February 22, 2024

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Vietnam’s Internet Economy Remained Strong Despite Pandemic

Vietnam’s internet economy was valued at about US$ 21 billion in 2021, contributing 5% to the GDP and a seven-fold increase from 2015. It is expected to reach US$57 billion by 2025 and rank second in Southeast Asia. An industry expert at a recent summit on digital transformation noted that the size of the Internet economy last year showed that despite the COVID-19 pandemic’s impacts, digital transformation projects generated strong growth for the digital economy. In the post-pandemic scenario, Vietnam has the opportunity to further this growth by applying and developing technology-driven applications and platforms.

A digital economy report showed that in 2019, the information technology digital economy accounted for about 4.5% of the global GDP, about 6.9% of the US and 7% of China’s GDP. For Vietnam, the ICT digital economy is estimated to account for about 5.5% of the country’s GDP, with a revenue of about $123 billion. The government has set a target for the digital economy to contribute 20% of GDP by 2025 and the proportion of the digital economy in each industry or field to reach at least 10%. To achieve this, the entire political system and IT and software enterprises must collaborate. Tech firms should create secure and advanced digital transformation platforms and solutions and continue developing products based on artificial intelligence, machine learning, and blockchain. They should assist agencies, organisations, and businesses nationwide to carry out digital transformation, a press release stated.

The two-day summit was held in Hanoi and attended by over 150 international and domestic digital experts. It provided an overall view of digital transformation in Vietnam, enabled the sharing of information and experiences, and introduced technological models and solutions to help accelerate digitisation in the country. Participants looked into issues relevant to the digital government, digital economy, and digital enterprises. There were also two panel discussions where representatives from 11 regional countries shared experience in the field. An exhibition on digital transformation solutions also took place at the event.

In April, the Ministry of Information and Communications (MIC) reported that Vietnam’s digital economy revenue reached US$ 53 billion in the first quarter of 2022. 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, as of April, 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.

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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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