At the conference, part of the Vietnam Private Sector Economic Forum 2019, participants noted that in the past 10 years, Vietnam’s digital economy has developed in both infrastructure and business market.

The digital economy has grown with new technologies such as blockchain, digital platforms, social media, e-business, e-commerce, and precision agriculture, along with businesses in related areas.

Deputy Minister of Planning and Investment Vu Dai Thang addressing the conference

However, Vietnam has faced many emerging problems such as incomplete legal framework, cyber security, a shortage of high quality ICT personnel, and IT application in building e-government.

According to Deputy Minister of Planning and Investment Vu Dai Thang, the digital economy has greatly affected all the socio-economic aspects of all countries.

He cited a study of Google and Temasek from Singapore that Vietnam’s digital economy reached USD 3 billion in 2015 and USD 9 billion in 2019, and will reach USD 30 billion in 2025. Meanwhile, another research by Australia’s Data 61 forecast that Vietnam’s GDP may enjoy an additional USD 162 billion in 20 years if the country successes in digital transformation.

Thang gave four major policies for digital economic development in Vietnam, including the building of an institutional foundation for digital economic business models, and the reform of regulations to attract digital technology investment in adventurous investment areas.

He stressed the need to develop connectivity infrastructure and encourage businesses to develop 5G services as well as national databases.

The Deputy Minister expressed his hope that enterprises will actively seek measures to apply digital technology, implement digital transformation and engage in the construction of fundamental factors for the digital economy.

Meanwhile, Deputy Minister of Information and Communications Nguyen Thanh Hung said cyber security is one of the important factors in building digital infrastructure and developing digital economy.

He said that the ministry is building a national project on digital transformation, with specific tasks and solutions in the field. The ministry has also focused on seeking measures to ensure security in cyberspace, he added.

General Director of Microsoft Vietnam Pham The Tuong held that the development of digital economy goes with challenges, especially in private information safety.

He underscored that the Government should apply solutions to ensure safety for people in digital economy amidst increasing challenges.

Source: VNA