Vietnam’s digital economy establishes goals for 2030 and 2045

Local governments have also introduced their own resolutions to promote digital transformation

Digitalisation drives innovation. It plays a huge role in economies achieving high-income status. amadeustx/Shutterstock

The Asian Development Bank (ADB) ranked Vietnam 63rd out of 113 in terms of economies in digital environment and support system for entrepreneurs, according to VnExpress.

The firm developed an index measuring the quality of the environment for digital entrepreneurs. The criteria for determining the level of digitalisation across the globe cover eight areas, including human capital, infrastructure, and market conditions.

SGGP Online reports that the digital economy is expected to contribute 20 percent and 30 percent of Vietnam’s national GDP in 2025 and 2030, respectively.

More: Vietnam revises GDP target this year to 6.5%

Local governments have each introduced their own resolutions to promote digital transformation. A determination like this has encouraged the public and businesses, especially digital ones, to join forces and do all they can to support the State’s call.

The national digital transformation process intends to improve the quality of living while accelerating GRDP growth, administrative reform, and local government innovation capabilities. The ultimate goal, however, is to make people aware of the advantages of digital technologies and willing to engage in this process.

Digitalisation drives innovation. It plays a huge role in economies achieving high-income status. Moreover, it has helped many businesses survive the pandemic and promoted inclusive growth by lowering the cost of starting a business.

“Digital entrepreneurship helped economies stay afloat during the COVID-19 pandemic, and it can become a major engine of growth and innovation in the post-pandemic world. For this to happen, there needs to be a supportive environment enabled by conducive policies and incentives,” said ADB Chief Economist Albert Park.

On 11 October, Vietnam International Digital Week opened in Hanoi. VietnamPlus notes that the programme, with the theme of “Global Partnership for the sustainable digital future,” offers a chance for relevant sides to enhance connectivity, exchange information, and explore cooperation opportunities.

Ultimately, the goal of the digital economy is to help Vietnam become an upper-middle-income country by 2030 and a high-income nation by 2045.

The Property Report editors wrote this article. For more information, email: [email protected].