Vietnam’s promotion of the digital economy as a key driver for the country’s economic growth and development has been mentioned by the international press this past week.
Many international newspapers have commented that Vietnam has undergone a technological transformation in recent years with a young population and rapid adoption of mobile Internet services. Businesses are also embracing digital transformation at a rapid pace, digitizing data, standardizing processes and incorporating new technologies.
Fibre2Fashion quoted the latest report from HSBC bank, affirming that Vietnam has returned to being a growth star in ASEAN. HSBC believes that Vietnam will continue to attract foreign direct investment (FDI) because of its positive fundamental outlook, especially the possibility that capital flows into the manufacturing sector will stabilize in the future.
Trending Topics cited the latest report from the British Economist magazine, which assessed that Vietnam topped the list of countries with the fastest improving business environment in the past 20 years. This remarkable progress is thanks to free trade policies, reduced operating costs for foreign companies and investment in human resources and facilities.
In the high-tech sector, The Diplomat website commented that Vietnam has the potential to develop into an important factor in the global semiconductor value chain based on political stability, demographic advantages and harmonious diplomatic relations.
Vietnam’s digital economy is also growing rapidly, reaching a value of $30 billion in 2023 and is forecast to increase by 20% to $43 billion in 2025. According to a new report by industry services firm Acclime Vietnam, this growth is driven by technology adoption and the development of financial technology.
Despite many advantages, one of the challenges for Vietnam in promoting the digital economy is the lack of highly qualified human resources, according to OpenGov. The newspaper recommends that, with cloud computing and artificial intelligence being the main drivers of innovation, Vietnam needs to focus on improving the qualifications of its workers to meet the increasing demands in the country’s economic development process.