Digital economy to bring over $74 billion for Vietnam by 2030

A recent workshop reviewed Vietnam’s current situation and possible development of its digital economy 

As reported by Vietnam News, if executive properly, digital technology can generate over VND1.733 quadrillion (USD74 billion) for Vietnam by 2030, with manufacturing, agriculture and food, and educating-training sectors benefitting the most.  

The workshop, co-organised by the Ministry of Planning and Investment’s Vietnam National Innovation Centre (NIC) and Google, covered the current situation and possible development of Vietnam’s digital economy, including mechanisms and policies to promote its growth.  

The report, conducted by AlphaBeta, shows that Vietnam holds many opportunities to benefit from the digital economy.  

Young, educated, and tech-savvy people make up 70 percent of the citizens under 35 years of age. Additionally, the literacy rate of the 15-35 age group is over 98 percent, higher than the average global rate of 91 percent.  

Vietnam also has the second-fastest growing Internet economy in Southeast Asia, with approximately 70 percent of residents using smartphones.  

However, there are multiple barriers to benefitting from digital technology, including digital connectivity, regulatory requirements, and a shortage of digitally skilled human resources, says the report.  

Deputy Minister of Planning and Investment Trần Duy Đông said in the context of the COVID-19 pandemic, Vietnam needed to accelerate the digital economy’s development on the basis of science-technology and innovation to improve the quality of life, productivity, efficiency, and competitiveness. 

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Jacques Morisset, World Bank lead economist for Vietnam, suggested the nation focus on upgrading workers’ digital skills, encouraging businesses’ innovation, and enhancing the accessibility and quality of information.  

Vũ Quốc Huy, director at NIC, said the centre had cooperated with partners such as Google and Amazon to organise online training and capacity-building programmes in technology, e-commerce application, and digital transformation for domestic businesses.