The world has entered the Fourth Industrial Revolution and  in Vietnam,  this is evidence in the digitization trend that has emerged in almost all fields, including trade, payments traffic management, education and healthcare.

Many Vietnamese businesses are engaging in e-commerce, applying payment platforms using QR Code technology, e-wallet, social networking, IoT devices, and so on.

These trends and other issues were highlighted at a forum on "Strengthening the capacity of Vietnamese enterprises to participate in the digital economy market" recently organized by Vietnam Chamber of Commerce and Industry (VCCI) and Facebook Vietnam.

Pham Hoang Tien, director of Small and Medium Enterprise Support Center (VCCI), said that the social network allows businesses to reach new markets and customers, giving them the chance to build a strong and sustainable business.

Tien said he highly appreciates Facebook’s Community Boost Program for SMEs in Vietnam, which provides a valuable space for Vietnamese businesses to learn real business skills.

A new study by Morning Consult, commissioned by Facebook for small and medium enterprises in six countries – Australia, India, Indonesia, South Korea, the Philippines and Vietnam – shows that 85 percents of SMEs have confirmed that Facebook helps attract customers and 74 percent of small and medium businesses have increased sales through the worldwide social network.

In Vietnam’s retail market, e-commerce only accounts for 3.6 percent of sales, a modest figure compared to the Asia Pacific average of 14.5 percent, the forum heard.

Amidst the technological boom that drives business competition, social networking is the most effective advertising channel, speakers said.

Christy Le, director of Facebook Vietnam, said Facebook's goal was to equip SMEs with digital skills to seize business opportunities and grow.

"We want to inspire more business owners to take the big leap forward and help millions of other business owners narrow the gap, get closer to untapped opportunities, push the economy to grow strongly", she said.

This is the second time the Small and Medium Enterprise Support Center has implemented the Community Boost Program in Vietnam.

In addition, Facebook is also working closely with local organizations, SMEs and startups to advise them on how to seize the opportunity to enhance their competitiveness in the digital economy.

Following the launch of the Community Boost Program and the Women Entrepreneurs program, 5,157 small business owners in 27 provinces across the country have been trained by professionals to gain access to technology, the forum heard.