Digital transformation is vital to business recovery

Digital transformation is vital to business recovery.

Digital transformation will play a vital part in helping businesses recover after the COVID-19 pandemic, according to experts.

The digital transformation is an irreversible trend according to Nguyễn Phú Tiến, Deputy Director of the Ministry of Information and Communications. He added that this transformation will help to reconstruct markets in the new normal. His comments were part of a seminar held by the Việt Nam Chamber of Commerce and Industry (VCCI) in Hà Nội on Friday.

The Prime Minister was encouraging this digital transformation, including digital government, digital economy, and digital society, he said. This change would not only be limited to large enterprises; in fact, smaller enterprises perhaps would have the most to gain.

Tiến said that raising awareness was the most important part of the digital transformation. Enterprise leaders must realize that this would be an unstoppable trend, and react appropriately. The earlier businesses exploit this change the greater the rewards to be reaped.

Lê Thanh Liêm, Chief Financial Officer of the Việt Nam Dairy Products Joint Stock Company (Vinamilk), said the digital transformation needed foundation and commitments from the government, ministries, and the sector itself.

Vinamilk identified the digital transformation trend in business development nearly 20 years ago, from production, supply, and sales to financial management, he said.

The company had almost maintained normal production and business activities during the pandemic, even though its office operation was reduced to 10 percent and sales activities were limited.

Vinamilk had applied technology to all stages of its operation, including production, transport, and storage, he said.

Liêm was quoted by the Vietnam News Agency as saying that: “Việt Nam has had many laws and guiding circulars relating to digital technology. However, it is necessary to promote digitalization in management and administrative procedures to create more favorable conditions for businesses.”

The application of technology in financial and tax activities gained good results in the past years, he said.

At the conference, Nguyễn Hải Hưng, Managing Director of Deloitte Vietnam, said that while COVID-19 had created a crisis, it would not be the only crisis in the coming years. Enterprises must prepare to overcome these difficulties.

These preparations would include good management in human resources, risk, and finance, Hưng said.

Refer to:
Vietnam news

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