Gov’t approves digital economy development strategy

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Deputy Prime Minister Vu Duc Dam has signed a decision approving the national strategy for digital economy, digital society development through 2025, orientations to 2030.
Gov't approves digital economy development strategy
The national strategy for digital economy, digital society development is expect to help Vietnam overcome the status of a low middle-income country by 2025.

The strategy aims to help Vietnam overcome the status of a low middle-income country by 2025 and become a upper middle-income country by 2030 and a high-income country by 2045.The Government assigned the Ministry of Information and Communications to take prime responsibility for accelerating the development of digital economy a digital economy.The ministry was also tasked to instruct other ministries, agencies and localities in organizing the implementation of the strategy and periodically report the outcomes to the Prime Minister.Vietnam’s digital economy is projected to US$43 billion by 2025, according to a Report jointly released in 2019 by Temasek, Google and Bain & Company.Vietnam is one of the two fastest-growing digital economies in Southeast Asia, with the average growth rates in excess of 40% since 2015, in which e-commerce is a key driver behind the impressive numbers.

These dynamics are unlocking opportunities for entrepreneurial Vietnamese SMBs, which have jumped onboard the Internet economy to do business, says the ReportVietnam has set goal to increase the GDP share of digital economy to 20% by 2025, according to the Resolution No. 52-NQ/TW of the Politburo on guidelines for participation in the 4th Industrial Revolution.Source: VGP

The digital economy in Vietnam accounts for about 8.2% of GDP. The development potential of the Internet and digital economy components is still quite large.

Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium-sized Enterprises, said up to 70% of Vietnamese small and medium enterprises are outside the digital economy, and only about 20% are learning about it.

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