To enter the global economy, businesses need a synchronous institutional environment, complete regulations on new business sectors, e-commerce systems, digital finance…
This is the opinion of Professor, Dr. Nguyen Mai, Chairman of the Association of Foreign Investors Enterprises (VAFIE), emphasized at the Workshop “Opportunities and challenges in the new context: What should businesses do?” held last weekend.
The world is full of instability, difficulties and digital transformation is an opportunity for businesses
According to the Global Business Center of Tufts University (USA), Vietnam is ranked 48th out of 60 countries with the fastest digital transformation speed in the world, and 22nd in digital development speed. Sharing this story, Mr. Do Tien Thinh – Deputy Director of the National Innovation Center (NIC) said that by 2030, the annual economic impact value of digital technology in Vietnam could reach about 74 billion USD. Vietnam’s agriculture and food sector alone could account for about 17% of the economic development opportunities that digital technologies bring.
However, according to economic experts, up to now, the application of technology in business administration as well as production – business – distribution is still very limited. Even many business owners are still not fully aware of the role of technology in the context of the digital economy with increasingly fierce competitive pressure.
According to Professor, Dr. Nguyen Mai, implementing digital transformation and orienting production and business activities based on digital platforms will help businesses improve their financial capacity and develop sustainably in the current context of instability, fluctuation and difficulties.
In addition, Dr. Nguyen Anh Tuan, Permanent Vice President of VAFIE, emphasized that our country is entering a new era of development with unprecedented opportunities to grow, but along with that are difficulties and challenges of geopolitical and economic fluctuations in the world; forecasts on world economic growth are not very optimistic, there have even been warnings about a global financial crisis, a “stock bubble” bursting in the near future. Moreover, the risks of climate change are present, natural disasters and floods are occurring in succession, destroying lives… The new context urgently requires green transformation, digital transformation. Only that path can help businesses overcome difficulties, strive for sustainable development and successfully integrate with global trends.
The state is in dire need of “opening the way”
Sharing from the business community shows that the internal strength of businesses is still weak and there are still many obstacles and legal barriers that hinder businesses from reaching new development opportunities. In addition, for a long time, the question of how to successfully transform digitally for many businesses has not had an exact answer.
Therefore, experts believe that, in addition to the businesses themselves, it is necessary for the state to create an ecosystem to encourage businesses to transform digitally and effectively perform the function of leading businesses to do so.
Accordingly, the state first needs to quickly build a synchronous digital economic institution, law, and policy, amend and supplement regulations for new business sectors such as e-commerce, digital finance, and digital banking. At the same time, reform institutions to attract investment in digital technology in the direction of maximizing convenience for capital contribution, share purchase, merger and acquisition of digital technology enterprises, creating a favorable environment to promote digital transformation and support business development.
“The State needs to soon complete the policy framework and sandbox mechanism for the development of the digital economy, green economy, circular economy and new business models; pay attention to developing the financial market, especially the stock market, investment funds, venture capital market; derivatives market and carbon credit market. On the other hand, there needs to be mechanisms and policies to attract capital for investment in developing the digital economy, green economy and have policies and breakthrough solutions for human resource development; give appropriate priority to AI development, suitable semiconductor industry development model…”, Dr. Can Van Luc, Chief Economist of BIDV emphasized.
In addition, Professor, Dr. Nguyen Mai also said that the state needs to have policies to encourage connections in the product supply chain between FDI enterprises and domestic enterprises, between Vietnamese economic groups and SMEs to form Vietnamese brands in the domestic and world markets…/.