Digital economy offers great opportunities for Vietnamese businesses

Recent developments of the digital economy have created great opportunities for businesses in Vietnam, a forum recently heard in Hanoi. 

The digital economy has found its applications in trade, banking and healthcare, and its development will help small and medium enterprises flourish, said Dr. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI) at the Businesses in Digital Economy Forum.

“Digital economy will make the world smaller and small businesses bigger,” Dr. Loc said. 

However, the country is still facing challenges developing the digital economy, including limitations of government policies and legal frameworks. Infrastructure development also cannot keep up with the speed of business expansion, industry experts said. 

Forum participants suggested businesses need better institutional support to thrive in a digital economy, calling for solutions such as permits and rules for new product testing, an electronic payment gateway and training for human resources. 

“The government needs to complete the legal framework to create a level playing field where businesses are protected,” said Dr. Loc. “Telecommunications infrastructure and database development are also important."

The forum also launched the Vietnam Business Annual Report 2017-2018, which analyzes the current state of local enterprises in a digital economy and suggests solutions to make the business environment more technology friendly. 

The opportunities and challenges of Vietnam’s digital economy will also be discussed at the next VCCI conference on June 6 in Singapore. The conference will gather enterprises to discuss their action plans and offer recommendations to the government to unleash existing resources for a better digital economy.