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Australia and Vietnam develop blueprint for Vietnam’s digital economy

CSIRO’s Data61, the data and digital specialist arm of Australia’s national science agency, and Vietnam’s Ministry of Science and Technology have recently launched a report that examines the trends affecting the development of Vietnam’s digital economy until 2045.

According to a recent press release, Vietnam’s Future Digital Economy is part of the Australian Government’s Aus4Innovation program.

The Aus4Innovation program is an AU$ 10million strategic initiative designed to strengthen links between the Australian and Vietnamese innovation systems.

Vietnam’s Future Digital Economy

Launched at the Science, Technology & Innovation as a Pillar for Socio-Economic Development in Vietnam conference in Hanoi, Vietnam’s Future Digital Economy report provides a blueprint for Vietnam to plan for the country’s digital future.

H.E. Dr Chu Ngoc Anh, Minister of Science and Technology said, “It is a tremendous example of successful collaboration between our national innovation systems.”

H.E. Mr Craig Chittick, Australian Ambassador to Vietnam, said this report was the first major output of the Aus4Innovation partnership between Australia and Vietnam.

He added, “It will guide our work over the next three years as we deepen the collaborative linkages between our two countries and help strengthen the Vietnamese innovation system as it adapts to the challenges and opportunities of the digital economy.”

About Vietnam

The lead author of the report and Senior Research Consultant at CSIRO’s Data61 noted that Vietnam has been one of the world’s fastest growing economies.

Moreover, it has already become one of the most dynamic countries in the East Asia region.

The next wave of digital technologies such as Artificial Intelligence (AI), blockchain, the Internet of Things (IoT), and platforms and cloud-based services has the potential to transform Vietnam into Asia’s next high-performing economy.

Vietnam will need to seize these substantial opportunities while carefully navigating a number of risks.

Megatrends

CSIRO’s Data61 has worked with the team from the Ministry of Science and Technology team to identify seven megatrends affecting Vietnam’s future digital economy.

These seven megatrends are:

  1. The impact of emerging digital technologies
  2. New export markets for Vietnam
  3. The development of modern digital infrastructure
  4. The push to smart cities
  5. The rise of digital skills
  6. Services
  7. Changing consumer behaviours

Megatrends informed the development of four potential future scenarios, which provide a blueprint for decision makers to plan for Vietnam’s future digital economy.

How the future plays out will depend on Vietnam’s position in the regional digital economy as well as the level of adaptation to digital products and services across government, the community and industry.

This is the second report completed by Data61 for the Aus4Innovation program. The first report, Vietnam Today, examined the state of Vietnam’s macro economy and digital economy in 2018.

OpenGov Asia earlier reported about how Australia and Vietnam build on partnership with launch of Aus4Innovation project.

The Ministry of Science and Technology of Vietnam and the Australian Government have agreed on a partnership to work together in the fields of science, technology and innovation.

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