Vietnam Digitalization

By 2025, the Ministry of Information and Communications expected Vietnam to have 80,000 digital tech firms, meeting at least 50% of digital tech and services from state agencies.

Digitalization is seen as a major instrument for Vietnam to promote an independent and self-reliant economy.

E-commerce accounts for less than 5% of retail in Vietnam, meanwhile, it is one-third in China. That means the country's growth potential is huge.

The banking sector is set to continue promoting the use of non-cash payment methods with greater convenience and safety for the public.

The US IT company expects to help Vietnam build up digital skills for both private and state sectors, as well as develop data science.

Digitalization is a key drive for innovation and the foundation of a modern economy, said Prime Minister Pham Minh Chinh.

The Government announced an action plan for economic restructuring during the 2021-2025 period for Vietnam to close its gaps with regional countries.

The development of the digital economy would help Vietnam surpass the low-middle income threshold by 2025, reach the upper-middle-income status by 2030, and join the high-income group of countries by 2045.

The digitalization process would offer policymakers various tools to continue the reform process and bring more benefits for the people and businesses.

Vietnam is among countries in Southeast Asia with the fastest growth rate of the digital economy, estimated to be at US$19 billion in 2019.