February 21, 2024

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Vietnam launches national forum on development of digital enterprises

Vietnam recently launched a national forum aimed at fostering the development of local digital enterprises in Hanoi. It is part of a one-year review since the implementation of the Make-in-Vietnam strategy.

Addressing the forum, the Minister of Information and Communication (MIC), Nguyen Manh Hung, underlined the importance of the Make-in-Vietnam strategy as a means of working towards a prosperous and developed country in the future.

According to a press release, Minister Hung reviewed the progress made by domestic digital businesses since the strategy was first implemented- 13,000 digital businesses have successfully been established one year on from its launch, representing an increase of 28%.

At present, Vietnam is home to a community of more than 58,000 digital businesses, and it is expected to meet the target of 100,000 enterprises by 2025. The Minister also emphasised the importance of utilising different technologies in the fight against COVID-19, including the launch of tracing apps like Bluezone, Ncovi, and CoMeet, along with online learning platforms, remote health examinations and treatment, and business management software for micro and small and medium-sized enterprises (SMEs).

Vietnam has ranked fifth in the world in terms of 5G infrastructure and equipment ownership. It plans to build a digital landscape to transform the nation from a real to a virtual world. The Make-in-Vietnam strategy must focus on outlining a long-term vision whilst simultaneously developing open technology, open-source software, and opening data to businesses and individuals in order to create new values to become a technological country in the future.

The number of 5G subscriptions in Vietnam is forecasted to reach 6.3 million by 2025, according to a report on 5G development in Southeast Asia. Vietnam and Singapore are expected to be the first countries in the region to roll out the latest wireless communications technology in 2020-2021. The market penetration in Vietnam in the early stage of 5G implementation will be lower than that in Indonesia and Thailand, but growth is projected to accelerate in the later stage.

The early launch of 5G services could help Vietnamese mobile carriers increase revenues by US$300 million a year, starting from 2025. However, they need to invest about US$1.5-2.5 billion in technology during the 2020-2025 period.

At the forum, the Minister noted that the coming year has the potential for strong development in Vietnamese technology, and the strategy will further contribute to developing the country and ultimately achieving a prosperous state.

As part of the occasion, Prime Minister Nguyen Xuan Phuc sent a congratulatory letter to the forum, expressing that the digital business community has been an important driving force behind Vietnam’s economic development, helping maintain economic growth and ensuring national security. He called on digital businesses to pioneer and make further contributions to the ongoing process of digital technology transformation.

This year’s event attracted approximately 1,000 delegates, including various government leaders, relevant ministries, along with a number of diplomatic agencies, and international organisations in Vietnam. They were joined by hundreds of domestic and foreign experts and large technology enterprises.


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