Dr. Tamara Henderson, senior economist at Bloomberg, emphasized this point at an economic forum in Hanoi on 9/7. With 39 years of experience, she noted that the world is undergoing a period of significant change, requiring nations to transform their economies. Key challenges stem from climate change, trade policies, capital flows, and the explosion of technology.
While some businesses struggle, others capitalize on opportunities to break through and rise. According to Henderson, this is the time for businesses to proactively transform to increase their competitive advantage in the international market.
Henderson believes that Vietnam, as a major producer and exporter, must apply technology and digital transformation to its operations for survival. This will optimize costs and enhance competitiveness. Vietnam's advantage in this journey lies in its large, young, dynamic, and adaptable population. For the long term, she recommends educational improvements to foster stronger adaptability and build an internationally competitive workforce.
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Dr. Tamara Henderson speaking at an investment forum in Hanoi on 9/7. Photo: Tung Dinh |
Dr. Tamara Henderson speaking at an investment forum in Hanoi on 9/7. Photo: Tung Dinh
Phan Thi Thang, Deputy Minister of Industry and Trade, acknowledged that despite global fluctuations, Vietnam's competitive potential remains substantial. For example, tariffs on certain goods like textiles and seafood motivate businesses to innovate, improve quality, diversify markets, and optimize supply chains. Vietnam has the potential to become a regional renewable energy hub, thanks to the development of wind and solar power, aligned with the Net Zero 2050 target.
Simultaneously, the growth of digital technology, AI, and e-commerce opens new growth opportunities. The Digital Technology Industry Law, expected to be passed soon, will create a legal framework to promote innovation, protect data, and support businesses in global competition.
Echoing Henderson's view, Thang highlighted Vietnam's advantage of a young population, with 60% of working age, and a highly open economy.
Experts agree that digital transformation and technologies like AI and blockchain are creating a new playing field, promoting innovation and boosting business strength. For companies, technology and digital transformation increase productivity, reduce errors, support analysis, inform decisions, and even transform business models.
Technology also streamlines paperwork and administrative procedures. Nguyen Xuan Giao, Director of the Vietnam - Oman Investment Fund, illustrated this point. Less than a year ago, opening a trading account took nearly three months due to numerous legal permits. Now, the same process takes less than a day.
"The government's digital transformation support policies have reduced processing time for investors by 10%, significantly decreasing administrative workload," Giao analyzed.
From a management perspective, Nguyen Khac Lich, Director of the Department of Information Technology Industry, Ministry of Science and Technology, stated that the national strategic goal is double-digit economic growth. To achieve this, Vietnam must expand into new development areas, specifically digital space, digital technology, and digital devices.
Therefore, the government encourages business innovation by improving the legal framework. Several important laws are under development or revision, including: the Data Law to recognize the value of digital data and protect personal data; the Digital Technology Law; and the Law on Science, Technology and Innovation. The government is also developing specific policies to support innovative startups, including initial funding for research and development.
The government will soon introduce a Digital Transformation Code, serving as a "missing piece" to connect existing laws and complete the legal ecosystem for the digital economy and digital space.
These steps aim to create a new space for growth, where businesses can experiment, innovate, and expand.
Hoai Phuong
