"The digital era is about technological breakthroughs and labor mobility. Though adapting later, Vietnam has great opportunities and conditions for implementing the Fourth Industrial 4.0 Revolution," Vu Tien Loc, Chairman of Vietnam Chamber of Commerce and Industry (VCCI) said at the 2019 Vietnam Business Summit (VBS 2019) held recently in Hanoi.

As the third of its kind, VBS, which is annually organized by VCCI, is one of the largest trade and investment promotion events in Vietnam. Under the theme: "Vietnam: We mean business. Partnership in digital era", VBS 2019 focused on new opportunities for Vietnamese enterprises in era of revolution 4.0, especially in two main areas: technological innovation and labor mobility.

Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry.

Vincent Truong Kinh, President and General Director of Sunny World Investment and Development Joint Stock Company, said that the digital economy is widespread on the whole world and in every aspect of life, and management has to follow that trend.

He told that despite the lower information infrastructure compared to developed countries, Vietnam is able to put mangagement concepts like smart government, smart cities... into action by enhancing the database and high-tech solutions.

"We look forward to expanding network, exchanging experiences, sharing investment opportunities with domestic and foreign parners. Enterprises want better access to the economic development policy, new opportunities and challenges in business and investment, especially in some areas such as infrastructure, renewable energy, high technology, health care, real estate and tourism,"said Truong Vincent Kinh.

Le Duc Phong, General Director of Daeha Joint Stock Company (Hanoi Daewoo Hotel) shared: "We expect to discuss how cloud computing, data mining, wireless devices impact consumer behavior in the 4.0 era, and how to apply them in hotel operations. Sustainable growth, development and environmental protection are other interests".

Delegates in Vietnam Business Summit 2019.

Analyzing opportunities and conditions for digital economy, VCCI Chairman cited that Vietnam has more than 64 million Internet users, higher than world average and among the highest in Asia.

According to VCCI, in 2017, Vietnam ranked in the top 5 fastest-growing information technology countries in the world, with 16 percent and up to 55 percent of its population using smartphones. Last year, Vietnam’s creative capacity rose 12 places to 47th globally. The e-government index also increased by 10 places.

In 2020, Vietnam will be one of the first countries to deploy 5G. Many large technology enterprises such as Viettel, FPT, VNPT... are investing heavily into information technology infrastructure, not only in the country but also expanding into the international markets. 

According to experts, these are new advantages of Vietnam in the digital economy, besides traditional ones such as favorable geopolitical position, socio-political stability, large market size, free trade agreements, abundant and low-cost labor force...