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Vietnam’s Vision for Digital Enterprise Expansion

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The Ministry of Information and Communications (MIC) has spearheaded efforts to propel Vietnam’s digital technology firms onto the global stage, recognising the immense opportunities and conducive environment for expansion.

Image credits: Vietnam Ministry of Information and Communications

As part of its ongoing programme to support digital firms launched in February 2023, MIC convened a second conference on global digital cooperation on March 26, affirming its commitment to nurturing the country’s digital ecosystem.

Minister Nguyen Manh Hung underscored the critical role of Vietnamese tech firms in propelling the nation towards high-income status, emphasising that global expansion is imperative for Vietnam’s economic advancement. He urged firms to adopt a uniquely Vietnamese approach to penetrating international markets, with the assurance of steadfast support from the ministry and state agencies.

Deputy Minister Phan Tam echoed these sentiments, highlighting the favourable conditions for Vietnam’s digital firms to forge global partnerships and expand market reach amidst the flourishing global digital economy.

Dang Khanh Linh from the Ministry of Foreign Affairs shed light on the attractive policies offered by other nations to spur technology investment and foster digital cooperation, citing increasing demand for technology talent in countries like India.

Eunjung Han from EuroCham emphasised the European Union’s commitment to bolstering digital transformation through initiatives like the ‘Digital Europe’ programme, aimed at enhancing digital infrastructure and skills development.

Takeo Nakajima, Chief Representative of JETRO in Vietnam, cited success stories of Vietnamese tech firms entering the Japanese market, with FPT standing out as a notable example. While the Japanese government refrains from financial incentives, it provides soft support such as business facilitation and R&D programmes.

MIC emphasised the importance of insights shared at the event in shaping business strategies for Vietnamese digital firms. A report revealed a growing trend of Vietnamese firms generating revenue from foreign markets, with a notable 7% increase in 2023 compared to the previous year, amounting to a total revenue of US$7.5 billion.

The Foreign Investment Agency highlighted the diversification of outward investment projects in the ICT industry, with telecom projects gravitating towards Africa and smaller IT ventures expanding into Singapore, the US, and Japan.

Through collaborative efforts and strategic initiatives led by MIC, Vietnam’s digital firms are poised to capitalise on global opportunities, driving innovation and economic growth on the international stage.

OpenGov Asia reported that Deputy Minister of Information and Communications, Phan Tâm, underscored the imperative of nurturing Vietnamese digital technology enterprises during a recent conference on global digital cooperation, stressing their pivotal role in advancing the nation’s economy.

As Vietnam’s digital enterprises enter a new phase of development, Deputy Minister Tâm urged the proactive introduction of Make-in-Vietnam digital products and services to global markets, addressing digital transformation challenges and elevating the digital economy on the global stage.

While expanding market reach and fostering international cooperation present promising opportunities, Deputy Minister Tâm acknowledged the accompanying challenges. To leverage these challenges into avenues for growth, the MI), in collaboration with other state management agencies, has diligently issued vital documents facilitating the development of Vietnamese digital enterprises.

Vietnam has a plethora of initiatives aimed at supporting market expansion and enhancing business cooperation with nations worldwide. The importance of this approach was evident during a workshop themed “Cross-border e-commerce – global growth opportunity for Vietnam’s furniture export” held in Ho Chi Minh City.

In a proactive move to bolster brand visibility and broaden consumer reach, Vietnamese wood, furniture, and handicraft enterprises are being encouraged to prioritise and strategically invest in online sales initiatives. This strategic shift aims to diversify sales channels within their business frameworks, tapping into the vast potential of e-commerce platforms.


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