Innovation and creation are strategic and decisive factors if Vietnam is to successfully achieve complete digital economic transformation, according to the nation’s Deputy Minister of Information and Communications.
The Minister spoke at the Internet Day 2019 Conference titled “Internet Vietnam: Innovation for digital transformation” in Hanoi.
It was noted that the country had been witnessing the birth of many tech businesses operating in a number of fields with new business models this year. This clearly affirms the determination of many businesses to become digital service providers and pioneers working towards the creation of a digital society.
This year also marked an important milestone – the research, application and development of 5G technology in Vietnam. The Ministry of Information and Communications has licensed 5G trials for three major telecommunication businesses.
This is aimed at creating an important infrastructure for the development of the digital economy and better meet the demand of increasing connectivity speed and scale.
The Prime Minister also assigned the Ministry of Information and Communications to take responsibility for researching, developing and submitting to the Government the national digital transformation plan.
The project would be an overall plan to move towards a comprehensive digital economy and society by 2030.
One of the tasks and solutions determined in the draft of the plan was to create an environment for developing digital products, digital services, and new business models; improving the capacity of innovation and developing digital businesses.
A report on the digital economy in Southeast Asia showed that Vietnam’s digital economy has grown at 40 percent a year, leading the region. The country’s global innovation index is ranked in 42nd place out of 129 countries.
With a population of more than 96 million people and more than 60 million people using Internet services, Vietnamese users spend an average of more than six hours a day online. About 94 percent of internet users in the country use the internet daily.
Looking at the statistics, it is evident that the majority of Vietnam’s economic and social activities take place online. The internet has become a part of all aspects of society; changed social awareness; created more innovative and effective business models; and accelerated the process of sustainable growth.
Within the framework of the conference, the Vietnam cloud computing and data centre club was launched to promote the market of cloud computing services and the development of data centres nationwide.
According to an earlier report by OpenGov Asia, Vietnam’s plans for a digital economy, smart cities, and start-ups have helped the country’s IT industry continue to record strong revenue growth.
The growing capital inflow in Vietnam’s IT industry from private investors, especially foreign ones, has been considered a “golden opportunity” for the industry to expand, an official press release has noted.
Hanoi and Ho Chi Minh City are among the ten most dynamic cities in the world this year, according to the City Momentum Index.
The IT industry is attractive to the investors because the country leads Southeast Asia in internet economy growth with a rate of 40%.
Under the strongly growing digital economy, major opportunities are opening for investors, especially those who want to provide products and services based on new technologies.
The government and the Ho Chi Minh City administration are deploying projects to build smart cities around the country, promoting innovative start-up programs, and implementing projects to transform Ho Chi Minh City into a regional and international financial hub.
