February 27, 2024

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Digital Transformation in Vietnam Surpasses Global Averages

Digital transformation plays a crucial role in enhancing companies’ overall profitability. The research conducted by a prominent financial services group in Asia indicates that Vietnam is among the top 10 markets in the region, second only to Singapore. The research was based on a survey of 22 markets, highlighting its significant progress in embracing digital transformation.

Among the top 10 markets analysed, including Australia, China, Hong Kong, India, Indonesia, Singapore, Taiwan, the UK, the US, and Vietnam, companies in Vietnam have shown significant change. With 68% of companies in Vietnam adopting a strategic, consistent, or radical approach to digitalising customer experience and engagement, they have surpassed the global average of 64%.

According to the research, a significant majority of Vietnamese companies (63%) expressed satisfaction with the impact of digital transformation on their overall profitability. Additionally, 61% reported that it had led to improved customer insight, while 57% believed it enhanced their overall competitiveness in the market. Moreover, more than half of the companies (56%) stated that they have been effectively using digital technology in customer service and engagement.

The research reveals that 35% of Vietnamese companies fall into the category of “developing leaders” when it comes to digitalising their customer engagement. This indicates that these companies have significant potential for achieving high levels of transformation performance in the future.

Approximately 12% of Vietnamese companies were identified as “transformation leaders,” consistently surpassing the global average in terms of digitalising their customer engagement. On the other hand, only 9% of companies are facing various challenges that hinder their progress in digital transformation.

The survey also highlighted the barriers that impede faster progress in digital transformation for Vietnamese companies. The two primary challenges identified were talent gaps (42%), and concerns about data privacy (35%). To address these challenges, experts propose that businesses should collaborate with institutes of higher education to expand relevant programmes that prepare individuals for a more digital-oriented future. Simultaneously, the government’s efforts to enhance the quality and accessibility of higher education can contribute to overcoming these obstacles.

In 2020, Vietnam kicked off a national digital transformation programme, under which the country would renovate the management and administration activities of the government, the production and business activities of enterprises, and the overall way of living and working. It is working to develop a safe, humane, and wide digital environment. The national digital transformation programme has the dual purpose of both developing the digital government and economy and establishing Vietnamese digital businesses with a global capacity.

Recently, a decision approving the strategy for digital transformation in journalism until 2025, with a vision towards 2030, was signed by the Deputy Prime Minister. As OpenGov Asia reported, the objective is for all press agencies to release their content on digital platforms, with emphasis placed on domestic digital platforms. By 2030, 90% of agencies should have used concentrated data analytic and processing platforms and applied artificial intelligence (AI) to optimise operations. 100% will have operated in the converged newsroom model and others matching scientific and technological development in the world and produced content in line with digital media trends. The strategy entails that press agencies should aim to maximise their revenue streams, with the goal of having 50% of them increase their revenue by a minimum of 20%.

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

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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 business services provider. We help 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 3,000 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.

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