Digital Transformation: Accelerating Growth and Innovation with 5G

The virtual forum “Digital Transformation – Accelerating Growth and Innovation with 5G” hosted by Vietnam Investment Review under the auspices of the Ministry of Planning and Investment opened in the morning of December 14 to share practical experiences on the trends of digital transformation, the role of 5G in economic growth and innovation, policies that pave the way for 5G commercialisation, as well as examples from other countries for successful digital transformation.

Deputy Minister of Planning and Investment Vo Thanh Thong
delivering a speech at the forum
According to Vo Thanh Thong, Deputy Minister of Planning and Investment, with Industry 4.0 having a substantial impact on all aspects of the economy and social life, more opportunities are coming along with challenges for each country, niversaliza, and individual.
“The Vietnamese Party and state have outlined orientations for building policies and programmes to actively join Industry 4.0 to accelerate the renovation of growth models and economic restructuring towards stronger and more sustainable development backed by sci-tech, innovation, and high-quality human resources,” Thong said.
“5G is the backbone of the Fourth Industrial Revolution. The niversalization of 5G mobile networks and niversalization of 5G mobile broadband network services are among the targets set in the National Strategy on the Fourth Industrial Revolution towards 2030,” he added. 
Le Trong Minh, editor-in-chief of Vietnam Investment Review, said that the fourth industrial revolution opens up many opportunities as well as challenges. It has been an increasingly strong impact on all areas of the country’s economic and social life.

Le Trong Minh, editor-in-chief of Vietnam Investment Review
Thanks to the global spread of the Fourth Industrial Revolution, data and digital technology are being vigorously used to change all aspects of life and business in Vietnam. The digital transformation process is identified as one of the essential pillars of economic growth, increasing labour productivity, creating new development space, and opening up great opportunities for Vietnam to achieve breakthrough development and quickly catch up with developed countries in its initial steps of the digital transformation process, Minh said.
“With favourable foundations both in terms of the legal corridor which is being gradually completed and the increasing awareness from businesses and people about the essentials of digital transformation, 5G has strong potential for development in Vietnam and to become a platform for innovation and growth in the coming years,” Minh said.
The forum is participated by representatives from ministries and agencies, such as the MPI and the Ministry of Information and Communications, as well as policymakers, international organisations such as Enterprise Singapore, and representatives from foreign business associations in Vietnam like the European Chamber of Commerce in Vietnam, Singapore Business Association Vietnam, and domestic tech enterprises. 
It is sharing practical experiences from representatives of state management agencies, policymakers, and experts from international associations and leading domestic and international technology enterprises on the trends of digital transformation, the role of 5G in economic growth and innovation, policies that pave the way for 5G commercialisation, as well as examples from other countries for successful digital transformation.
Worldwide, digital economies are growing rapidly. In Vietnam, the digital economy in 2021 is expected to reach a volume of $21 billion, up 31 per cent compared to 2020, equivalent to Malaysia and second only to Indonesia and Thailand.
The document of the 13th Party Congress has determined that by 2025, the digital economy should account for 20 per cent of GDP, and by 2030, for about 30 per cent of GDP.
According to experts, Vietnam possesses good conditions to build a digital economy. Besides this, the country is the destination of many leading IT and smart technology companies from around the globe

Christophe Poisson, Digital Sector Committee, EuroCham
Our members are digital businesses and we have been proud to take part in Vietnam's digital transformation journey in many ways: providing digital transformation advisory services in the sectors of financial services, education, and smart city projects to name a few. Members of our committee have been following closely the development of Vietnam's digital transformation.

Obviously, 5G will contribute to a fundamental transformation of the digital. The world is undergoing a major shift towards the digital era, and Vietnam is part of this move. EuroCham digital sector committee members stand by with Vietnam's authorities to share our expertise and perspective as digital experts, entrepreneurs, and investors to implement the most optimal policies and technologies for Vietnam to thrive in the future.

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