Digital technology projected to earn US$74 billion for Việt Nam by 2030

Digital technology projected to earn US$74 billion for Việt Nam by 2030.

Digital technology, if exploited to the maximum, can bring in over VNĐ1.733 quadrillion (US$74 billion) to Việt Nam by 2030, with the most beneficial sectors including manufacturing, agriculture, and food, and education-training.

The information was unveiled in a report on the potential of Việt Nam’s digital economy, which was presented at a workshop held in Hà Nội on Monday.

Conducted by strategic economics consultancy company AlphaBeta, the report shows that Việt Nam has many opportunities to benefit from the digital economy.

Accordingly, the young, educated and tech-savvy population accounts for 70 percent of its citizens under 35 years old. The literacy rate in the 15-35 age group is over 98 percent, higher than the average global rate of 91 percent. About 70 percent of the population uses smartphones. Việt Nam also has the second-fastest-growing Internet economy in Southeast Asia after Indonesia.

The report, meanwhile, points out a number of barriers in exploiting benefits from digital technology, including regulatory requirements, digital connectivity, and a shortage of digitally skilled human resources.

Co-organized by the Ministry of Planning and Investment’s Việt Nam National Innovation Centre (NIC) and Google, the workshop reviewed the current situation and possible development of Việt Nam’s digital economy, as well as mechanisms and policies to promote its growth.

Speaking at the event, Deputy Minister of Planning and Investment Trần Duy Đông said in the context of the COVID-19 pandemic, Việt Nam needed to accelerate the digital economy’s development based on science-technology and innovation to improve the quality of life, productivity, efficiency, and competitiveness.