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.
Minister of Information and Communications Nguyen Manh Hung speaks at the DX Summit 2024 in Hanoi, May 28, 2024. Photo courtesy of Vinasa.
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.
- Related News
- Read More
Vietnam tech unicorn VNG reports loss for 7th straight quarter
VNG Corporation, Vietnam’s first tech unicorn, recorded a post-tax loss of VND15 billion ($577,723) in Q1, marking the seventh consecutive quarterly loss, according to its Snapshot Q1/2025.
Companies - Thu, May 8, 2025 | 12:01 pm GMT+7
Vietnam's government bond auctions raise $1.62 bln in April
The Hanoi Stock Exchange (HNX) held 20 government bond auctions on the primary market in April, raising over VND42.42 trillion ($1.62 billion), the bourse reported.
Finance - Thu, May 8, 2025 | 8:32 am GMT+7
Malaysia’s investment growth in 2025 faces challenges
In the context of global trade uncertainty, Malaysia may not achieve a hat-trick in approved investments this year after two straight years of record-high numbers.
Southeast Asia - Wed, May 7, 2025 | 10:59 pm GMT+7
Thaco seeks to remove obstacles to hotel, bauxite projects in Vietnam's Central Highlands
Thaco expects the Central Highlands province of Lam Dong to help the multi-industry corporation remove barriers to its hotel, bauxite, and aluminum projects in Da Lat town, said a company representative.
Industries - Wed, May 7, 2025 | 10:55 pm GMT+7
Q1 proves tough for Vietnam's oil and gas giants
Profits for major Vietnamese oil companies dropped significantly in Q1, as global oil prices plunged, driven by U.S. tax policy shifts and the ongoing Russia-Ukraine war.
Companies - Wed, May 7, 2025 | 5:06 pm GMT+7
How much is your identity worth?
With 87% of Vietnamese adults having bank accounts and approximately 95% of transactions conducted via online channels, how banks can protect their customers’ personal data has become important more than ever, writes Phillip Wright, chief operating officer at HSBC Vietnam.
Consulting - Wed, May 7, 2025 | 4:01 pm GMT+7
Foxconn plans to expand product portfolio at $200 mln plant in central Vietnam
Fu Wing Interconnect Technology (Nghe An) Co., Ltd., a subsidiary of Taiwan-based electronics giant Foxconn, plans to expand the range of products at its $200 million factory in Vietnam’s central province of Nghe An.
Industries - Wed, May 7, 2025 | 3:35 pm GMT+7
Sumitomo okayed to build 4th industrial park in Vietnam
With an industrial park to develop in the central province of Thanh Hoa, Japan's Sumitomo will expand its industrial real estate portfolio in Vietnam to four projects amid rising FDI inflows.
Industrial real estate - Wed, May 7, 2025 | 2:16 pm GMT+7
Vietnam upholds 8% GDP growth target despite US tariff turmoil
The Vietnamese Government is persistent with its 8% growth goal though disadvantages outweigh advantages, with a focus on solutions to respond to U.S. reciprocal tariffs, PM Pham Minh Chinh told a cabinet meeting on Tuesday.
Economy - Wed, May 7, 2025 | 12:42 pm GMT+7
Vietnam's sugar major Quang Ngai Sugar JSC posts lowest Q1 profit in 2 years
Quang Ngai Sugar JSC, owner of famous soy milk brand Fami in Vietnam, reported its weakest Q1 profit in two years as its sugar business struggled under pressure from smuggled and imported sugar, though the soy milk segment continued to support revenue.
Companies - Wed, May 7, 2025 | 11:14 am GMT+7
Listing, state capital divestment “blockbusters” new catalysts for Vietnam's stock market
As Vietnam’s stock market enters an information lull following Q1 earnings releases and AGMs, recent news about major listing and state capital divestment plans are expected to be significant catalysts for the country's benchmark VN-Index.
Finance - Wed, May 7, 2025 | 8:17 am GMT+7
Construction of first locally-owned semiconductor factory begins in Vietnam
CT Semiconductor, a subsidiary of CT Group, has begun the second phase of construction on what is set to become Vietnam’s first semiconductor chip factory fully owned by a domestic company.
Southeast Asia - Tue, May 6, 2025 | 10:50 pm GMT+7
Japanese retailers step up business activities in Vietnam
Japanese retailers Aeon and Sumitomo have planned to expand their networks in Vietnam, Nikkei Asia reported on Monday.
Southeast Asia - Tue, May 6, 2025 | 10:39 pm GMT+7
Vietnam's budget carrier Vietjet sees 24% profit hike in Q1 on int’l growth surge
Vietjet Aviation JSC (HoSE: VJC) reported a 24% year-over-year increase in consolidated profit for Q1, driven by strong international expansion and operational excellence, reinforcing its leadership in regional connectivity.
Southeast Asia - Tue, May 6, 2025 | 10:35 pm GMT+7
Northern Vietnam city Hai Phong claims top spot for first time in Provincial Competitiveness Index
The coastal city of Hai Phong has, for the first time, topped the 2024 Provincial Competitiveness Index (PCI) with a score of 74.84, marking a significant milestone in its economic governance journey.
Southeast Asia - Tue, May 6, 2025 | 10:20 pm GMT+7
Malaysia initiates tariff talks with US
Malaysia is pushing forward tariff negotiations with the U.S., while implementing various policies to support local industries and strengthening efforts to seek new export markets.
Southeast Asia - Tue, May 6, 2025 | 10:12 pm GMT+7
