Illustrative image (Source: VNA)
 
Hanoi (VNA) – Vietnam needs to accelerate the digitalisation of its economy and make the most of its full potential and strengths to promote global competitiveness, according to an economic expert from AlphaBeta Consulting.

Konstantin Matthies – macroeconomic expert and foreign director of AlphaBeta – said that many countries in Asia-Pacific are doing well to speed up the digitalisation of their economy, thus increasing labour productivity and expanding growth.

In Vietnam, the Government has paid attention to and created favourable conditions for the business community to access, apply, and develop digital technology utilities.

The increased use of mobile phones in connecting communities through social networks; and strong development of telecommunications infrastructure 3G, 4G, or 5G towards e-commerce transactions and online payments have helped to modernise the lives of local people, enabling them to catch up with global development trends.

Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said that the Government should focus on promoting the digital economy, towards transparent and effective administration. This is the most important requirement of a modern market economy, he stressed.

In recent years, Vietnam has been a predominant country in taking the initiative with discussions on the Fourth Industrial Revolution and is expected to make considerable accelerations in the field.

According to the Global Entrepreneurship Network’s report, Vietnam’s start-up index ranks sixth among the 54 economies surveyed. AlphaBeta also ranked Vietnam the second nation in terms of technology investment environment and third in digital talent in the Asia-Pacific region.

Experts said policymaking agencies should take further action to promote the development and application of sci-tech in the production, business, and trade activities of enterprises.

Director of the Central Institute for Economic Management (CIEM) Nguyen Dinh Cung said that the growth of digital technologies and the digital economic era are creating both room for potential and also possible barriers, adding that it is necessary to take advantage of new opportunities to overcome challenges.

Deputy Minister of Science and Technology Bui The Duy said Vietnam boasts advantages to promote innovation.

The ministry has devised different policies to promote and improve scientific and technological capacities of enterprises, with priority given to those specialising in developing new technologies, he added.

In looking towards a digitalised economy, it is not only the Ministry of Science and Technology but also many other ministries and agencies who must be actively applying technological achievements to support and facilitate the development of businesses, Duy said. –VNA