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Vietnam Digital Economy Touches US$ 53 Billion in 2022 Q1

Image credit: Ministry of Information and Communications

Vietnam’s digital economy revenue reached US$ 53 billion in the first quarter of this year, according to a report by the Ministry of Information and Communications (MIC), which was presented at a meeting held by the National Committee on Digital Transformation.

According to the ministry, the digital economy is made up of the information communication technology (ICT) digital economy, the Internet digital economy, and the digital economy of industries. In the first quarter of this year, the Internet digital economy’s growth rate was 28%, reaching US$8 billion in revenues. The ICT digital economy and digital economy of industries each had average revenue growth rates of about 15%. By the end of February, the number of newly-established digital technology enterprises reached 65,329, an increase of 487 enterprises compared to 2021.

Regarding the e-government, so far, the National Public Service Portal integrated 3,552 online public services, creating favourable conditions for people and businesses. In the first quarter of this year, the portal registered more than 167,000 accounts, synchronised over 14 million records, and clocked 163,000 online payment transactions worth US$15.9 million. Further, earlier this year, the country deployed a nationwide electronic invoice system and, according to the tax authority, it has currently received and processed 77.7 million e-invoices. MIC’s report also revealed that human resource training for digital transformation has been a government priority. Nearly 1,000 officials and civil servants have been trained so far. About 10,000 government personnel are expected to be trained by October.

The Ministry of Public Security has coordinated with relevant ministries to deploy a national database on the population with information of nearly 78 million citizens and over 133 million COVID-19 vaccinations. The digitisation rate of business documents reached 100% in the national database of business registration.

In terms of digital infrastructure, the speed of broadband network access in Vietnam in the first quarter of this year improved compared to the same period last year. Specifically, the download index in mobile broadband, increased by 26%. The download index in fixed broadband increased by 44%. Presently, the proportion of adults using smartphones in Vietnam is 73.5%. Vietnam aims to increase the rate to 85% by the end of 2022.

Prime Minister Pham Minh Chinh, who is the head of the National Committee on Digital Transformation, said that digital transformation is a driving force for innovation and the foundation for a modern economy. The committee needs to implement mechanisms and policies to digitally transform the country and administrative tasks. He pointed out several tasks that the committee must focus on, including developing digital transformation infrastructure, applying digital technology, mobilising resources through public-private cooperation, and improving the management capacity and quality of human resources. Creating a robust digital society is expected to make people happier, participate in more comprehensive social activities, and enjoy more favourable social security policies, contributing to making Vietnam a safe, secure, and connected country.

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