August 6, 2020

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Vietnam digital economy could be $30 billion by 2025

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Recent studies have shown that Vietnam has great potential for digital transformation and can proceed quickly with fewer risks than other countries.

According to a press release, experts predict that Vietnam’s digital economy may have the value of US $30 billion by 2025.

One report showed a high proportion of internet and mobile phone users. Vietnam has 96.9 million people but 145.8 million mobile phone subscribers (150% of the population), 68.17 million internet users, and 65 million social network users.

Around 94% of Vietnamese own mobile devices, 65% use laptops and desktop computers, and 22% use tablets. The demand for mobile services and internet has been increasing rapidly.

Meanwhile, because of the stiff competition, businesses must carry out digital transformation in order to grow and compete with rivals.

A survey conducted in the Asia Pacific found that the impact of the digital transformation on GDP would be 60% in 2021.

The release quoted another report, from Australia, that showed that Vietnam would obtain US $162 million more in GDP in the next 20 years if it successfully carries out digital transformation.

Further, the country has advantages in the labour force. According to the 2019 Ministry of Information and Communication’s (MIC) report, Vietnam had more than 30,000 businesses in ICT, 955,000 workers, and 80,000 university graduates majoring in information and communications technology (ICT).

Vietnam also has relatively low risks. The information systems of Europe and the US are all large-scale, so high risks exist when adjustments are made to digitise business stages, especially the core systems.

The systems in Vietnam are less prone to problems related to systematic risks. That is why experts believe that digital transformation in Vietnam could be carried out in a faster and safer way.

The release said that Vietnamese technology firms are good choices for technological solutions in the market.

FPT, the largest Vietnamese IT group, has many technological products that provide solutions to digital transformation, specifically suitable to Vietnam’s businesses.

FPT has launched a set of optimisation solutions that help businesses increase productivity, save costs, and make the most of the resources to overcome a crisis.

The set of solutions includes akaBot that automates some repeated activities, which helps save 90% of time, 60% of operations, and increases productivity by 80%. Also, the FPT AI, a chatbot with natural conversational ability.

Another tech company in the country, Mobifone, recently launched a system to detect and prevent spam calls using big data technology, AI, and machine learning.

Mobifone said subscribers will be blocked based on the following five criteria: the frequency of making calls; the rate of calls with a short contact time; the rate of calls with a short time between calls; the rate of calls for unrelated subscribers; other behaviours such as if subscribers mainly make calls, but do not receive or send SMS messages.

Mobifone will block such subscribers in accordance with MIC regulations.

It is the second telecom provider in the country to develop this system. The first one was the state-owned organisation, Viettel.

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