Digital prosperity is near

Vietnam is swiftly developing its digital economy and infrastructure in order to proceed with the digital transformation of the country. 

Experts from leading domestic and international businesses are giving their insights into how their companies are supporting Vietnam’s endeavour.

Hiroshi Hiramoto - General director Jag Kokusai Vietnam Co., Ltd.

digital prosperity is near

We are providing services in reusable energies as a power plant operator, geospatial information systems, and the forestry business in Asian countries, while planning to intensify business with Vietnamese partners based on our 70-year experience.

Our tech, like satellite data analysis or cloud database service, are already based on Industry 4.0.

Industry 4.0 is a continuous change. So, businesses can apply it gradually and make it sophisticated. In my opinion, Vietnam is in an advantageous position to enjoy the benefits. The country is in a phase of adapting advanced technologies, meaning creating and enhancing the value of services, with lots of talented young people. Ventures and startups will play an important role to make the benefit even bigger. It will lead to a change from qualitative growth to quantitative growth and will contribute to a 10-fold increase of GDP. We hope to enjoy the benefits together with Vietnam.

I think that the Vietnamese government’s role in this situation is also important to provide a favourable environment to enhance the nation’s motivation and efficiency.

Arnold Tijdens - Founder, managing director Kilimo Finance

digital prosperity is near

Kilimo Finance is a lending platform which connects farmers with financial institutions. We aim to provide affordable loans to farmers and small and medium agricultural enterprises through digital channels funded by local banks. As for Industry 4.0 applications, we make use of AI and big data to score the farmer’s credit worthiness. I believe Vietnam is fully aware of the potential Industry 4.0 tech offers its local economy and workforce. We are just at the beginning, so it is important to find the right use cases in Vietnam’s economy which can be optimised with the support of these technologies. Furthermore, we need to make sure the startup scene in Vietnam plays a prominent role in solving existing issues through creating an entire eco-system around Industry 4.0 technologies, including mentors, venture capitalists, and others.

Agriculture and finance offer big opportunities, but those still need to be adopted in order to be successful.

Sridharan Nair - Territory Senior Partner PwC Malaysia and Vietnam

digital prosperity is near

The Vietnamese government has set some ambitious targets, in which the digital economy will contribute 20 per cent to the total GDP by 2025. This will increase to 30 per cent by 2030. Also, by the same time, internet penetration and 5G should be operating across the whole country. I think this vision and policy are a good point to start.

Vietnam should pay attention to three things. First, there should be detailed policies and reforms, so that we can support and achieve these objectives.

Second, it is important to ensure that the private sector will be partners with the government and with the public sector.

Third, Vietnam should be a trusted place to do business for domestic and foreign investors. Over the years, the local authorities have been putting many efforts in trying to enhance the level of governance in Vietnam, whether it is in the public or private sector. A combination of this will give a conducive business environment.

Phan Thanh Son - Deputy general director Techcombank

 
digital prosperity is near

With Industry 4.0 driving digital transformation in all sectors, including the banking sector, Techcombank is promoting technology applications in the operation. 2019 marks the second phase of our digital transformation.

The digital banking channel of Techcombank has continued to show impressive growth with the volume of transactions increasing 20-fold in the past three years.

We will continue to develop a ­customer-centric business model, focusing on six major economic sectors which make up 48 per cent of Vietnam’s GDP, and more importantly cover the majority of Vietnamese demands, from long-term demands such as housing and automobiles to daily ones such as consumer payments, food, travel, and retail. Furthermore, we will further develop digital banking and human resources in order to go faster. As one of Vietnam’s leading commercial banks, we are eager to support the country on its digital transformation.

Vo Son - Deputy general director F.L.D Vietnam Co., Ltd

digital prosperity is near

Digital transformation provides immense opportunities for Vietnamese firms to approach and develop more rapidly to keep up with the world. Our company has recognised the benefits of innovative Industry 4.0 technologies and the digital transformation, so we made efforts to avail of these advanced technologies’ benefits for a couple of years now. For instance, we are using state-of-the-art seamless technology in our production to ensure high and consistent product quality.

We aim to approach more international customers for new project developments. We will further invest in buying modern machines from Italy for our market expansion. This also provides opportunities to increase international transactions to generate more profits for the company.

We have succeeded in expanding our exports to markets in Europe, the US, Japan, and Canada, and are working with partners from different countries.

Tran Anh Tuan - Chairman, general director Dong Quang Group

digital prosperity is near

Our company engages in diverse business fields, from trading household electrical appliances and ICT products to cosmetics and providing outsourcing services to foreign digital companies. We have been promoting the latter for about eight months now and have noted encouraging results.

Besides constant learning, it is important to broaden practical experiences in the process of digitalisation. As such, the company’s management often takes part in foreign exhibitions and events. For example, later this month we will attend a big event in South Korea to keep up with the latest global trends in our fields.

To drive digital applications at our company, we are focusing on upskilling our workforce, who will handle outsourcing contracts from local and foreign business partners. If things go smoothly, this new business will become a spearhead in our future development.

Tech workforce is now badly needed in both domestic and global markets. Luckily, the Vietnamese labour force is tech-savvy and agile. It is important for companies to accumulate experience and gradually scale up, and we are not an exception. VIR

Swift digital revolution drives Vietnam’s economic  growth

Swift digital revolution drives Vietnam’s economic growth

Vietnam’s rapid digital transformation demand is building new pathways for businesses. However, in order to translate these into real success stories, numerous obstructions will need to be removed.

Vietnam set to be biggest contributor to growth of SE Asia digital spending

Vietnam set to be biggest contributor to growth of SE Asia digital spending

The rapid digitalization of communities in Indonesia, Thailand and Vietnam made these countries the top contenders for the region`s digital spending crown.

