Today: 04/12/2023 07:11:38 (GMT+7)

Vietnam seizes opportunities to develop digital economy

The digital economy has become an important development trend in many countries as the Covid-19 pandemic is profoundly transforming all socio-economic activities from in-person to contactless based on the digital infrastructure.

Assessments by many international organisations all agree that Vietnam is among the most dynamic countries in the development of the digital economy with improvements and breakthroughs over the years. A report on Vietnam’s digital economic potential by AlphaBeta suggests that the digital economy could bring in US$74 billion for Vietnam by 2030.

Vietnam, seizes opportunities, develop digital economy, Covid-19 pandemic, digital infrastructure, economic potential

Digital payment has become more and more popular to avoid direct contact during the pandemic.

The sectors to benefit most are manufacturing, agriculture and food, education and training. The opportunities for digital economic development in Vietnam rely on a young and tech-savvy population and a high ratio of smartphone usage.

But the digital economy is facing many hurdles, namely legal barriers, digital connectivity, and a shortage of workers with digital skills. Others include regulations on data localisation, connection data protection and broadband speeds, which are slower than in other countries in Southeast Asia.

Like many countries, the Covid-19 pandemic is accelerating digital transformation in Vietnam. A bright spot recognised by the World Bank is that 60% of Vietnamese enterprises have used online platforms and tools while e-government is providing over 2,000 online procedures for the public and enterprises.

Aware of the new opportunities, the 13th Party Congress’s Resolution identifies the digital economy as one of the key criteria in socio-economic development in the coming years. Specifically, the digital economy will account for 20% of GDP by 2025 and 30% of GDP by 2030.

Through the National Innovation Centre, many programmes to develop the digital workforce for enterprises and training activities to enhance technological capacity, e-commerce application and digital transformation have been organised. Such programmes will create the most favourable environment for digital technology and promoting the formation of an innovative ecosystem and digital economy in Vietnam.

The roadmap for digital transformation has also been kicked off when, for the first time, the Ministry of Planning and Investment has implemented a programme to support enterprises with digital transformation during the 2021-2025 period, which includes a series of in-depth advice on how to build a digital transformation plan so as to maximise its benefits of an enterprise.

The huge potential of the digital economy can only be translated into important resources when opportunities are capitalised on and efforts are made to remove the barriers to the digital economy. The government has presented a bill to the National Assembly to revise the Law on Statistics in order to supplement statistical categories that reflect digital transformation, the digital economy and digital society.

It will be the legal basis for Vietnam to create a set of statistical criteria in line with international standards in order to accurately measure the size of the digital economy. It will also ensure feasibility and effectiveness in implementing resolutions, strategies and programmes on digital economic development.

Digital technology projected to earn US$74 billion for Vietnam by 2030: Seminar
Digital technology, if exploited to the maximum, can bring over VND1.733 quadrillion (US$74 billion) to Vietnam by 2030, with the most beneficial sectors including manufacturing, agriculture and food, and education-training.
Digital transformation offers new opportunities for retailers post-pandemic
As local governments ease Covid-19 restrictions and distribution channels reopen, retailers will have a great chance to increase their revenue in the final months of the year. Besides traditional sale channels, digital transformation will help them seize better opportunities.
Bac Giang provincial Young Entrepreneur Association and Digital Novaon Group launch digital transformation project
(BGO) – On October 5, the Young Entrepreneur Association in Bac Giang province (YEA) and Hanoi based Digital Novaon Group inked an agreement to launch digital transformation project (DTP).
Developing e-government towards digital government by 2025
Digital government is oriented to be open for people, firms and other organisations to properly participate in the activities of and interact with state agencies, in a bid to jointly improve transparency and service quality, solve problems, and create value for society together.
Bac Giang province and FPT ink cooperation deal in digital transformation
(BGO)- The provincial People’s Committee of Bac Giang province and FPT joint stock company inked an MOU for cooperation in digital transformation on October 3.

Source: NDO

Vietnam, seizes opportunities, develop digital economy, Covid-19 pandemic, digital infrastructure, economic potential
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