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Digital technology, if exploited to the maximum, can bring over 1.733 quadrillion VND (74 billion USD) to Vietnam by 2030, with the most beneficial sectors including manufacturing, agriculture and food, and education-training.

The information was unveiled in a report on potential of Vietnam’s digital economy, which was presented at a recent workshop held in Hanoi.

Conducted by strategic economics consultancy company AlphaBeta, the report showed that Vietnam has many opportunities to benefit from the digital economy.

Accordingly, the young, educated and tech-savvy population accounts for 70 percent of its citizens under 35 years old. The literacy rate in the 15-35 age group is over 98 percent, higher than the average global rate of 91 percent. About 70 percent of the population uses smart phones. Vietnam also has the second fastest growing Internet economy in Southeast Asia after Indonesia.

The report, meanwhile, pointed out a number of barriers in exploiting benefits from digital technology, including regulatory requirements, digital connectivity, and a shortage of digitally skilled human resources.

Co-organised by the Ministry of Planning and Investment’s Vietnam National Innovation Centre (NIC) and Google, the workshop reviewed the current situation and possible development of Vietnam’s digital economy, as well as mechanisms and policies to promote its growth.

Speaking at the event, Deputy Minister of Planning and Investment Tran Duy Dong said in the context of being severely affected by the COVID-19 pandemic, Vietnam needs to accelerate the digital economy’s development on the basis of science-technology and innovation to improve the quality of life, productivity, efficiency and competitiveness.

World Bank Lead Economist for Vietnam Jacques Morisset recommended that it is necessary for Vietnam to focus on upgrading digital skills for workers, encouraging businesses’ innovation, and enhancing the accessibility and quality of information.

NIC Director Vu Quoc Huy said the centre has cooperated with partners such as Google and Amazon to organise online training and capacity building programmes in technology, e-commerce application, and digital transformation for domestic businesses.

He noted the building and implementation of more programmes to support innovation for businesses will be done in the time to come.