 
 

Other News

.
Chubb Life Vietnam honored 'Top Insurance Workplaces 2020'
Chubb Life Vietnam honored 'Top Insurance Workplaces 2020'
BUSINESSicon  14/09/2020 

Insurance Business Asia, a world-renowned insurance publication, has just named Chubb Life Insurance Vietnam Company Limited (Chubb Life Vietnam) among the “Top Insurance Workplaces 2020” in Asia.

Warm welcome to eagles, not to tigers or snakes
Warm welcome to eagles, not to tigers or snakes
BUSINESSicon  13/09/2020 

The author of this article received a request to write about his contributions to policies on foreign direct investment (FDI) attraction.

How to attract high-quality foreign direct investment
How to attract high-quality foreign direct investment
BUSINESSicon  13/09/2020 

Industrialization requires high-quality foreign direct investment (FDI). Many issues must be addressed, including how to developed a skilled workforce.

Predicted consumer resets to shape Vietnam FMCG market: Nielsen
Predicted consumer resets to shape Vietnam FMCG market: Nielsen
BUSINESSicon  14/09/2020 

The news cycle related to Covid-19 transmission no longer influences trends on the FMCG market in Vietnam and Southeast Asia.

Lam Dong halts agricultural tourism projects
Lam Dong halts agricultural tourism projects
TRAVELicon  13/09/2020 

Despite keen interest from businesses to invest in agricultural tourism in the Central Highlands province of Lam Dong, the provincial government is not granting an approval to such projects for the time being.

Vingroup rejects rumour about selling stake in Vinmec and Vinschool
Vingroup rejects rumour about selling stake in Vinmec and Vinschool
BUSINESSicon  13/09/2020 

Vingroup rejects rumour about selling its stake in Vinmec and Vinschool, reiterating that these two systems play a crucial role in the group’s ecosystem.

Hotel rates down steeply as COVID-19 keeps away tourists
Hotel rates down steeply as COVID-19 keeps away tourists
BUSINESSicon  12/09/2020 

The hotel industry is facing arguably its greatest challenge as the impacts of COVID-19 keep away foreign visitors from the country.

MPI prepares new decree on SOE information disclosure
MPI prepares new decree on SOE information disclosure
BUSINESSicon  12/09/2020 

The Ministry of Planning and Industry (MPI) is developing a new decree to guide State-owned enterprises (SOEs) on disclosing information, aiming to...

Vietnam likely to gain export target for timber and wooden products this year: experts
Vietnam likely to gain export target for timber and wooden products this year: experts
BUSINESSicon  12/09/2020 

 Experts believe Viet Nam this year will reach its export target for timber and wooden products at US$12 billion, despite the impact of the COVID-19...

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 13
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 13
BUSINESSicon  13/09/2020 

Vietnam home to nearly 50,000 rooftop solar projects

Vietnam's energy sector a magnet for foreign investors
Vietnam's energy sector a magnet for foreign investors
BUSINESSicon  11/09/2020 

National electricity demand is expected to increase by 8.5 per cent a year until 2025 and 7 per cent until 2030, making Vietnam an attractive market for foreign energy investors.

Ministry asks for tightened management on condotels, officetels, shophouses
Ministry asks for tightened management on condotels, officetels, shophouses
BUSINESSicon  12/09/2020 

The Ministry of Construction has asked provincial and municipal people’s committees to tighten management on condotels, officetels, resort villas and shophouses 

Auto industry steers strategy towards wider supply chains
Auto industry steers strategy towards wider supply chains
BUSINESSicon  11/09/2020 

Vietnam’s automobile industry is transforming drastically but it still lacks scenarios to join the global supply chains after the COVID-19 pandemic.

VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 12
VIETNAM'S BUSINESS NEWS HEADLINES SEPTEMBER 12
BUSINESSicon  12/09/2020 

Vietnam recovery prospects brightest in Southeast Asia: ICAEW

Versatility letting retail grow anew
Versatility letting retail grow anew
BUSINESSicon  10/09/2020 

The local retail sector is set to maintain its encouraging growth towards the end of the year, with new drivers coming online.

Anxious carmakers hoping losses remain in rear mirror
Anxious carmakers hoping losses remain in rear mirror
BUSINESSicon  10/09/2020 

Despite efforts in converting part of their facilities to produce ventilators and face masks for fighting the coronavirus pandemic, global carmakers are still reporting losses 

Vietnam's current account forecast at 3.7% in 2020
Vietnam's current account forecast at 3.7% in 2020
BUSINESSicon  10/09/2020 

Vietnam’s current account surplus could narrow to 3.7 per cent in 2020 from 4.9 per cent last year due to the impacts of the COVID-19 pandemic, according to Fitch Solutions.

Trade plummets at HCM City’s wholesale markets after second COVID-19 outbreak
Trade plummets at HCM City’s wholesale markets after second COVID-19 outbreak
BUSINESSicon  10/09/2020 

Wholesale markets in HCM City are facing a serious crisis due to the second COVID-19 outbreak. 

Businesses race against the clock to issue bonds
Businesses race against the clock to issue bonds
BUSINESSicon  11/09/2020 

Large corporations are rushing to seek capital through bond issuances before a new regulation, with stricter requirements, takes effect.

VN farm produce prices plummet amid oversupply, impact of Covid-19
VN farm produce prices plummet amid oversupply, impact of Covid-19
BUSINESSicon  11/09/2020 

Booth avocado, the specialty of Dak Lak province, is now selling at VND10,000-20,000 per kilogram, and the price of passion fruit has also fallen dramatically.

 
 
 
Leave your comment on an article

OR QUICK LOGIN