Deputy Minister of Industry and Trade Cao Quoc Hung

The issue was discussed at a workshop themed “Policy Aspects of Vietnam’s Digital Economic Development”, jointly held by the Ministry of Industry and Trade (MoIT) and the World Bank Group in Hanoi on Thursday.

Deputy Minister of Industry and Trade Cao Quoc Hung said: “The digital economy touches all social and economic areas. It will create several opportunities as it ushers in great changes in society and the economy. The digital economy translates to high growth and rapid reform in economic sectors and allows regional businesses to integrate themselves into the global economy in the interest of a more open market with fewer trade barriers. In Vietnam, the government and businesses will experience both opportunities and challenges in realizing the potential benefits of the digital economy. It’s necessary to revise policies to support the digital economy.”

World Bank Country Director for Vietnam Ousmane Dione

Participants discussed different perspectives on how best to support SMEs to take advantages of the digital economy. World Bank Country Director for Vietnam Ousmane Dione said that in a vibrant digital economy, SMES are being able to participate more in the economy. It's because e-commerce platform exposes SMEs to larger markets and shorten the distance to market, especially for firms located further from the more advantages of Ho Chi Minh City, Hanoi, Da Nang, and Hai Phong among others. Indeed by establishing a conclusive environment, the government can effectively facilitate and ensure the development of SMEs in the digital economy, said Dione.

Natasha Beschorner, Senior Information and Communications Technology (ICT) Policy Specialist at the World Bank’s Global ICT Department, said Vietnam has the potential to improve its global competitiveness and the implementation of policies toward that end will decide the speed and quality of digital economic development in Vietnam.