Vietnam's digital economy to reach $200 bln by 2030, circa half of current GDP: Google
Vietnam’s digital economy will grow by an "astonishing" 11 times in nearly a decade, reaching $220 billion by 2030, around half of its current GDP, and artificial intelligence (AI) is expected to be a key driver of this growth, said Marc Woo, managing director, Vietnam, Google Asia Pacific.
Woo made the content at the Creating Vietnam's AI Future forum on Thursday in Hanoi. The event was held by Google, the National Innovation Center (NIC), and the Ministry of Planning and Investment. The event aimed to support potential Vietnamese AI startups to develop, commercialize, and expand products to new markets.
Marc Woo, managing director, Vietnam, Google Asia Pacific, speaks at Creating Vietnam's AI Future in Hanoi, July 11, 2024. Photo courtesy of Google.
Startups selected to participate in the program will receive a Google Cloud account worth up to $350,000.
In addition, Google will provide 40,000 scholarships with 10 AI courses for officials, lecturers, and students at more than 80 universities and colleges in the country.
Deputy Minister of Planning and Investment Tran Duy Dong commented that the world is witnessing breakthrough development in AI that will fundamentally change the way people research, work, and create content. AI is forecast to contribute trillions of dollars to the global economy every year.
Vietnam is taking strong steps, participating in promoting AI research, application, and human resource development, said Dong. According to the Government AI Readiness Index report conducted by Oxford Insights in 2022, Vietnam increased seven places to 55th position globally.
Woo commented that AI is one of the key factors to realizing the forecast of Vietnam’s $220 billion in 2030. The country is well positioned to take advantage of AI opportunities, with a dynamic startup community, tech-savvy young people accounting for 20% of the total population, and supportive policies from the government.
However, the big challenge right now is the shortage of human resources and AI experts. It is estimated that there are currently only about 300 AI experts in the Vietnamese workforce. This scarcity of human resources, combined with a lack of access to high-quality AI training programs, widens the gap between market demand and human resource availability, Woo mentioned.
- Related News
- Read More
Five Vietnam pilgrimage destinations perfect for spiritual seekers: Booking.com
Booking.com, the world's leading digital travel company, has suggested some destinations in Vietnam for those seeking spiritual enrichment and a chance for reflection and connection, including Ba Den mountain and Bai Dinh pagoda.
Travel - Sun, February 16, 2025 | 10:59 am GMT+7
Malaysia takes the lead in data center development
Malaysia is making efforts to align with the global trend towards digitalization, which is driving demand for data centers, cloud computing, blockchain, and artificial intelligence (AI).
Southeast Asia - Sun, February 16, 2025 | 10:57 am GMT+7
WB sees Thai fiscal risks mounting due to spending surge
Thailand’s pursuit of an expansionary fiscal policy strategy to propel growth faces the risk of rising costs for elderly care, investment and the need to keep public debt level to sustainable levels, according to the World Bank.
Southeast Asia - Sun, February 16, 2025 | 10:41 am GMT+7
Vietnam mining stocks rally amid global trade tension
Shares of Vietnam’s mining companies have rallied since early this month, fueled by heightened global trade tensions following the start of Donald Trump’s second term as the U.S. president.
Finance - Sun, February 16, 2025 | 10:36 am GMT+7
Online purchase below VND2 mln may be exempt from Vietnam import tax
The Vietnamese Ministry of Finance has proposed exempting goods purchased through e-commerce platforms worth no more than VND2 million ($78) from import tariff, with an annual purchase limit of VND96 million ($3,781).
Finance - Sun, February 16, 2025 | 8:00 am GMT+7
Malaysia expected to remain magnet for FDI
Malaysia’s foreign direct investment (FDI) is expected to remain robust in the long term, but there could be repercussions in the short term as investors hold back on their investment decisions amid heightened global uncertainties.
Southeast Asia - Sat, February 15, 2025 | 9:01 pm GMT+7
Laos to build $1.9 bln wind power plant to export electricity to Vietnam
The Lao Government and Chitchareune Construction - a Lao builder will jointly build the 1,200 MW Nong wind power plant, with an investment of $1.9 billion, to export electricity to Vietnam.
Energy - Sat, February 15, 2025 | 8:46 pm GMT+7
Malaysia needs more funding for semiconductor sector
Malaysia needs more funding for the implementation of the National Semiconductor Strategy (NSS) to enhance its competitiveness with neighboring countries, said Penang Chief Minister Chow Kon Yeow.
Southeast Asia - Sat, February 15, 2025 | 4:31 pm GMT+7
Thailand considers easing rules on income from overseas
Thailand’s government is considering easing personal income tax rules for individuals’ overseas income to encourage the remittance of those funds back into the country, said a senior official.
Southeast Asia - Sat, February 15, 2025 | 4:29 pm GMT+7
Nissan to close factory in Thailand
Japanese automaker Nissan has announced plans to close one of its two automobile factories in Thailand this year, following the collapse of merger talks with Honda.
Southeast Asia - Sat, February 15, 2025 | 4:10 pm GMT+7
Vietcombank leads Vietnamese banks in 2024 pre-tax profit
Vietcombank reported a pre-tax profit of VND42.2 trillion ($1.66 billion) last year, ranking as the most profitable Vietnamese lender, according to the Vietnam Banking Association (VNBA).
Banking - Sat, February 15, 2025 | 4:04 pm GMT+7
Vietnam's leading trade firm Hapro appoints new general director
Hanoi Trade Corporation (Hapro), a leading producer and exporter of agricultural produces in Vietnam, has appointed deputy general director Duong Thi Lam as general director, effective from March 1, 2025.
Companies - Sat, February 15, 2025 | 2:18 pm GMT+7
Private Vietnamese lender DongA Bank renamed Vikki Bank
DongA Bank, a private lender in Vietnam, has changed its name to Vikki Bank, with approval from the State Bank of Vietnam (SBV).
Banking - Sat, February 15, 2025 | 10:59 am GMT+7
Korea's SK Group seeks partnerships in LNG-fired power projects in Vietnam
South Korean chaebol SK Group seeks to jointly build LNG-fired power plants in Vietnam and then develop facilities utilizing electricity generated by those power plants.
Energy - Sat, February 15, 2025 | 9:26 am GMT+7
World’s largest shipping line MSC docks at southern Vietnam port
Phuoc An Port, the largest seaport in Dong Nai province, on Thursday welcomed the first ship from MSC, the world’s largest shipping line, opening up significant opportunities for boosting international trade in Vietnam’s southern region.
Economy - Sat, February 15, 2025 | 8:17 am GMT+7
Vietnamese chemical-pharmaceutical industry eyes yearly growth of 8-11% by 2045
Vietnam's chemical-pharmaceutical industry is expected to achieve an annual growth rate of 8-11% by 2045, according to a newly-approved program on the industry’s development until 2030, with a vision to 2045.
Southeast Asia - Fri, February 14, 2025 | 11:28 pm GMT+7
