In the context of the global digital economy accounting for an increasingly large proportion of GDP, deeper participation in the digital technology value chain is considered a strategic direction to help Vietnam increase value and affirm its position on the technology map.
Market development policy, creating conditions for businesses to expand internationally
The law lays the foundation for market development, thereby creating conditions for businesses to expand internationally, including exporting software and digital services. Businesses investing in R&D in key areas such as AI and semiconductors enjoy preferential mechanisms under the laws on investment, tax and land, along with support policies from the State.
This is an important step, creating more motivation for technology companies to expand their scale, improve their competitiveness and target international markets.
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| Enterprises investing in R&D in key areas such as AI and semiconductors enjoy preferential mechanisms under the laws on investment, tax and land, along with support policies from the State. (Source: VnEconomy) |
In addition, the Law on Digital Technology Industry stipulates that digital infrastructure – including telecommunications networks, the Internet, information systems, data centers, monitoring systems and information security assurance – is part of the infrastructure of concentrated digital technology zones (Article 25.1a).
At the same time, the State has policies to manage and promote the development of digital data in digital technology industry activities (Article 26.1). This provision creates a legal basis for enterprises to improve their capacity, expand their service scale and gradually participate in the digital technology value chain.
International standards and certificates
In order for Vietnamese digital technology products and services to penetrate the global market, the Law on Digital Technology Industry stipulates the application of technical standards and regulations, and encourages enterprises to participate in developing and applying international standards in the process of developing products and services (Article 7).
Compliance with international standards not only enhances the reputation of Vietnamese enterprises but also facilitates access to markets with strict requirements on quality and technical safety (Article 30.1b).
At the same time, the Law also emphasizes the role of providing market information, promoting cooperation and linkage between enterprises, research institutes and universities to improve the capacity to meet international standards (Articles 30.1a, 30.1e). Thereby, Vietnamese enterprises have more foundations to integrate, expand market share and improve competitiveness in the global market.
Potential markets
The new legal framework facilitates the expansion of digital technology exports to many regions. In ASEAN, demand for cloud services, e-commerce and cybersecurity is expected to increase sharply in the next decade, opening up great room for development for technology enterprises. In Northeast Asia, Japan and South Korea – partners with a long tradition of cooperation with Vietnamese enterprises – continue to be promising markets for software and IT services.
In addition, Europe and North America, although demanding in terms of standards, have large contract values, suitable for businesses that have reached technological maturity. For innovative startups, Africa and South Asia are also noteworthy as the demand for fintech solutions, online education and digital healthcare is growing rapidly while domestic supply is limited.
Integration challenges
Besides opportunities, Vietnamese digital technology enterprises will have to face many challenges when entering the international market.
Firstly , there is competitive pressure, as many countries in the region such as India, the Philippines or Malaysia have formed software and digital service export industries early, with international brands and reputations.
Second , the legal compliance requirements are complex, as each market has its own set of rules on data security, intellectual property and digital commerce. Adapting to many different standards will cost Vietnamese businesses money and resources.
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| The Law on Digital Technology Industry has opened up a favorable legal corridor for digital technology enterprises to develop the market, improve competitiveness and gradually integrate more deeply into the global value chain. (Source: Ministry of Science and Technology) |
In addition, the quality of technology human resources is also a big challenge. Although Vietnam currently has about 1.2 million IT workers, it is forecasted that by 2030 this number will need to reach 2-3 million to meet the requirements of domestic digital transformation and export. The gap in high-quality human resources will affect competitiveness if there is no timely training and development policy.
The Law on Digital Technology Industry has opened a favorable legal corridor for digital technology enterprises to develop the market, improve competitiveness and gradually integrate more deeply into the global value chain. Regulations on encouraging R&D, developing digital infrastructure and digital data, requiring compliance with international standards and developing digital human resources are the foundations for helping Vietnamese enterprises reach out to the world.
However, opportunities only become reality when businesses themselves proactively innovate and improve their internal capacity, while the State continues to support policies, infrastructure and human resources. If well utilized, Vietnam can affirm its position on the global technology map as a country capable of providing reputable digital technology products and services.
Source: https://baoquocte.vn/doanh-nghiep-cong-nghe-so-vuon-ra-thi-truong-quoc-te-tu-co-hoi-cua-luat-moi-332255.html
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