Vietnam holds huge potential to develop digital economy
Vietnam is emerging as a country with great potential to develop digital economy, as it has more than 58 million internet users out of its 90 million people and the over 125 million mobile subscribers.
Hanoi (VNA) – Vietnam is emerging as a country with great potential todevelop digital economy, as it has more than 58 million internet users out ofits 90 million people and the over 125 million mobile subscribers.
Digitalisation is present in almost allfields in Vietnam, replacing traditional business models, from businessregistration and electronic invoicing, to online retail, property and banking.
More start-up companies are beingestablished in Vietnam and many have achieved impressive business results ine-commerce, QR code payment, electronic wallet and e-banking solutions.
A report of the Vietnam E-CommerceAssociation showed that 2017 was a booming year of the Vietnamese e-commercesector when its revenue exceeded 2 billion USD, a twofold increase over theprevious year. The figure is forecast to hit 5 billion USD by 2020.
However, e-commerce accounted for only 3.6percent of total retail sales, lower than the average rate of 14.5 percent inthe Asia-Pacific region.
The Vietnam Chamber of Commerce and Industrysaid that along with opportunities, the digital economy also creates a lot ofchallenges for Vietnamese enterprises.
The first challenge is the strong presenceof foreign enterprises in many industries of the Vietnamese economy. Theinfluence of foreign technology firms such as Facebook, Google and Microsoft onVietnamese society is enormous.
Meanwhile, the high costs of IT equipment andpoor logistics services compared with regional countries are also preventingmany Vietnamese enterprises from expanding into the digital economy.
In addition, most Vietnamese consumers stilllack trust in online shopping.
Deputy Minister of Science and TecgnologyBui The Duy advised businesses to consider their business strategy and capacitywhen they want to digitise their operation.
Digital transformation does not mean buyingsoftware and hardware but concerns how to change the business model and adaptto technological transformation. Therefore, each company should have their ownway of transformation that best suits their conditions, he added.-VNA
Vietnamese agencies, businesses and organisations are constantly innovating and experimenting with the latest technologies, making every effort to keep themselves up-to-date.
The Thai Ministry of Digital Economy and Society is expediting five important projects after the government approved two-billion-baht budget to finance them with a focus on the expansion of high-speed Internet to remote areas.
Although logistics and e-commerce in Vietnam is booming, the two sectors have been hamstrung by a lack of linkages between them, said Tran Thanh Hai, Deputy Director of the Import-Export Department under the Ministry of Industry and Trade.
A workshop on Cross-border Data Flows took place in Hanoi on May 3 to discuss the importance of data access and sharing and the need to develop a legal framework on data management to boost the growth of digital economy.
ANTARA and VNA can design global-scale cooperation programmes or joint media campaigns, demonstrating the comprehensive strategic partnership between Vietnam and Indonesia, as well as the cooperation between the two national news agencies.
As Vietnam’s digital transformation accelerates, both the frequency and severity of cyberattacks are growing. The National Cybersecurity Association (NCA) reported that in 2024 alone, there were some 659,000 separate cybersecurity incidents, impacting around 46.15% of government agencies and businesses.
A key highlight will be the technology cluster pavilion, showcasing top enterprises selected for their innovation, market potential, and practical applications. These firms will display flagship products and solutions, supported by government policies to strengthen the tech sector.
Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
Over the past three decades, Binh Duong has cemented its status as one of Vietnam’s most dynamic industrial hubs, building a robust foundation in manufacturing, exports, and investment. The province now has 30 operational industrial parks spanning over 13,000 hectares, with an occupancy rate exceeding 90%.
The diplomat emphasised that Vietnam places the highest priority on the development of science, technology, and innovation, viewing them as critical drivers for the country’s advancement in the new development era.
The PM revealed Vietnam’s plan to develop nuclear power in the near future, and called on the Swedish side to assist Vietnam in developing and refining legal and policy frameworks for the use of nuclear energy for peaceful purposes; training and developing human resources; ensuring nuclear safety; and conducting training and drills to improve incident management capabilities.
More than an art showcase, the second “Technology with heart” contest seeks to inspire innovation and spotlight the humanistic values that technology can bring into daily life, expected to contribute to a sustainable digital future.
The average speed of the national mobile broadband network remained stable, with download speeds reaching 76.86 Mbps and upload speeds reaching 26.98 Mbps.
Under the MoU, AMD will support several key initiatives spearheaded by HCM City’s authorities, including piloting policies, co-hosting innovation events, and evaluating the investment environment within the Saigon Hi-Tech Park.
The centre is a joint initiative between Australia’s Department of Foreign Affairs and Trade and Vietnam’s Ministry of Science and Technology, with PTIT and the University of Technology Sydney (UTS) serving as co-leads, and global telecommunications giant Nokia as founding industry partner.
The new centre, staffed by a team of scientists, researchers, and AI specialists working in Hanoi and Ho Chi Minh City, forms part of Qualcomm’s global AI research group.
As a flagship initiative of the community project “Digital Literacy for All”, the programme forms part of a national scheme to equip 20 million young people with digital business skills.
The organisers hope the competition will help shape a generation of exceptional engineers who will make significant contributions to Vietnam’s scientific and technological progress in this era of transformation.
In the digital age and amidst the Fourth Industrial Revolution, IP plays an increasingly critical role, not only in safeguarding inventions but also in reducing copyright infringement and curbing piracy.
Ambassador Nguyen Minh Vu laid stress on the significance of the Hanoi Convention, particularly to the Asia – Pacific, to handling legal gaps in international cooperation against rapidly increasing global cybercrime.
The week features a rich lineup of activities, including a plenary conference on blockchain and AI development, thematic seminars on future technology trends and investment visions, applications of blockchain and AI in business, the Super Vietnam PitchFest, as well as forums for blockchain and AI.
According to the Politburo’s Resolution No. 57-NQ/TW, dated December 22, 2024, on making breakthroughs in the development of science, technology, innovation, and national digital transformation, this is considered a decisive factor in the development of nations. It is seen as a prerequisite and the best opportunity for Vietnam to become prosperous and powerful in the new era of the nation’s rise.
Illustrative photo (Photo: internet) 
