(VOVWORLD) - Technology innovation, digital transformation and supply chain diversification are the keys to improving Vietnam’s resilience against external economic fluctuations and ensuring stable production and effective participation in the global supply chain. Experts shared this view at the 4thVietnam Economic Forum in HCM City on Sunday.
 (Photo: congthuong.vn) |
Vietnam is entering a new phase of development amid unprecedented change, growing competition between countries, the effects of the 4th Industrial Revolution, and widespread military and trade wars, all of which have created an urgent need for Vietnam to become more self-reliant. A rapidly fluctuating global economy is challenging Vietnam’s ability to realize its socio-economic recovery and development goals until 2025 and its 2021-2030 socio-economic development strategy.
The Prime Minister has approved a National Program on Technology Innovation to 2030, whose aim is to increase the number of technological innovation enterprises by 15-20% per year. As of the first quarter of this year, every ministry, sector, and locality has set up a Steering Committee; 55 of 63 localities have adopted a digital transformation strategy; and 59 cities and provinces and 19 ministries and sectors have promulgated 5-year digital transformation plans.
The finance, healthcare, education, agriculture, energy, and transportation sectors have put some of their activities online. Science and technology innovation and digital transformation have contributed to national economic growth and improved the performance of the government and businesses.
Nguyen Nam Hai, Director of the Department of Finance Planning of the Ministry of Science and Technology, said: 'Vietnam has left its mark on digital transformation. More than 3,000 businesses have promoted innovation to support Vietnam’s startup ecosystem. More than 1 billion USD has been invested in innovation in the last 3 years."
In order to diversify its supply chains, Vietnam has signed 17 free trade agreements, including new-generation trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and the Vietnam-EU Free Trade Agreement (EVFTA). Vietnamese businesses have joined regional and global supply and production chains and expanded the markets for Vietnamese products.
Tran Thi Hong Minh, Director of the Central Institute of Economic Management, said: "Joining multilateral organizations and participating in free trade agreements has created a great opportunity for us to expand our trade. Vietnam has an opportunity to participate in the dialogue and be more proactive in supply chains."
The 4th Industrial Revolution has had profound political, economic, cultural, and social impacts, prompting countries around the world to refocus their development strategies on technological innovation.
In that context, the Vietnamese government has accelerated its Science, Technology and Innovation Development Strategy, while promoting digital transformation and supply chain diversification and building platforms and support industries. This will strengthen Vietnam’s economy, competitiveness, production efficiency, and readiness to welcome a new wave of investment.
Technological innovation, digital transformation, and supply chain diversification will help Vietnam achieve its goal of rapid, sustainable development. Vietnam is now fine-tuning its legislation and creating breakthrough policies to help industrial businesses improve their management and technical capacity and restructure their production via technological innovation and digital transformation. Vietnam’s government and businesses are working closely together to integrate Vietnam into global production and supply chains.