|(Illustrative photo: thoibaotaichinhvietnam.vn)
The global market of IoT (the Internet of Things) was valued at about 309 billion USD in 2021. That will increase to 1.85 trillion USD by 2028, assuming an estimated annual growth of 25.4%.
In Southeast Asia, which has 670 million people, the Internet economy is predicted to reach 1 trillion USD by 2030. The region has added 60 million new internet users since the COVID-19 pandemic broke out, bringing the total to 440 million, with tens of millions of people involved in online shopping and delivery. As these figures show, the digital economy is no longer an abstract concept, but has become a dynamic reality.
In the spirit of the Party Central Committee’s 2019 Resolution on guidelines and policies for actively participating in the Industrial Revolution 4.0, in June 2020 the Prime Minister approved the "National Digital Transformation Program to 2025, with a vision to 2030". This program lays a foundation for socio-economic development. Each ministry, sector, locality, organization, and enterprise will develop a strategy for digitalizing their operations. National digital transformation will be evaluated annually and for every 5-year period.
Since 2020 the COVID-19 pandemic has created pressure to expand and accelerate digitalization and the digital economy in Vietnam, forcing businesses to adapt. The pandemic has accelerated digitalization in management, production, transport, distribution, and social interaction. E-commerce and online working, meeting, studying, consulting, and entertainment are becoming more and more popular. Ranking indexes in the ICT sector are closely followed by international organizations.
Last year Vietnam had 64,000 digital businesses, an increase of 5,600 in one year. Many businesses have shifted to producing technology products. The Ministry of Information and Communications announced 34 “Make in Vietnam” digital platforms. Big digital technology groups, such as the Posts and Telecommunications Group (VNPT), the Vietnam Telecommunications and Technology Group (Viettel), the Telecom Corporation Joint Stock Company (CMC), and the Technology Development and Investment Joint Stock Company (FPT), have made great contributions to the development of Vietnam’s digital government, digital economy, and national digital platforms.
Vietnamese digital enterprises not only assemble products for foreign clients, they are now producing their own products. Last year the ICT sector’s earnings were up 9%, fulfilling its target.
The 13th National Party Congress made building a digital economy one of the three pillars of national digitalization: digital government, digital economy, and digital society.
The National Digital Transformation Program, the Strategy on e-Government Development towards a Digital Government, and the draft Strategy for the Development of Vietnam's Digital Economy and Digital Society set 53 targets by 2025.
This year’s targets include universalizing smart phones and fiber optic broadband, digital identification of the entire population, cyberspace security, e-health records, online learning, electronic invoices, and expanding digital payment and e-commerce.