Vietnam seizes opportunities to develop digital economy

ABO/NDO - 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.

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.

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

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.

(Source: NDO)