February 26, 2024

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Vietnam to Speed Up Digital Transformation for Socio-Economic Development

According to a recent report, Vietnam will need to do more if it wants to become a digital powerhouse as envisioned in the socio-economic development strategy adopted by the Party in February 2021. A biannual update on Vietnam’s economic performance showed that the country needs to ensure the development of a digitally skilled labour force, the emergence of a dynamic and agile local private sector, and good but secure access to information.

The report reviews the recent developments in the Vietnamese economy and discusses the economy’s short to medium-term prospects, highlighting domestic and external risks associated with the COVID-19 pandemic. The report said that to improve its economic autonomy, Vietnam needs to take advantage of existing conditions to become a digital powerhouse.

While downside risks have heightened, economic fundamentals remain solid in Vietnam, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5% to 7% from 2022 onward. Vietnam aims to be among the top 50 countries in the ICT Development Index as early as 2025, and its digital economy is hoped to account for one-third of the country’s GDP by the end of the decade, instead of only 5%.

For Vietnam, digital transformation is happening in Vietnam and the COVID-19 shock is a big driving factor. Since the appearance of the COVID-19 pandemic, Vietnam has witnessed a great change in the application of new digitisation tools in both the private and public sectors. It is estimated that in June 2021, about two-thirds of private enterprises in Vietnam had access to technologies related to the digital economy. This is a huge leap from the pre-COVID-19 period.

However, Vietnam still has a lot of work to do. In addition to upgrading infrastructure, the country needs to encourage the application of digital technology and attract investment to create conditions for small businesses to participate in the digital economy. Vietnam also needs to upgrade digital technology infrastructures, and equip workers with digital skills to help them become more dynamic in adapting to new technologies.

In the short term, Vietnam can take advantage of the presence of many famous technology enterprises to learn and improve digital skills for local labourers working for these corporations. The Vietnamese government can issue a series of initiatives to attract talents from expatriates working in digital technology fields around the world.

Recently, the Prime Minister issued a document to the Ministry of Science and Technology on restructuring national-level science and technology programmes for the 2021-2025 period and towards 2030. In the document, the ministry is assigned to coordinate with other ministries, agencies, and localities in proactively formulating plans and organising the work.

The ministry must base itself on the ten-year socio-economic development strategy for the 2021-2030 period and the guidance on taking enterprises, institutes, and universities as research entities; ensuring the principles of publicity, transparency, and fairness. The objectives and results of the programmes are to improve product quality and competitiveness of Vietnamese enterprises in the domestic market; to expand foreign markets for advantageous industries; to improve the global innovation index (GII); and to prioritise the promotion of the development of economic models. The document also specifies the number of priority research fields such as social sciences and humanities, natural sciences, industry, agriculture, health, natural resources, and the environment.

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.

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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.

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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.

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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. 

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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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