Digital economy considered as means for sustainable development

Digital transformation and green transformation are the twin pillars to support each other for a more sustainably developed Vietnam in the future, according to Minister of Information and Communications Nguyen Manh Hung.

The Vietnam - Asia DX Summit 2024, held in Hanoi

At the recently held Vietnam - Asia DX Summit 2024 in Hanoi, Minister of Information and Communications Nguyen Manh Hung emphasized the stance of Vietnam to view digital transformation and green transformation as the two critical change in the country in the first half of the 21st century.

Vietnam identifies the two transformations above as its strategic driving force for the national economic growth.

In 2020, the green economy contributed 2 percent of the country’s GDP thanks to its growth rate of more than 10 percent. Meanwhile, the digital economy comprised 12 percent of the national GDP, turning to 16.5 percent in 2023 due to its growth rate of over 20 percent. This demonstrates that both figures were two to four times higher than the GDP growth rate for the past years.

President of FPT Group Truong Gia Binh commented that digital transformation and green transformation present both valuable opportunities and tough challenges to Vietnam. To effectively exploit the potentials brought about by these transformations to achieve a dual development for both economies, the country should focus more on boosting human and financial resources in the fields of AI, semiconductors, digital technologies, smart electric vehicles, and green technologies.

Deputy Prime Minister Tran Luu Quang affirmed that digital and green transformations for a digital economy is the inevitable trend for a brighter future in the world, and Vietnam is no exception.

Vital as it is, not all people in Vietnam pay appropriate attention to these two matters. What is more, the current policies, mechanisms, and institution are not truly providing favorable conditions for people to enthusiastically adopt these two processes.

Although certain developments have been witnessed as to digital infrastructure and technological platforms for green growth in the country, they are not at all able to satisfy the huge demands. Resource allocations for digital and green transformations have not yet been truly prioritized and treated as a pioneering field.

This calls for better awareness from the whole society regarding these two important processes in order to fulfill the set goals by the national strategy. It is necessary to invest by priority order in digital infrastructure, particularly in areas with high demands or enormous influences on the overall development.

Simultaneously, Vietnam should call upon the cooperation among businesses to train and use human resources wisely to answer the needs in these two fields. There should be suitable mechanisms to promote the participation of enterprises, especially startup ones, with the spirit to risk acceptance and adventure.

Finally, the Deputy Prime Minister stressed that Vietnam should sensibly take advantage of global achievements via forming international relations and attracting promising projects, especially in terms of technology and finance.

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