The majority of Vietnamese companies (63%) are satisfied that digital transformation is helping them achieve overall profitability, followed by improving customer insights (61%) and overall competitiveness in the market (57%). More than half (56%) said they have been using digital technology in providing services and interacting with customers most effectively.
The study findings also show that most Vietnamese companies (35%) are in the “growing leaders” group in terms of digitizing their customer interactions, with great potential for high transformation performance in the future. 12% classified as “transformation leaders” consistently outperform the global average in digitizing their customer interactions, while only 9% are classified as “laggards”, constrained by many challenges in the transformation process.
Digital transformation is a trend that many businesses are interested in.
Mr. Joo Young Park, Head of Banking Services , DBS Vietnam, said: "Our research shows that Vietnam has the aspiration to become a developed and high-income country by 2045, with digitalization as a key driver of economic growth. We believe that this aspiration will drive the strategic priorities of forward-thinking Vietnamese companies. It is important for these businesses to set clear goals for their digital transformation to capitalize on favorable long-term market potential and remain competitive. Accelerating digital transformation will also give these companies the flexibility to embrace new business and operating models, and help them adapt to changes in market demand."
Companies’ top goal for digital transformation is to increase efficiency (40%), such as through automation, followed by improving collaboration between functions and teams (35%). More than half (57%) of the surveyed units have effectively adopted a culture that supports the implementation of a strategic vision to drive successful digital transformation.
The main barriers preventing Vietnamese companies from making faster progress in digital transformation are the talent gap (42%) and concerns about data privacy (35%). According to DBS research, businesses can collaborate with higher education institutions to enhance programmes suitable for the digital future as the government focuses on improving the quality and accessibility of higher education.
In the study, DBS also recognised the growing role of the treasury and finance sector, as well as trade groups, in facilitating change and innovation.
In treasury and finance, cloud (78%) and advanced analytics (65%) are the most important digital and payments technologies for digital transformation. Financial reporting (59%) and investing (38%) are the core activities prioritized for digitalization. Innovation (the ability to think differently about processes and/or business models) (65%) and data analytics (59%) are the highest-ranked skills and attributes needed to more effectively support digital transformation across the organization. Partnering with banks (43%) is the preferred model for working with external companies to develop banking service innovation and digital transformation in treasury management.
The survey was completed by 1,225 respondents from June to August 2022, across 15 industries and 22 markets worldwide.
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