On the afternoon of October 18, the National Innovation Center (NIC), the Ministry of Planning and Investment, in collaboration with Google Group held a seminar on “Vietnam’s digital economy potential”.
Online Seminar on Vietnam’s Digital Economy Potential
According to Deputy Minister of Planning and Investment Tran Duy Dong, for many countries around the world, the digital economy is becoming an important feature and development trend.
For Vietnam, the context seriously affected by the Covid-19 pandemic has shown the need to accelerate the development of the digital economy based on science and technology, innovation to improve productivity, efficiency and competitiveness of the economy.
The report “Vietnam’s Digital Economy Potential” shows that, if fully utilized in the economy, digital technology can bring more than VND 1,733 million (US$74 billion) to Vietnam by 2030.
This amount is equivalent to 27% of Vietnam’s GDP in 2020. It is expected that the sectors that will benefit the most are manufacturing, agriculture and food, education and training.
According to the assessment, Vietnam has many opportunities to benefit from the digital economy. In which, the young, educated and tech-savvy population in Vietnam accounts for 70% of citizens under 35 years old, the literacy rate in the 15-35 year old group is over 98% (higher than the global average rate). demand is 91%) and about 70% of the population uses a smartphone. At the same time, Vietnam has the second fastest growing internet economy in Southeast Asia (after Indonesia).
However, some barriers in exploiting the benefits of digital technology include legal regulations, digital connectivity, and a shortage of digitally skilled human resources. Research conducted by the Asian Internet Alliance (AIC) shows that regulations on data localization and data protection are slow, and average broadband speeds are estimated to be significantly slower than in other countries. other in Southeast Asia (about 10 times slower than Singapore, only 1/3 of Malaysia and 1/2 of Thailand).
The report also shows that digital adoption is also essential for Vietnam to respond and recover during the Covid-19 crisis and after the pandemic.
By helping businesses connect with customers through digital technology and reduce logistics bottlenecks caused by supply chain disruptions, technology can help businesses manage the severe impacts of Covid- 19.
It is estimated that about 70% of Vietnam’s total digital opportunity (equivalent to 1,216 million billion VND – about 52 billion USD) can come from such technology applications.
Experts also recommend that, in order to maximize digital opportunities, Vietnam needs to develop a domestic technology ecosystem, improve digital skills for workers and students, and develop a favorable environment for them. digital commerce.