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Vietnam’s tech businesses prosper amid pandemic

Since the Covid-19 pandemic began, technology businesses have shown their potential by maintaining an impressive growth momentum.

 

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Vietnam's economy has been strongly hit by the pandemic. In 2021, the country’s GDP is estimated to grow only 2%. Commercial and service activities have been heavily affected in provinces and cities under lockdown.

Up to 17.8% of enterprises face labor shortages while the number of businesses suspending operations has increased by nearly 20% compared to 2020.

In the new situation, Covid-19 is still a threat to economic recovery, with the rise of the Omicron variant. Ensuring a timely response to pandemic risks while maintaining safe production is an ever-greater challenge for businesses.

The pandemic has forced businesses to change their traditional way of operating. Technology enterprises have become one of the bright spots in the overall picture of the economy.

According to the National Digital Transformation Program to 2030, the digital economy will account for 30% of Vietnam’s GDP; and the proportion of digital economy in each industry and field will reach at least 20%. The pandemic, along with prolonged lockdowns, has spurred the rise of digital transformation in Vietnam.

Deputy Minister of Information and Communications Pham Duc Long said at a recent press conference the number of newly established digital firms in Vietnam is over 5,600, based on the need to "work online, sell goods online, and solve problems online".

Nguyen Thanh Tuyen, Deputy Director of the Information Technology Department at the Ministry of Information and Communications, said that Vietnam's digital technology industry has achieved impressive developments, with a growth rate of over 9% in 2020, three times higher than GDP growth.

The pandemic global health crisis has changed consumption trends and directly affected businesses, but has also been a "golden opportunity" to go digital in business. It is predicted that many areas will powerfully change after the pandemic, including online jobs, online education, distance healthcare, online shopping, online events, and online fairs.

Shift in labor structure

Digital transformation is here to stay. Workers will be required to adapt and seize opportunities to fit the digital society and digital economy.

Deputy Minister of Information and Communications Pham Duc Long said that in 2021 Vietnam recorded an increase of 5% in people working in the digital technology field, or 60,000 employees.

The National Forum for Development of Digital Technology Businesses 2021, with the theme "Digital transformation - The driving force for economic recovery and development", will be held on December 11 at the National Convention Center in Hanoi in both face-to-face and online formats. At the forum, the organizing board will announce Vietnam's digital transformation goals.

Vinh Ngo

Digital transformation to be main driver for Vietnam’s economic recovery, development

Digital transformation to be main driver for Vietnam’s economic recovery, development

The National Forum for Development of Digital Technology Businesses 2021 will discuss solutions that will enable digital transformation to be the driving force for economic recovery and development.

 

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