Vietnam's businesses gear up for digitalization

ABO/VNA - Many companies have become digitized, believing this is the only way to achieve a breakthrough in their development.

In late 2019, Minh Phu Seafood JSC, for example, started a project on digital transformation, targeting optimization of operation processes, minimization of production costs, and improvement of production capability.

Minh Phu plans to hold 25 percent of the world’s shrimp market share by 2045. It has set up a strategic goal of automating production by digitizing the value chain, improving productivity, minimizing the processing time, and optimizing the process and operation cost.
Le Van Quang, president of Minh Phu Group, said Vietnam has advantages in shrimp products as it has natural conditions for farming. For Minh Phu, digital transformation is indispensable fir the company to make a breakthrough in positioning, capability and growth.

Vietcombank has also applied HRM (human resources management) that helps automate human resources management, which creates a solid foundation for the bank's operations.

The Military Bank is applying a system which automatically recognizes and extracts information from images to extract data from members' registration profiles, thus shortening the data entry process from several minutes to 2-3 seconds.

At Tan Hiep Phat, the application of the integrated service portal has removed the ‘bottleneck’ in the document approval process. It takes 30 minutes instead of 1-5 days to fulfill the process.
Analysts believe that demand for digital transformation is high, while the potential and opportunities in digital transformation market are limitless. IDC predicted that 2021 would be the year of cloud services as the Covid-19 epidemic showed the importance of business flexibility.
It is expected by 2022, more than 90 percent of businesses worldwide will rely on the cloud platform for strong information technology infrastructure that can optimize efficiency and costs.
The demand for digital transformation, which has increased rapidly in recent years, will rise more rapidly after the pandemic ends.
Experts said that products using the strength of core technologies such as AI, IoT, Big Dta and cloud computing can help businesses optimize operations by reducung 30-70 percent of costs.
Dgital technology also helps to create a seamless customer experience, speeding up operations. At FPT, digital transformation automates 50 percent of internal operations, increases productivity by 20 percent, and reduces 70 percent of time for approval and personnel management.
Commercial banks use chatbots as automatic switchboard operators to authenticate customer information and remind customers of payment schedules, reducing tens of thousands of calls made by operators a month.

(Source: VNA)