Vietnam targets to reach 100,000 digital technology companies by 2030

On August 24th, the Ministry of Information and Communications stated that the Ministry had developed a draft of National Strategy on Vietnam's digital technology companies by 2030, setting the goal to develop 100,000

digital companies nationwide. The Draft aims to provide a systematic approach with specific breakthrough solutions to mobilize resources from entire society to unleash digital strengths; and to harness opportunities to develop Vietnamese digital technology businesses.

DIRECTING DEVELOPMENT

The Draft clearly state to concentrate on developing 4 types of digital technology companies in Vietnam, including: Group 1 - Companies developing core technologies; Group 2 - companies developing digital technology products and services; Group 3 - companies deploying digital technology solutions; Group 4 - Digital technology start-ups.

Developing digital technology companies through effective resource mobilization from the state and from the society, in which, state-based resources play a supportive role, while social resources play the leading role. In addition, the state supports should be significantly shifted from input-oriented to output-oriented approach to further assist Vietnamese digital technology companies.

Vietnam's digital technology companies use technologies to solve Vietnam's socio-economic pain points, to explore and utilize domestic market as an incubator to expand and penetrate international markets.

Vietnam's digital technology companies develops products and services in-line with strategic direction of Make in Vietnam, striving step by step to gain full control of technology, taking lead and self-doing in designing and manufacturing products, services and business models; promoting international cooperation but still staying independent from foreign technology companies.

State governance model is based on efficiency and risk management. Fostering new pilot products and services; encouraging establishment of regulatory sandbox to deploy new business models based on technology breakthroughs.

Vietnam's digital technology companies is the key driving force to achieve the mission which transforms Vietnam to an industrialized and high income country by 2045 with a fast-paced, sustainable and inclusive economy.

DEVELOPMENT GOALS

According to the Draft, by 2025, Vietnam is expected to have 70,000 digital technology companies with 1.2 million people working in this sector. Average revenue of Vietnam's digital technology companies is expected to grow 1.5-2 times of GDP growth rate. The export value of the industry is predicted to increases 10-20%/year on average. Vietnamese digital products developed based on key technologies of the 4th industrial revolution shall account for 30-40%. Vietnam's technology and innovation index is aiming within top 3 of ASEAN region and top 70 in the world ...

"The nucleus of Digital transformation will be Vietnam Digital technology companies, Vietnam ICT companies. We need to develop 100,000 ICT companies for the that transformation process. The way for Vietnam fastening digital transformation is developing digital platforms, each platform could be able to serve hundred-thousands of users and thousands of organizations to do digital transformation".

Minister of Information andCommunicationsNguyen Manh Hung

By 2030, Vietnam sets the target to have 100,000 digital technology companies;1.5 million digital workers. Revenue of Vietnam's digital technology companies shall have an average growth rate of 2-3 times the GDP's. The export value of Vietnamese digital technology companies shall grow at an average rate of 20-30% / year. Vietnamese digital technology companies contribute 20% of GDP growth; 50% increase of national labor productivity and 70% increase of digital economy The proportion of national digital products developed based on key technologies of the fourth industrial revolution shall account for 40-50%. Ranking of technology and innovation index of Vietnam is aiming within top 2 ASEAN region and top 50 in the world.