 |
| Experts believe that Vietnam has many favorable conditions to develop the digital economy. (Source: Wiki) |
The main growth driver for the economy
In recent years, especially from 2020 to present, with the complicated developments of the pandemic and the unstable situation of the world , the digital economy has become the "key" to economic recovery and promoting sustainable development, not only helping many economies resist crises and pandemics, but also opening up new business models based on technology.
In Vietnam, on the eve of the 13th National Party Congress, the digital economy accounts for about 8.2% of GDP. After analyzing the room for breakthroughs, the Resolution of the 13th National Party Congress set a target of the digital economy reaching about 20% of GDP by 2025, developing the digital economy on the basis of science and technology, innovation, etc.
By the first half of 2023, that is, mid-term, the proportion of the digital economy in our country's GDP has reached 15%. The digital economy is growing very rapidly, reaching 20-25%/year, 3-4 times the national GDP growth rate and becoming the main growth driver of the economy.
Minister of Information and Communications Nguyen Manh Hung commented: “Vietnam’s digital economy will account for 20% of GDP by 2024, one year faster than the target set by the 13th Party Congress.” According to the Minister, the digital economy is a driving force for long-term and medium-term growth and is the driving force for Vietnam to become a high-income developed country by 2045.
Billion dollar digital industries
Experts believe that Vietnam has many favorable conditions to develop the digital economy. The process of digital transformation and digital economic development increases the demand for data usage, storage and data processing.
Cloud computing is a key component of digital infrastructure, with a growth rate of 20-25%/year. Every 3 years, data doubles. Accordingly, big data and big data processing will become the largest industry. This is an opportunity for Vietnamese enterprises providing cloud computing services such as FPT, VNPT, Viettel, CMC... According to calculations, if all domestic enterprises switch to using cloud computing services, this market will reach 2.3 billion USD by 2025.
The sector that is growing strongly and can bring tens, hundreds of billions of USD to Vietnam's digital economy is information technology and software services. In 2022, more than 80,000 engineers from hundreds of businesses brought in 2.8 billion USD from exports. However, this figure only reflects part of the industry's capacity, because Vietnam currently has about 400,000 information technology engineers.
According to Mr. Nguyen Thien Nghia, Deputy Director in charge of the Department of Information Technology and Communications Industry (Ministry of Information and Communications), the world market is still very large with an estimated value of about 1,800 billion USD. Of which, nearly 530 billion USD is the hardware market share of multinational technology corporations, 220 billion USD is the "pie" of competition between large technology enterprises and the remaining more than 1,000 billion USD is a "playground" enough for Vietnamese enterprises to "struggle".
“It is forecasted that global software spending will grow strongly in 2023 and 2024, reaching 12.3% and 13.1%, respectively. This is a development opportunity for Vietnamese businesses,” Mr. Nghia emphasized.
Another sector that will also make a big contribution to the economy if invested in, “nurtured” and supported is the gaming industry. According to the Ministry of Information and Communications, the revenue of the Vietnamese gaming industry is up to nearly 700 million USD (in 2022), and Google statistics show that in Vietnam, there are about 430,000 game developers and 70% of them are targeting the global mobile gaming market.
“We produce games, but we do not sell them domestically, but sell them abroad, sell them on stores, and then collect money from abroad. About 50% of the popular mobile games in the world today originate from Vietnam. Games are a smokeless industry that Vietnam has many advantages in developing and attracting foreign currency,” said Mr. Le Quang Tu Do, Director of the Department of Radio, Television and Electronic Information (Ministry of Information and Communications).
Mr. Le Quang Tu Do added that the Ministry of Information and Communications set a goal that in the next 5 years, the Vietnamese gaming industry will achieve a revenue of 1 billion USD, while also increasing the number of operating gaming businesses from 30 to about 100-150 businesses and calling for about 400 game production start-ups to join the community.
When it comes to the digital economy, it is impossible not to mention the e-commerce sector. According to the Department of E-commerce and Digital Economy (Ministry of Industry and Trade), in 2023, the total e-commerce revenue in the Vietnamese market is estimated to reach 20.5 billion USD, a growth of 25%. Google's Southeast Asia Digital Economy Report predicts that the Vietnamese e-commerce market will continue to boom in the coming years and will reach 39 billion USD by 2025.
In addition, in the digital economy, many industries are also starting to develop strongly, such as content creation. In addition, digital advertising, chip manufacturing, IoT (Internet of Things) devices, AI (artificial intelligence) industry, cybersecurity, etc. are all fields that can bring billions of dollars in the near future to Vietnam.
Source
Comment (0)