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Empowering Vietnam’s Digital Future

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The recent event brought together industry experts in Ho Chi Minh City to explore the transformative potential of new technologies on a global scale and to strategise measures that can empower enterprises to achieve breakthroughs and elevate their competitiveness.

Minister of Science and Technology Huynh Thanh Dat underscored the crucial role of technology in facilitating the transfer, application, and innovation necessary to boost productivity, elevate product quality, and bolster business competitiveness. Against the backdrop of new-generation free trade agreements and the sweeping impacts of the Fourth Industrial Revolution, Minister Dat emphasised that technological capability stands as a critical determinant for businesses aiming to produce goods and services that meet evolving market demands.

Acknowledging the pressures facing businesses in the current technological landscape, Minister Dat stressed the importance of systematic approaches to technology absorption and innovation. He urged enterprises to progressively advance towards technological autonomy and embrace green and sustainable technologies to align with global standards and enhance their market competitiveness.

Minister Dat reaffirmed the commitment of the Ministry of Science and Technology to collaborate closely with the Business Association of High-Quality Vietnamese Products. This collaboration aims to expand the association’s network, facilitate partnerships with international counterparts, and enable access to cutting-edge technologies that can elevate productivity and product quality across various sectors.

He called upon the association to strengthen linkages between domestic enterprises and global technology providers, fostering collaborative initiatives that drive innovation and improve overall competitiveness in Vietnamese industries.

The discussions at IIBF 2024 underscored Vietnam’s strategic vision to leverage technological advancements as a cornerstone for economic growth and global competitiveness. This forum marked a pivotal moment in shaping the future trajectory of Vietnam’s business landscape, highlighting the nation’s proactive stance in embracing innovation and digital transformation to propel its economy forward.

The keynote emphasised the critical necessity for businesses, irrespective of their sectors, to acknowledge the pervasive digital nature of their customer base. It stressed the importance of crafting business strategies that effectively engage customers in the digital era, thereby earning their trust and expanding market share.

Businesses and manufacturers were urged to judiciously select technologies that align with their strategic objectives, highlighting the need to calculate returns on investment amidst the abundance of emerging technological solutions.

In Vietnam, where 72.1 million people are active internet users, ranking 13th globally, the Government’s ambitious digital transformation agenda is poised to contribute significantly to the national GDP and drive forward the country’s digital economic development.

Vietnam showcases a burgeoning digital landscape with nearly 80% of its population online and a substantial mobile phone user base. The country hosts 64,000 digital technology firms and 1,500 businesses with international reach, highlighting its readiness for further digital expansion and economic integration.

However, Vietnam faces challenges in its IT infrastructure, which lags behind the requirements for emerging technologies like IoT and smart cities due to limited development in telecommunications and national data accessibility. Prime Minister Pham Minh Chinh has issued a directive to modernise information and communications infrastructure comprehensively, aiming to bridge digital divides, bolster cybersecurity, and foster socio-economic advancement.

Critical to the plan’s success is stakeholder collaboration, policy formulation for investment incentives, and the establishment of state-of-the-art data centres. The initiative also focuses on training 500,000 IT professionals by 2025 to meet growing digital demands, underscoring Vietnam’s commitment to achieving sustainable development through robust digital transformation efforts.

Macro technology trends are reshaping global industries, compelling businesses to integrate advanced technologies into their operations to drive transformative changes, enhance competitive advantages, and fortify their resilience against future challenges, as highlighted by industry experts.

Research findings underscore three pivotal trends that are shaping the evolution of the consumer goods industry towards digital maturity. These include leveraging data analytics to refine digital commerce strategies and enhance customer engagement.


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