Given smart connectivity and the exploitation of digital database being key factors for the digital economy, Yen highlighted that Vietnam should give top priority to technical infrastructure, provide broadband internet, build database centres, as well as develop many other important technology components towards the popular use of robot and Artificial Intelligence (AI). 

Big data and AI should be capitalised on to develop Vietnam’s banking, Fintech, branchless banking, ride sharing, tourism, communications, health care and smart city on the sharing economic models, Yen said, adding these areas hold great potential for the development of breakthrough business models which target untapped customers.

A Temasek’s report in 2018 showed that Vietnam’s Internet economy accounted for only 4% of its gross domestic product (GDP), and the figure is expected to increase to 25% by 2025. Meanwhile, WeAreSocial and Hootsuite’s report in 2019 stated that 48% of the Vietnamese population used mobile phone to access the internet, 62% of whom used social networks and 10% accessed online banking services.

Yen suggested that the Vietnamese Government should work to ensure the common use of smart phones, which plays a pivotal role in digital economic development.

Highlighting that the digital economy will bring opportunities to get access to and share information and knowledge with the community, Yen said the Vietnamese Government should improve technology capacity and invest big in human resources so as to be able to develop business and innovation ability.

She affirmed that the Internet has an important role to play in the digital economy’s infrastructure, adding it is necessary for the government to complete the law on cybersecurity and to enhance the enforcement of the law as well as the training of human resources in the fields to prevent and handle online scams and private data leaks./.VNA