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Vietnam: Navigating the Global Digital Frontier

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Promoting and nurturing Vietnamese digital technology enterprises to thrive on a global scale stands as a pivotal task, essential for fostering the stability and sustainability of the nation’s economy.

Deputy Minister of Information and Communications, Phan Tâm, emphasised the pivotal role Vietnamese digital technology enterprises play during a recent conference on global digital cooperation. He stressed that as these enterprises enter a new phase of development, they must confidently and proactively introduce Make-in-Việt Nam digital products and services to the international market, addressing digital transformation challenges and propelling the digital economy to global recognition.

However, while expanding market reach and fostering international cooperation are noble endeavours, Deputy Minister Tâm highlighted the numerous challenges that come hand-in-hand with such a mission.

To transform these challenges into opportunities for growth, the Ministry of Information and Communications (MIC) has worked diligently alongside other state management agencies to issue vital documents facilitating the development of Vietnamese digital enterprises. These initiatives aim to support market expansion and enhance business cooperation with nations worldwide.

Echoing this sentiment, Vũ Văn Chung, Deputy Director of the Foreign Investment Agency under the Ministry of Planning and Investment, shared that the nation boasts 1,720 investment projects abroad, totaling an impressive registered capital of US$22.12 billion across 80 countries and territories by the end of the previous year.

Furthermore, he noted a significant shift in the focus of overseas investment by Vietnamese digital technology enterprises toward developed economies like the US, the EU, Japan, South Korea, and Singapore. Investments predominantly target high-tech sectors, services, industrial production, and industries infused with modern technical prowess, signaling a promising trend in international engagement.

Specifically, the field of information and communications has seen remarkable strides, with 207 projects accumulating a total registered capital of $2.82 billion by the close of 2023, constituting nearly 13% of the total registered capital for investments abroad.

While small-scale projects primarily concentrate on countries like Singapore, Japan, South Korea, and the US, larger telecommunications endeavors increasingly focus on African nations.

Discussing strategies to facilitate opportunities for digital technology businesses venturing abroad, the Việt Nam Trade Promotion Agency under the Ministry of Industry and Trade highlighted its efforts in creating a robust foundation and legal framework to promote digital transformation. Additionally, the agency has spearheaded various trade promotion initiatives aimed at supporting the global presence of Vietnamese digital technology enterprises, ultimately paving the way for enhanced international market penetration and sustained growth.

In the dynamic landscape of global digital cooperation, it is imperative for Vietnamese digital technology enterprises to seize opportunities and navigate challenges adeptly. The evolution of digital technology has presented unprecedented possibilities for innovation, market expansion, and economic development. However, to capitalise on these opportunities, enterprises must be equipped with the necessary tools, resources, and strategic foresight.

At the heart of this endeavour lies the need for comprehensive support from governmental agencies, industry stakeholders, and international partners. By fostering an ecosystem conducive to innovation and entrepreneurship, Vietnamese digital technology enterprises can thrive and contribute significantly to the nation’s economic prosperity and global competitiveness.

The journey to promote and develop Vietnamese digital technology enterprises is multifaceted, requiring collaborative efforts, strategic planning, and unwavering commitment. As the digital landscape continues to evolve, Vietnam stands poised to emerge as a prominent player in the global digital economy, driven by the ingenuity, resilience, and entrepreneurial spirit of its digital technology enterprises.


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