Innovation will be a key strategic factor which will determine the success of digital transformation of the economy, Deputy Minister of Information and Communications Pham Hong Hai said at the Internet Day 2019 in Hanoi on December 11, Hanoimoi reported.

The deputy minister cited that the Fourth Industrial Revolution (Industry 4.0) is opening up many opportunities and posing challenges also to countries, organizations and businesses. The revolution is based on different new technologies and the core is digital technology, creating opportunities for Vietnam to grow quickly and sustainably.

Deputy Minister of Information and Communications Pham Hong Hai

“Under the scheme of national digital transformation, a comprehensive plan towards an all-encompassing digital economy and society by 2030 will be devised. The main tasks and solutions include creating an environment for developing digital products, digital services, new business models; improving the capacity of innovation and development of digital technology enterprises,” said the deputy minister.

He added that this year Vietnam has been witnessing the birth of many technology businesses, in numerous fields and different new business models, with determination to transform and become digital suppliers and digital society pioneer.

2019 also marks an important milestone in the research, application and development of 5G technology in Vietnam. The Ministry of Information and Communications has granted a license to test 5G technology for three major telecommunications enterprises. This will create vital infrastructure for the digital economy, better meet the demand for speed and scale of connectivity.

The deputy minister quoted a report on Southeast Asian digital economy as saying that Vietnam's digital economy had the leading growth rate in the region with over 40% per year. Vietnam's global innovation index is ranked 42nd among 129 economies, over 60% of Vietnamese people use Internet daily.

"Statistics show that most of our economic and social activities take place on the Internet. The Internet has penetrated all aspects of society, changed social awareness, created more effective and breakthrough business models, spurred the country’s growth in a faster and more sustainable manner," Hai said.

He stressed that innovation is most convenient especially in the Internet and digital environment because innovation will be a crucial strategic factor to determine the success of digital transformation of the economy.

With the theme "Vietnam Internet: Innovation for Digital Transformation", Internet Day 2019 is expected to bring useful experience to organizations, businesses and the Internet community.

The annual event, organized by the Vietnam Internet Association, has made important contributions to Internet dissemination and development in Vietnam.