Opening new model
Phygital Labs, a startup in Ho Chi Minh City, has shown that the digital economic model is exploited in many other fields such as retail, OCOP products, fashion... For example, the specialty coffee brand Le J', under The Le's Brothers Coffee Corporation, before being identified, the price of each bag of specialty coffee was 800,000 VND/200g package... but after applying identification technology, the unique story about the farm, the products of the Le J' coffee brand increased and were sold for 1.2 million VND/200g package. Or by creating uniqueness for the Starlight Sweater collection of the digital fashion brand Ortho, 300 limited edition Starlight shirts were sold out within 24 hours at a price of 660 USD/shirt when identified and released in a digital version.
Phygital Labs also laid the first foundation in applying digital physical technology to promote and preserve Vietnamese cultural values through projects such as digital identification of the Nghe Van Mieu statue, creating the first digital physical book; digital identification for hundreds of antiquities of the Hue Royal Antiquities Museum... to create digital products and put them into the digital environment, contributing to increasing the value of the digital economy in the cultural field. The above projects show that the digital economy is in many fields such as cultural products, intangible culture... which are fields that will exploit the digital economy if applying artificial intelligence (AI), blockchain and digital identification technology.
“The digital economy in Vietnam is full of opportunities, but to keep up with the world's development, Vietnam needs to have common standards for digital transformation with valuable physical products, both material and cultural. In other words, legal mechanisms related to new technologies such as blockchain, digital physics, identification, etc. need to be encouraged to be tested and developed,” said Mr. Huy Nguyen, CEO of Phygital Labs.
According to Mr. Nguyen The Vinh, Chairman of the Ho Chi Minh City Blockchain Association (HBA), Director of the NinetyEight project, when state management agencies are building a legal framework for digital currency, researching and applying a controlled pilot mechanism (sandbox) to establish an exchange for this activity... then moving towards recognizing crypto assets in general, digital currency in particular is an opportunity to attract investment and grow Vietnam's digital economy. According to his calculations, the volume of cryptocurrency transactions from Vietnam is estimated at 800 billion USD per year. This figure is 4.4 times that of the stock market, which is currently at 180 billion USD/year.
This platform currently accounts for about 34% of the CEX (centralized cryptocurrency exchange) market share and the trading volume on decentralized exchanges (DEX) accounts for about 10%. “This 800 billion USD is only calculated on applied cryptocurrencies (coins, tokens), not including the NFT market (a digital asset stored on the blockchain). If combined, the figure could reach 1,000 billion USD/year, so Vietnam's digital economy benefits from the transaction fees and taxes collected by this platform,” said Mr. Nguyen The Vinh.
Promoting deep digital transformation
According to Google's e-Conomy SEA 2024 Digital Economy Report, Vietnam's digital economy will reach 36 billion USD in 2024 and could grow to 90-200 billion USD by 2030. With its position as an international financial center, Ho Chi Minh City is actively implementing policies to support businesses in the digital transformation process, thereby promoting the development of the digital economy.
From 2020 to present, Ho Chi Minh City has focused on completing many key digital transformation tasks and solutions: innovating thinking and unifying awareness; developing digital infrastructure, developing shared digital platforms on a city-wide scale to ensure information security and safety, promoting digital economic development in key industries and fields such as e-commerce, transportation, logistics, finance - banking, energy, tourism.
Meanwhile, from the survey results of 2,154 enterprises and wholesale and retail business households, it shows that the units interested in receiving support for digital transformation account for 56.41%, while the number that has applied information technology to business activities accounts for only 3.75%. This shows that the demand for digital transformation of small and medium enterprises, stores and business households is still very large. Ho Chi Minh City also continues to complete the plan to build a digital government by 2025, promoting the development of the digital economy with the goal of striving to contribute 22% of the added value of the digital economy in 2024; 25% in 2025 and 40% by 2030.
“The Digital Transformation Program of Ho Chi Minh City sets the goal that by 2025, the city will be among the top 5 localities in terms of e-government, with the digital economy accounting for 25% of GRDP; by 2030, a complete data platform for smart cities will be formed to serve the development of digital government, digital economy and digital society, with data being widely shared throughout society,” said Lam Dinh Thang, Director of the Department of Science and Technology of Ho Chi Minh City.
According to Vice Chairwoman of the Ho Chi Minh City People's Committee Tran Thi Dieu Thuy, to realize this goal, Ho Chi Minh City has identified digital technology as the main driving force and also a new driving force for the city's economic development. Therefore, promoting digital transformation, especially digital transformation for small and medium enterprises, and developing the digital economy will be a key task in the coming time. Thereby, Ho Chi Minh City advocates supporting funding, consulting, and digital transformation solutions for businesses and organizations in the area, especially small and medium enterprises, cooperatives, and business households that need digital transformation to improve production and business efficiency, enhance competitiveness, etc.
Source: https://www.sggp.org.vn/them-mo-hinh-thuc-day-kinh-te-so-post786721.html
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