More than 150 international and domestic experts are discussing solutions to promote the digital economy and transformation at the two-day Vietnam-Asia Digital Transformation Summit (Vietnam-Asia DX Summit) 2022 in Hanoi, which will close on May 26.

Delegates attend the summit in Hanoi. Photo: VINASA

Chairman of the Vietnam Software and Information Technology Services Association (VINASA) Nguyen Van Khoa said at the event that Vietnam setting the goal of boosting its digital economy to account for 30% of GDP by 2030 is quite challenging, especially for traditional industries, and need the determination of all subjects in society.

He said the digital economy is making an important contribution to the global economy. Facing this trend, many countries see opportunities to develop the digital economy and planned their own development strategies. 

A digital economy report from the United Nations Conference on Trade and Development (UNCTAD) showed that, in 2019, the information technology (ICT) digital economy contributed about 4.5% of global GDP, about 6.9% of the US, and 7% of China's GDP. For Vietnam, the ICT digital economy is estimated to account for about 5.5% of the country's GDP, with a revenue of about $123 billion.

The goal of the Vietnamese Government is that the digital economy will account for 20% of GDP by 2025 and the proportion of the digital economy in each industry or field will reach at least 10%.

“I find these to be extremely challenging goals. To develop the digital economy quickly, it is necessary to gather forces of ministries, branches, localities and especially the business community that plays a role in promoting digital economic growth,” Khoa emphasized.

He added digital technology businesses should continue to promote investment and research, and develop digital transformation platforms and solutions, the application of new technologies such as AI, machine learning, and Metaverse.

In Vietnam, the digital economy is always at the top of ASEAN in terms of growth rate, behind Indonesia and Thailand in total revenue, according to the "e-Conomy SEA 2021" report jointly published by Google, Bain (the US), and Temasek (Singapore).  

The country's internet economy in 2021 reached a value of $21 billion, contributing more than 5% of the country's GDP, which was seven times higher than in 2015. It is expected to reach $57 billion by 2025 and rank second in Southeast Asia. 

Nguyen Trong Duong, Deputy Director of the Department of Enterprise Management, under the Ministry of Information and Communications said Vietnam's internet digital economy has great potential for development. The ministry expected to receive the cooperation of ministries, branches, and localities to develop action plans. 

He also called on the participation of the technology business community, to deploy and achieve the goals set out by the strategy.