Experts discuss technology solutions for businesses in the process of dual transformation

IIBF Forum 2024 has the theme "Application of real-world technology to strengthen internal resources and create breakthroughs for businesses" organized by the High Quality Vietnamese Goods Business Association with the coordination and implementation of Center for Business Research and Enterprise Support (BSA), Leading Business Club (LBC), CIO Vietnam.

Technology is a key factor to compete

Speaking at the opening of the forum, Mr. Huynh Thanh Dat, Minister of Science and Technology, affirmed that technological qualifications and capabilities are key factors for businesses to create products and services with competitive or outstanding characteristics, meeting the increasing needs of the market.

Mr. Huynh Thanh Dat emphasized that the context of strategic competition and trade tensions between major economies in recent times has led to an increase in protectionist measures and fierce competition in technology along with the requirements of sustainable development goals. These are practical issues facing businesses, creating great pressure forcing businesses to implement radical and drastic solutions to overcome key challenges in technology absorption and technological innovation, gradually moving towards technological autonomy towards green and sustainable technology.

Shashi Jagadiswaran, Deputy General Director of Ernst & Young Vietnam Consulting Joint Stock Company, assessed that although there is still a certain gap compared to developed countries in the region, especially in terms of ESG, Vietnamese businesses are possesses an impressive growth potential compared to other developed economies.

A study by Ernst & Young showed that Vietnam holds the No. 1 position in cloud market growth rate in Southeast Asia. 84% of organizations in Vietnam are applying a cloud-first strategy (prioritizing cloud computing), but only 28% of them have a specific implementation plan and 38% are implementing a cloud strategy. This study also shows that 76% of listed businesses in Vietnam have identified key ESG factors; 60% of businesses revealed no formal governance structure on ESG issues; only 29% of businesses clearly establish ESG goals and metrics.

Green transformation through digital technology

At the forum, Mr. Bui Van Trinh, Deputy General Director of Deloitte Vietnam, introduced the concept of dual transformation - both digital transformation and green transformation due to pressure from large export markets.

Mr. Trinh said, according to a World Bank report, in the period 2017-2021, Vietnam held 15% of the total 493 green patents in emerging markets, behind Malaysia (51%). and Thailand (20%). Vietnam also owns 8% of the total 537 digital patents of developing economies, behind Mayalisa (58%), Philippines (16%) and Thailand (11%). This shows that Vietnamese businesses can take advantage of these patents to exploit our digital and green transformation processes, including promoting green transformation through the selection of digital technologies.

Mr. Trinh also made Deloitte's forecast that Vietnam's digital economy will reach a value of 200 billion USD by 2027, ranking second in Southeast Asia.

In a Deloitte survey of businesses in three major digital economies in Southeast Asia, all survey participants said that over the past 3 years, investments in data analytics has helped their organization save costs and grow revenue at a significant level. Most notably, one-third (33%) of businesses said their organization saved operating costs by 10 to 30% and increased revenue by 10 to 30%.

Meanwhile, from the perspective of a solution provider, Mr. Doron Shachar, Founder and CEO of Renova Cloud, said that moving to cloud computing will not necessarily immediately reduce costs for businesses, but in the future it will help businesses provide more services and solutions as well as increase security and legal benefits. According to Mr. Doron Shachar, many small and medium-sized enterprises in Vietnam are currently investing in small projects such as backing up and securing data on cloud computing.

Mr. Doron Shachar also emphasized that, although very important and a big trend, technology will not solve a business's problems if it does not connect with people and organizations. "Businesses need to clearly understand their values ​​and what their customers need before finding suitable technology" - Mr. Doron Shachar recommended.