 

Reuters reports that Vietnam’s strengthened ties with Australia mark another milestone in the country’s “bamboo diplomacy.” This achievement comes after Vietnam successfully deepened its relationships with major global powers last year, demonstrating its ability to navigate rising geopolitical tensions while maintaining strong economic partnerships across divided markets. 

Business Environment 

Vietnam has cultivated a highly favorable business environment for foreign investment, thanks to progressive policies and strong economic initiatives. The country’s extensive network of Free Trade Agreements (FTAs), including the 2019 EU-Vietnam FTA, has strengthened its position as an attractive destination for global enterprises.  

Additionally, Vietnam’s effective management of the Covid-19 pandemic further boosted investor confidence, leading to a surge in investments from major technology and manufacturing giants such as Apple, Canon, Microsoft, Nokia, Intel, LG, and Samsung. 

 Beyond these, tech corporations from Japan—including Sharp, Nintendo, and Komatsu—as well as Hong Kong’s Lenovo, are also exploring Vietnam as a key hub for their production activities, according to a report by Savills Vietnam. 

English proficiency 

English is the second most spoken language in Vietnam, with a large number of university graduates proficient in it. In the EF English Proficiency Index 2023, Vietnam ranked 7th in Asia and 58th globally. Notably, around 90% of IT professionals in the country have intermediate or higher English proficiency, ensuring smooth communication in outsourcing projects. 

CMC Global: An Ideal IT Outsourcing Partner for Australian Businesses  

A crucial factor in NAB’s success in Vietnam is partnering with a reliable IT services provider in their first stage. CMC Global stands out as a leading technology outsourcing partner for Austrilia, offering specialized expertise in:  

• Software Development & API Integration: Enabling seamless financial services with modern, scalable applications.  

• Legacy System Modernization: Transforming outdated banking systems into agile, cloud-based platforms.  

• Data Analytics & AI: Driving smarter decision-making with advanced data solutions. 

• Security & Compliance: Ensuring adherence to international financial security and quality standards.  

Contact us for a free consultation to discover your potential expansion in Vietnam.