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In an endeavour to transform its economic landscape and embrace emerging sectors, Vietnam has taken its first steps towards nurturing creative industries and services, as revealed in a comprehensive report unveiled by the Central Institute for Economic Management (CIEM).
Entitled “Promoting Creative Economy: International Trends, Experience, and Policy Recommendations for Vietnam”, the report was introduced during a collaborative workshop convened by CIEM and the German Agency for International Cooperation (GIZ) on April 26. Through its findings, the report not only highlights the promising prospects but also underscores the formidable challenges associated with Vietnam’s foray into the realm of creative economy.
Vietnam’s inherent strengths, including its rich cultural heritage, a burgeoning young population equipped with technological acumen, and a positive shift in policy frameworks towards fostering innovation, have laid a solid foundation for the development of the creative economy. However, alongside these advantages lie significant hurdles, such as funding constraints—particularly prevalent in traditional creative sectors—skill deficiencies, especially among older demographics, women, and marginalised regions, and infrastructural inadequacies.
In response to these challenges, the report delineates a series of strategic recommendations aimed at propelling Vietnam’s creative economy forward. These include the imperative need for a robust policy framework tailored to nurture and sustain creative industries, the provision of incentives to galvanise stakeholders, heightened investments in digital infrastructure and technology to leverage the transformative power of the digital age, and the cultivation of both domestic and international markets to amplify the reach and impact of Vietnamese creative products.
Addressing the workshop participants, CIEM Director Tran Thi Hong Minh underscored the urgency of recalibrating Vietnam’s growth trajectory. The traditional model, she emphasised, premised on capital accumulation, unskilled labour, and natural resource exploitation, has reached its zenith, necessitating a paradigm shift towards innovation-driven growth strategies. In this context, Minh stressed the pivotal role of creative economy initiatives in unlocking new sources of economic dynamism and resilience.
Looking ahead, CIEM is committed to refining the report’s insights and translating them into actionable policy recommendations. These proposals, Minh affirmed, will be presented to the government to catalyse economic growth through the creative economy. Ultimately, the overarching goal is to forge a comprehensive national strategy that not only fosters the flourishing of creative industries and services but also positions Vietnam as a vibrant hub of innovation and creativity on the global stage.
Prime Minister Pham Minh Chinh, in his role as Chairman of the National Committee for Digital Transformation, has unveiled the committee’s comprehensive work plan for 2024, aiming to accelerate Vietnam’s national digital transformation and bolster socio-economic development.
The plan prioritises accountability in driving digital initiatives, particularly among state agency leaders, and emphasises key programmes like the National Digital Transformation Programme, e-government development strategies, and fostering a digital economy and society to achieve socio-economic targets and sectoral breakthroughs.
Vietnam is actively pursuing the establishment of robust digital infrastructure and legal frameworks to underpin its transformative journey into the digital economy. Recognising the imperative role of digitalisation in driving economic growth and competitiveness, the Vietnamese government is prioritising the development of comprehensive digital infrastructure and regulatory frameworks.
By fostering an environment conducive to digital innovation and investment, Vietnam aims to leverage technology to enhance efficiency, productivity, and inclusivity across various sectors. Through strategic initiatives and partnerships, Vietnam is poised to harness the power of digitalisation to propel its economic development and improve the livelihoods of its citizens.
Prime Minister Pham Minh Chinh underscored the pressing necessity for institutional enhancements aimed at laying the groundwork for a resilient legal framework conducive to national digital transformation and the rapid advancement of the digital economy.
