Vietnam must develop digital economy in its own way: minister

Vietnam must forge its own way to develop the digital economy in a manner that suits the nation's characteristics to become a pioneer and not follow in the footsteps of others in the global digital economy.

Minister of Information and Communications Nguyen Manh Hung made the statement at the DX Vietnam-Asia Summit 2024 on Tuesday. He revealed that Vietnam’s digitalization progress is in its fourth year, after phases of preparation, testing and experimenting during the Covid-19 pandemic, building national digital foundations, and developing a digital database.

In the fifth year, Vietnam will focus on information-communications technology, a digital economic approach for some sectors, and digital administration, Hung added.

Digitalization and green transformation are becoming more and more important to Vietnam’s economic growth, he highlighted. "The digital economy accounted for 2% of Vietnam’s GDP in 2020, but the figure rose to 16.5% in 2023, with an annual average growth of 20%."

Addressing the meeting, the Vietnam Software Association (Vinasa), the event organizer, stressed that many challenges remain for Vietnam, such as the low ownership of patents for green transformation and digitalization.

The event focused on making suggestions and sharing experiences for Vietnam’s target of developing the digital economy and society by 2025 towards 2030, and its green transformation strategy for 2030 towards 2050.

The organizer also highlighted Vietnam’s achievements and plans for digitalization and green transformation, such as a national program to cultivate one million hectares of high-quality and low-emission paddy fields, planting one million hectares of trees for timber production, and calculating gas emissions at 1,912 major businesses.

Speaking at the event, Truong Gia Binh, chairman of Vietnam’s leading IT corporation FPT and chairman of Vinasa’s founding board, suggested Vietnam should focus on developing artificial intelligence, semiconductors, smart vehicles, and green technology.