Vietnam can achieve expected digital economic growth of about 45 billion USD by 2025

Cong Thuong Newspaper had an interview with Mr. Nguyen Binh Minh - Member of the Executive Committee of Vietnam E-commerce Association (VECOM) on this issue.

According to Google's report, Vietnam's digital economy is expected to grow 20% per year in the period 2023-2025 and is on track to reach about 45 billion USD by 2025, the fastest in Southeast Asia? As a representative of the Vietnam E-commerce Association, how do you assess the growth of the digital economy in Vietnam in the coming years?

In my opinion, this is a well-founded prediction. It also shows the results of the explosive growth of e-commerce in the recent period, despite being greatly affected by the difficult economic situation after the Covid-19 pandemic worldwide.

Mr. Nguyen Binh Minh, Member of the Executive Committee of Vietnam E-commerce Association

With a young population structure, the ability to convert consumers digitally is strong, and digital consumption is increasing. The infrastructure is also constantly upgraded, creating many new opportunities for businesses to participate in the market.

In addition, Vietnam's legal corridor has also had many timely adjustments, which has created favorable conditions for e-commerce to develop smoothly and in the right direction. With many driving forces in international economic relations, Vietnam's position in the market is also increasingly high, so Vietnam's digital economy will certainly continue to grow rapidly and stably in the coming years.

In reality, technology enterprises are considered an important factor in accelerating the application of technology, contributing to helping Vietnam move faster on the path of digital economic development. How do you evaluate the adaptation of enterprises to the current digital economy and what are the results?

Vietnamese enterprises all have young human resources, increasingly better trained in innovation and technology startups, so the application of technology is also increasingly focused on.

Businesses are also becoming more confident in the strong boom of e-commerce and the development of the digital economy. Vietnam's digital platforms are increasingly proving their ability to meet the development needs of businesses. The digital transformation capacity of businesses has made significant progress. In particular, many technology businesses have very good digital evolution capabilities.

The increasing application of information and communication technology in general and new technologies of the 4.0 industrial revolution such as artificial intelligence (AI), internet of things (IoT), blockchain, etc. in particular, shows that the ability of Vietnamese enterprises to adapt well to the changing factors of the digital economy and the ability to innovate is clearly improving.

With a young population, strong digital consumer transformation, and increasing digital consumption, Vietnam is the basis for achieving expected growth.

In order for the digital economy to gain momentum for growth, removing obstacles from the legal corridor is very important. So, sir, how do you evaluate the current legal framework in promoting the development of the digital economy in Vietnam?

In fact, the legal framework supporting e-commerce and the digital economy in recent times has created conditions for market development. However, with the rapid change of technology, continuous improvement of legal regulations is essential to maintain growth momentum.

In 2023, the National Assembly passed the amended Law on Electronic Transactions and the amended Law on Consumer Protection with many upgrades in line with development practices. Agencies such as the Ministry of Industry and Trade are also quickly completing the guiding Decrees for these two important laws to promote the development of the digital economy in a sustainable, green, and inclusive direction. This shows that the legal framework is increasingly complete and creates a corridor capable of helping businesses accelerate while still ensuring the health and sustainability of e-commerce and the digital economy.

In addition, business and industry associations have also actively participated in giving comments, criticism and continued to support agencies in perfecting and supplementing regulations in a way that both creates favorable conditions for businesses and ensures stable and solid growth of the market.

In order for the digital economy to develop in line with global trends, what solutions do you think Vietnam needs to implement to promote the growth of the digital economy in the coming time?

In my opinion, in addition to continuing to improve the legal corridor as an important driving force, orienting and assisting Vietnamese enterprises to widely apply digital technology is a very important factor helping businesses grow.

In particular, choosing to orient key industries in which Vietnam has outstanding competitive advantages and prioritizing new technologies in a smart and sustainable direction will be the main driving force. In addition, it is necessary to continue to develop and maintain the ability to rapidly expand the market such as creating conditions for digital marketing and digital finance activities in the coming time.

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