Vietnam has made a new policy move in its journey to transform itself into a digital economy and improve its legal framework, much to the appreciation of investors and businesses.
Over a week ago, the Politburo enacted Conclusion No.77-KL/TW on overcoming impacts of COVID-19 for national economic recovery and development. The conclusion underlined the need for Vietnam to develop a digital government, economy, and society with renovations and applications of science and technology.
Meanwhile, PM Nguyen Xuan Phuc last week approved a national programme on digital transformation until 2025, with a vision to 2030.
Together with the Politburo's hallmark Resolution No.52-NQ/TW released last September on a number of guidelines and policies to actively participate in the Fourth Industrial Revolution, and Conclusion 77, this programme is a big addition to Vietnam’s effort to showcase its strong determination to become a digital economy, in which new products, services, solutions, and business models are accepted in tandem with the country’s gradual completion of legal framework.
Vietnamese enterprises are to be facilitated to cooperate with global technological giants to research, develop, transfer, and apply new technologies and models in Vietnam. In its digital economy development programme, the government will aim to develop four types of digital business, namely major trade and service groups focusing on digital technology investment and core technologies, IT firms focusing on research and development (R&D) and production, and digital startups that create innovative products.
The country will “research, develop, and master all technologies, and produce digital equipment such as smartphones, smart TVs, tablets, and IoT equipment, while meeting all technical standards on ensuring cybersecurity.” Added PM Phuc.
Jeff Paine, managing director of the Asia Internet Coalition (AIC), told VIR that Vietnam has full potential to become a digital economy. Vietnam’s open policies have enabled it to attract leading global technology companies who have chosen the country as a place to build major manufacturing facilities that supply equipment and products to the world, creating more jobs and developing human capital.
According to the Vietnamese Ministry of Planning and Investment, one of the key factors for the successful construction of a digital economy and successful implementation of Industry 4.0 is that the government will issue special incentives for foreign firms to establish R&D centres in Vietnam.
Currently, many foregin business are already operating R&D centres in the country, such as Singapore’s Grab, South Korea’s Samsung, Sweden’s ABB and Germany’s Bosch. The US telecommunications giant Qualcomm is also considering founding such a centre in Vietnam.Source: Vietnam Investment Review
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