The National Australia Bank’s innovation centre in Hanoi has been recognised as among the best places to work and as one of the fastest-growing businesses at the Asia-Pacific Business Awards 2023, Cafe F is reporting.

Of interest, however, is that a number of foreign banks have entered the Vietnamese market only to leave shortly thereafter for a broad range of reasons but mostly due to challenging market conditions, or in the case of joint ventures, incompatible management styles. With this in mind, NAB’s innovation centre looks to be a means of testing the waters and building brand recognition, possibly pre-empting a greater market entry. Innovation is also a hot-button issue in Vietnam as the country strives to shirk its low-cost labour, and low-value manufacturing image and move toward greater high-tech manufacturing. In this vain, this slow and steady approach may pay big dividends for NAB Vietnam in the not-too-distant future.

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