Digital economy to bring new momentum for VN

17-Aug-2019 Intellasia | VNS | 6:02 AM Print This Post

Now is the time for Vietnam to find new momentum for its development with the digital economy leading the way, an official has said.

Nguyen Anh Thu, vice rector of University of Economics and Business under Vietnam’s National University, made the statement at a roundtable held in Hanoi on August 14.

At the seminar, experts discussed Vietnam’s economy and its ability to adapt to the digital transformation.

Vietnam has several advantages in terms of the digital economy.

The country has a high percentage of young people, providing human resources for national development. Moreover, the digital economy depends significantly on consumers, so a young, tech-savvy population is considered an advantage.

Secondly, Vietnam has started exporting technology products recently, such as software, electronic parts and information technology products.

Last, the government has policies and determination to take advantage of the opportunity of Industry 4.0 to develop the country’s economy.

However, there are also challenges in adapting to the digital economy.

Human resources is an advantage but also a disadvantage because Vietnamese employees are not really ready for the digital economy, Thu said.

Besides, there is a lack of good infrastructure to develop the digital economy, infrastructure in terms of policy, law and information technology.

“Some countries have gone ahead in the digital economy, however, whether we can catch up or take advantage of the digital economy needs a lot of innovation of the enterprises and good infrastructure support from the government,” Thu told Vietnam News.

As regards recommendations for Vietnam in the process of adapting digital economy, Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR) said Vietnam is a medium-sized country, therefore, the country should look outside and learn from nations such as Malaysia or Thailand.

Thanh also emphasized the government should focus on developing digital infrastructure and regulations.

“It is also necessary for Vietnamese people to have open mind and natural way of thinking when approaching the digital economy,” Thanh told Vietnam News.

The roundtable ‘Vietnam and the digital economy’ is one of the activities in YSI Asia Convening 2019, which is taking place in Hanoi from August 12 to 15.

The event is a platform for young economists from many research branches to gather, meet, share ideas and inspire academic work related to the social challenges of the 21st century.


Category: Economy, Vietnam

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