Digital technology projected to earn US$74 billion for Vietnam by 2030

Participants at the workshop. — VNA/VNS Photo

Digital technology, if exploited to the maximum, can bring in over VNĐ1.733 quadrillion (US$74 billion) to Vietnam by 2030, with the most beneficial sectors including manufacturing, agriculture and food, and education-training.

The information was unveiled in a report on the potential of Vietnam’s digital economy, which was presented at a workshop held in Hanoi on Monday according to Vietnam News.

Conducted by strategic economics consultancy company AlphaBeta, the report shows that Vietnam has many opportunities to benefit from the digital economy.

Accordingly, the young, educated and tech-savvy population accounts for 70 per cent of its citizens under 35 years old. The literacy rate in the 15-35 age group is over 98 per cent, higher than the average global rate of 91 per cent. About 70 per cent of the population uses smart phones. Vietnam also has the second fastest growing Internet economy in Southeast Asia after Indonesia.

The report, meanwhile, points out a number of barriers in exploiting benefits from digital technology, including regulatory requirements, digital connectivity, and a shortage of digitally skilled human resources.

Co-organised by the Ministry of Planning and Investment’s Vietnam National Innovation Centre (NIC) and Google, the workshop reviewed the current situation and development of Vietnam’s digital economy, as well as mechanisms and policies to promote its growth.

Speaking at the event, 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 based on science-technology and innovation to improve the quality of life, productivity, efficiency, and competitiveness.

World Bank Lead Economist for Vietnam Jacques Morisset recommended that it was necessary for Vietnam to focus on upgrading digital skills for workers, encouraging businesses’ innovation, and enhancing the accessibility and quality of information.

NIC Director Vũ Quốc Huy 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.

He noted the building and implementation of more programmes to support innovation for businesses would be completed in the future. — VNS