Digital economy to bring new momentum for VN

Thursday, Aug 15, 2019 10:04

Experts discuss the advantages and disadvantages of Viet Nam in the digital economy. — VNS Photo Phuong Thao

Now is the time for Viet Nam to find new momentum for its development with the digital economy leading the way, an official has said.

Nguyen Anh Thu, vice rector of University of Economics and Business under Viet Nam’s National University, made the statement at a roundtable held in Ha Noi on August 14.

At the seminar, experts discussed Viet Nam's economy and its ability to adapt to the digital transformation.

Viet Nam has several advantages in terms of the digital economy.

The country has a high percentage of young people, providing human resources for national development. Moreover, the digital economy depends significantly on consumers, so a young, tech-savvy population is considered an advantage.

Secondly, Viet Nam has started exporting technology products recently, such as software, electronic parts and information technology products.

Last, the Government has policies and determination to take advantage of the opportunity of Industry 4.0 to develop the country's economy.

However, there are also challenges in adapting to the digital economy.

Human resources is an advantage but also a disadvantage because Vietnamese employees are not really ready for the digital economy, Thu said.

Besides, there is a lack of good infrastructure to develop the digital economy, infrastructure in terms of policy, law and information technology.

“Some countries have gone ahead in the digital economy, however, whether we can catch up or take advantage of the digital economy needs a lot of innovation of the enterprises and good infrastructure support from the Government,” Thu told Viet Nam News.

As regards recommendations for Viet Nam in the process of adapting digital economy, Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR) said Viet Nam is a medium-sized country, therefore, the country should look outside and learn from nations such as Malaysia or Thailand.

Thanh also emphasised the Government should focus on developing digital infrastructure and regulations.

“It is also necessary for Vietnamese people to have open mind and natural way of thinking when approaching the digital economy,” Thanh told Viet Nam News.

The roundtable 'Viet Nam and the digital economy' is one of the activities in YSI Asia Convening 2019, which is taking place in Ha Noi from August 12 to 15.

The event is a platform for young economists from many research branches to gather, meet, share ideas and inspire academic work related to the social challenges of the 21st century. — VNS

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