return icon Vietnamnet.vn

GDP forecast to surge 30 billion USD through digital transformation of SMEs

Vietnam’s gross domestic product is projected to surge by 30 billion USD if the country succeeds in its digital transformation of small- and medium-sized enterprises (SMEs), an official has said.

Nguyen Trong Duong, Deputy Director General of the Department of Enterprise Management at the Ministry of Information and Communications (MIC), revealed the information at a recent conference which looked to bolster digital transformation support for SMEs this year.

Firms engaging in digital transformation have reported higher productivity and profits by two-fold compared to their peers, Duong said.

Statistics showed that 3.1 trillion USD will be added to Asia-Pacific’s GDP by 2024 if digital transformation for SMEs is accelerated. The process is forecast to help raise Vietnam’s GDP by 30 billion USD, he added.

The country is currently home to about 785,000 SMEs, which make up more than 98 percent of the total number of businesses. They create jobs for 70 percent of the country’s labourers and contribute about 50 percent of GDP.

2021 continued witnessing uncertainties due to new variants of the coronavirus SARS-CoV-2, which forced 24 percent of SMEs to suspend operations and the number of newly established firms to slip by 15 percent, Duong said.

Therefore, digital transformation is viewed as key for SMEs to address bottlenecks and adapt to the pandemic.

GDP forecast to surge 30 billion USD through digital transformation of SMEs hinh anh 1

A conference looks to bolster digital transformation support for SMEs this year (Photo: vneconomy.vn)

 

Deputy Minister of Information and Communications Nguyen Huy Dung said the MIC will join hands with localities nationwide to carry out a programme to bolster digital transformation among SMEs this year, and set up a consultation network on a digital economy and technology at commune levels.

Under the programme, the MIC will evaluate the digital transformation rate of 100,000 firms across the country based on the Digital Business Indicators (DBI). The assessment is projected to help fine-tune specific action plans and step up digital transformation among enterprises as well as digital economic development, the official added.

Source: VNA

MORE NEWS

Amid global unrest, VN billionaires incur huge losses

Despite good news about the economy, including high growth rate and low inflation, stock prices have been sliding all over the globe.

Vietnam needs to expand airport network to relieve pressure on infrastructure

Vietnam ranks No.1 on the list of the 25 countries with the fastest post-pandemic recovery of the domestic aviation market.

Binh Duong lures foreign investors with special care

The southern province of Binh Duong has taken the lead for foreign direct investment (FDI) attraction thanks to its methods of taking care of investors.

Securities under pressure from external risks

Although the US Federal Reserve (FED) raised the interest rate in the hope of reducing inflationary pressure, it has come as a shock to see a rise in the core US inflation data, despite falling oil prices.

Unemployment rate falls, workers' incomes increase

According to the General Statistics Office's Report, the labor and employment situation in the third quarter of 2022 continued to recover.

The most expensive birds in Vietnam

Red-whiskered bulbs (Pycnonotus jocosus) with original colors are priced at VND500 million and tiny chickens with original colors sell for thousands of USD.

Drinks from dracontomelon: A popular heat-relieving drink in Hanoi

Sweet drinks made from ‘sau’, a fruit which is known scientifically as Dracontomelon, are a popular heat-relieving drink in Hanoi during the hot summer.

1,000 authors with doctoral degree or higher compiled textbooks for new academic year

As many as 1,574 authorities participated in compiling textbooks for six grades in accordance with the new general education program issued in 2018.

Expectations positive for growth trajectory

The Vietnamese economy has been gradually bouncing back thanks to the government’s major efforts to curb the pandemic and remove obstructions to progress for enterprises.

Law on Pharmacy needs to be amended

The lack of medicine at public hospitals has caused concern among the public. The Prime Minister has instructed the Ministry of Finance (MOF) and relevant ministries to find solutions to resolve the problem.

FIEs seek streamlined workforce policy

The human resources of Vietnam are improving to meet the demand of foreign-invested enterprises. However, they may require stronger policies on visas to enhance performance and transfer high technologies to Vietnam

US investors display confidence in Vietnam

Vietnam and the United States are seeking ways to increase their investment and trade ties, with the latter pledging to support the latter in education, training, and the energy transition.

Entrepreneurs blaze a trail in the city

Die-hard entrepreneurs are re-inventing themselves to solve business problems and find their niches in Ho Chi Minh City.

VN ranks 48th in Global Innovation Index 2022

Vietnam ranked 48th among the 132 economies featured in the Global Innovation Index 2022 (GII 2022).

Outstanding policies take effect in October 2022

A string of new policies on higher vehicle registration fee, termination of compulsory unemployment insurance premium, electronic identification and authentication and cybersecurity come into effect in October 2022.
back_to_top