Vietnam'S Digital Pformation Will Contribute 162 Billion Dollars To The Country'S GDP.

VuDaiThang, Vice Minister of planning and investment in Vietnam, said that Vietnam's digital economy is growing rapidly and has a significant impact on the social and economic life of the country. If the country successfully implements digital pformation, Vietnam's GDP will increase by another US $162 billion over the next 20 years.

At present, Vietnam's GDP is US $223 billion 900 million.

According to Google and Temasek data, the value of the country's digital economy reached $9 billion last year and is expected to reach US $30 billion by 2025.

VuDaiThang said that with the emergence of new technologies such as block chains, digital platforms, social media, e-commerce and agriculture, the digital economy is developing constantly.

However, the development of the digital economy in Vietnam has encountered many new problems, such as imperfect legal framework, network security, the shortage of high quality ICT personnel and so on.

According to VuDaiThang, Vietnam's Ministry of planning and investment has formulated four major policies for the development of Vietnam's digital economy, including the establishment of a basic system of digital economic models and the reform of laws and regulations that attract digital technology investment in the field of venture capital.

VuDaiThang emphasizes the need to develop connectivity infrastructure, and encourages enterprises to develop 5G services and national databases. It is hoped that enterprises will take measures to apply digital technology, implement digital pformation and participate in building the basic elements of digital economy.

At the same time, the Ministry of planning and investment is developing a national strategy to make use of the fourth industrial revolution (industry 4) to enable enterprises to make full use of the opportunities brought by digitalization, VuDaiThang added.

NguyenThanhHung, Vice Minister of information and communications, said the government had designated the Ministry to map out the road map for the country's digitalization.

NguyenThanhHung said the plan proposes that 50% of Vietnam's companies will do business in digital form by 2025, while the digital economy will account for 20% of GDP in the country.

At the same time, by 2025, the government will interact with the public and enterprises at least 80% in a digital way.

PhanDucHieu, deputy director of the Central Institute of economic management (CIEM), stressed that it is the most important thing to establish an environmental system that promotes enterprises to improve their creativity.

Many business models have no boundary and territorial concepts, so they must be changed accordingly.

PhanDucHieu added that in the upcoming enterprise law, some conditions such as market access will be simplified.

Therefore, enterprises only need a window to complete the corresponding procedures.

PhamTheTruong, general manager of Microsoft Vietnam, said that the development of digital economy is accompanied by challenges, especially in the aspect of private information security.

PhanDucHieu stressed that the government should adopt corresponding solutions as soon as possible in order to ensure the safety of people in the digital economy in the increasingly severe challenges.

In addition, the government should promote the digital economy of all sectors of the economy and the technological application of SMEs.

Over the past ten years, Vietnam's digital economy has been developing in infrastructure and commercial markets.

According to the Vietnam Electronic Commerce Association, the digital economy increased by more than 25% over the past year, and it is expected that this speed will continue to grow in the next two or three years.