Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Vietnam eyeing 8% annual growth with digital transformation over 25 years

The country’s development goals for the next period – the aspiration of turning Vietnam into a powerful and prosperous country by 2045 – was shared at the 13th National Party Congress. With ambitions to become a powerhouse in over the next quarter-century, Vietnam aims to have a steady and increasing GDP growth for the next 25 years. This, the nation’s leaders feel will only be possible with a robust digital transformation strategy.

One benchmark for this bold target would be for Vietnam to achieve a minimum average income per capita of $20,000 each year. There are only 37 countries that have this level of average annual income per capita or higher. With the current average income per capita at $3,000 per annum, Vietnam’s has a long way to go. And the only way forward would be to have the nation’s GDP grow by 7.5%-8% annually in the next 25 years.

Minister of Planning and Investment Nguyen Chi Dung said to overcome the current position and exploit all available opportunities, Vietnam must have ‘breakthrough thinking’ and strong determination to take daring steps. It needs to ‘outdistance others’ instead of ‘following’ or ‘going after’ others.

Minister of Information and Communications Nguyen Manh Hung was firm that to become a developed country with high income by 2045, science and technology development, creation and innovation, the 4.0 industry revolution and digital transformation is the only way Vietnam will succeed. In other words, Vietnam must become a country with developed technology.

Data and history show that countries that master technology can grow quickly. Vietnam has successfully controlled the COVID-19 pandemic, returned to the normal situation and maintained a positive GDP growth rate. Digital platforms have made a great contribution to these achievements. Within a short time, nearly 60 digital platforms were created to fight the pandemic, helping control and prevent outbreaks. Vietnam did this because mastered technology and quickly developed products.

Digital transformation offers the opportunity for the poor to escape poverty and for developing countries to become developed ones. The low ratio of physicians per 1,000 people has been a problem in Vietnam. However, with remote examination platforms, people from any region can access thousands of excellent physicians. This cannot be done without digital transformation.

Thanks to digital technology, students in remote areas can also study with good teachers and use the best curricula. Digital technology allows lessons by teachers to reach the remote villages of Vietnam. This means that the poorest people in the most remote areas can access the best services.

With digital technology, people from all over the country can sell their products via e-commerce platforms, bypassing merchants, which allows them to increase their income. Research and development (R&D) plays a very important role, followed by a market approach (service) and outsourcing. Studies show that R&D add 40% of value, service 30-35% and outsourcing just 15-20%.

Vietnam should not rely on doing outsourcing but needs to master technology, design and create products itself. And to do that, Vietnam has to digitise and it has. The nation has been proactively approaching digital transformation. In early June 2020, the Prime Minister signed Decision 749 approving the national digital transformation program by 2025 with the vision until 2030.

Under the program, Vietnam will pioneer in trying new technologies and models, comprehensively renovate government’s management, enterprises’ production and business activities, people’s way of living and working, and develop a safe and humanitarian digital environment. The national digital transformation program aims at the dual goal of both developing the digital government, digital economy and digital economy as well as forming digital technology firms capable of competing globally.

According to information technology experts, Vietnam is a developing country, but this does not automatically imply that it lags in the digital transformation process. In the eyes of the international community, Vietnam is a success story in developing its economy, eliminating hunger and reducing poverty.

After 35 years of carrying out doi moi (renovation), Vietnam, which was one of the poorest countries, has become a middle-income country with the proportion of poor households falling from 60% to below 3%. The international community predicts that Vietnam will become the 20th largest economy in the world and the 10th in Asia by 2050.

Yet, digital transformation in Vietnam has many challenges including unsynchronised digital infrastructure and low connection capability. The legal framework needs refining and better regulations to manage a digital society. More attention needs to be paid to the development of core technologies such as AI, Blockchain and machine learning is also a problem.

However, challenges are creating new opportunities, new missions and new space. From these, new capabilities and new approaches will be created which are the resources for Vietnam to rise.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com