October 27, 2020

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Make in Vietnam tech-manufacturing to be more attractive

With a focus on becoming the best place for technology firms, the Ministry of Information and Communications (MIC) said Vietnam will shift from doing outsourcing to making its own products. As part of this strategy, Deputy Minister Pham Anh Tuan and Vice Mayor of Da Nang Tran Van Mien hosted a conference to promote Japanese ICT investment in Da Nang City.

Attending the conference were Vietnamese Ambassador to Japan Vu Hong Nam, Japanese Envoy Dabake Daisuke representing the Japanese Embassy in Vietnam, Chief Representative of JETRO in Vietnam Nakajima Takeo and 200 Japanese investors and ICT firms.

Deputy Minister Tuan confirmed that the Vietnamese government is determined to build a framework that creates a favourable business environment that would transform Vietnam into the best place for technology firms to start and develop.

As the world is entering a period of growth based on technology and innovation, Vietnam’s investment attraction strategy is taking full advantage of new competitive edges. The country is looking to attract foreign companies to set up shop in Vietnam and experiment with new technologies.

“Vietnam will shift from doing outsourcing and assembling to making products of its own, putting out ‘Made in Vietnam’ products, created in Vietnam, designed in Vietnam and produced in Vietnam,” Tuan said.

Vietnam is eager to strengthen its cooperation with foreign technology groups and companies. They have put out a call to all interested parties, especially those involved in the digital economy. The country is focussing on fields such as manufacturing smart devices, IoT, AI, data science, big data, cloud computing, blockchain, cybersecurity, e-commerce and fintech.

Vietnam will set up a legal framework for experimentation in new technologies, products, services and business models. The Ministry of Information and Communications will join forces other relevant ministries and branches to ensure that these regulations encourage new technology models while ensuring the public interest.

Vietnam will continue investment in mobile telecommunication network infrastructure, and upgrade the 4G network and commercialise the 5G network shortly. It will develop digital infrastructure in Industrial Parks, Hi-Tech parks and concentrated ICT zones to address the booming demand for connectivity and data processing and large-scale investment demands from multinationals.

Japan is the second-largest foreign direct investor in Vietnam with a total registered capital of US$ 60 billion. Japanese investors have invested in 4,200 projects, including 700 ICT projects.

With an opportunity to continue receiving investment from Japan, Vietnam is ready for the new investment wave.

The government of Vietnam has been perfecting mechanisms and policies to help create a breakthrough development for concentrated ICT parks and hi-tech parks in key economic centres, especially in Da Nang. IT, electronics and communications associated with the digital economy are one of the five key business fields that Da Nang is focusing on in its plans to develop its economy.

OpenGov Asia recently reported on how commercial banks in Vietnam could become tech firms themselves by cooperating with dedicated technology firms, including telcos, to create a new growth space.

To turn this into reality, Military Bank has cooperated with giant technology firms in an effort to optimise their digital transformation strategy. The bank has put a digital loyalty point system into operation, which allows users to buy services and exchange points. It has also tried robotic payments and applied digital signature and electronic authentication (eKYC) on an app platform.