GDP forecast to surge 30 billion USD through digital transformation of SMEs

Vietnam’s gross domestic product (GDP) is projected to surge by 30 billion USD if the country succeeds in its digital transformation of small- and medium-sized enterprises (SMEs), an official has said.

Hanoi (VNA) – Vietnam’s gross domestic product (GDP) is projected to surge by 30 billion USD if the country succeeds in its digital transformation of small- and medium-sized enterprises (SMEs), an official has said.

Nguyen Trong Duong, Deputy Director General of the Department of Enterprise Management at the Ministry of Information and Communications (MIC), revealed the information at a recent conference which looked to bolster digital transformation support for SMEs this year.

Firms engaging in digital transformation have reported higher productivity and profits by two-fold compared to their peers, Duong said.

Statistics showed that 3.1 trillion USD will be added to Asia-Pacific’s GDP by 2024 if digital transformation for SMEs is accelerated. The process is forecast to help raise Vietnam’s GDP by 30 billion USD, he added.

The country is currently home to about 785,000 SMEs, which make up more than 98 percent of the total number of businesses. They create jobs for 70 percent of the country’s labourers and contribute about 50 percent of GDP.

2021 continued witnessing uncertainties due to new variants of the coronavirus SARS-CoV-2, which forced 24 percent of SMEs to suspend operations and the number of newly established firms to slip by 15 percent, Duong said.

Therefore, digital transformation is viewed as key for SMEs to address bottlenecks and adapt to the pandemic.

GDP forecast to surge 30 billion USD through digital transformation of SMEs ảnh 1A conference looks to bolster digital transformation support for SMEs this year (Photo: vneconomy.vn)

Deputy Minister of Information and Communications Nguyen Huy Dung said the MIC will join hands with localities nationwide to carry out a programme to bolster digital transformation among SMEs this year, and set up a consultation network on a digital economy and technology at commune levels.

Under the programme, the MIC will evaluate the digital transformation rate of 100,000 firms across the country based on the Digital Business Indicators (DBI). The assessment is projected to help fine-tune specific action plans and step up digital transformation among enterprises as well as digital economic development, the official added./.

VNA

See more

At the February 14 meeting between Lao Prime Minister Sonexay Siphandone and a delegation of Vietnamese businesses and international enterprises from various countries. (Photo: VNA)

Vietnam strengthens business and investment ties in Laos

Highlighting Laos's vast potential for trade and investment cooperation, Lao Prime Minister Sonexay Siphandone said that Laos is an attractive investment destination, particularly in agriculture, tourism, logistics, and infrastructure development.

Lao government officials and representatives of Vietnamese businesses at the seminar (Photo: VNA)

Vietnamese firms eye investment in Laos

He reaffirmed Laos as a key investment destination for Vietnamese and global firms, highlighting opportunities in agriculture, tourism, logistics, and infrastructure.

Vice Chairman of the Bac Giang People's Committee Mai Son (Photo: bacgiang.gov.vn)

Bac Giang speeds up non-state budget investment projects

In the coming period, the northern province of Bac Giang will focus on addressing challenges to non-state budget investment projects and expediting their progress, affirmed Vice Chairman of the provincial People's Committee Mai Son.

Representatives from industry associations share insights on Vietnam’s market trends. (Photo: VNA)

Vietnam, Thailand boost industrial trade exchange

Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.

Representatives from Lao and Vietnamese agencies at the signing ceremony. (Photo: VNA)

Vietnam, Laos strengthen energy cooperation

A 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province is expected to export 1,526 kWh to Vietnam annually once its first phase completes by the end of 2027, and additionally 1,112 million kWh per year after its second phase becomes operational in 2030./

A view of the Hanoi skyline. While rental properties continue to be in demand, there has also been a notable rise in the number of foreigners looking to buy houses. (Photo: VNA)

Housing demand from foreigners in Hanoi rises

Over several years, Hanoi has increasingly become an attractive destination for foreign workers, with approximately 10,000 new foreign workers are granted licences to work in the city each year.