Stepping into the third millennium, in the wake of the modern scientific and technological revolution which has progressed since the second half of the 20th century, great achievements in the field of digitization such as information technology (IT) and the internet have become basic fundamentals combining 3 fields: Informatics, Communication, and Telecommunication; at the same time this has launched the Network – Centric Era and Digital Content Industry. The emergence of the digital economy has brought many challenges and opportunities for enterprises conducting business in the international market. These include virtual tools and the deployment of advanced IT services in public administration activities and business administration, and especially in marketing. Constantly upgrading technology has enabled a proactive grasping of business opportunities, technical solutions and international investment flows; with a widening market and diverse needs in the context of increasingly fierce competition which will accelerate when the Trans Pacific Partnership (TPP) and European, Vietnam Free Trade Agreements (EVFTA) take effect.

In the current period, the digital economy has been creating new direction for new businesses, namely: 1) Creating breakthrough ideas – start-ups in the areas of software services, digital content services, databases of digital knowledge, social networks etc. 2) Creating a cultural exchange environment in terms of business, information technology and links with media, community and society; 3) Building infrastructure, expanding access to broadband network and becoming the base for developing direct applications of the digital economy; 4) Cultivating workforces with core competencies serving for service development and digital economy techniques; 5) Creating a start-up environment which becomes the platform for the growth and spread of digital economy via Internet and serves as the contribution to create opportunities to access greater lower-cost business processes; 5) Creating a digital economic ecosystem with initiative and creativity in expanding a market beyond national borders in the context of deeper integration.

To create a turning point by developing the economy based on the development of digital economy, the private sector recommends:

  • For public authorities to: Create a favorable environment for enterprises to start up a business; Create a start-up culture, including relevant curriculum content in education reforms; Continue basic and comprehensive education on innovation to create human resources for economy and society ; Be supporting of the digital revolution as a creative source of social value; Call for risk investment with the participation of the government, businesses and international partners; Build entrepreneur networks and an association of pioneering in the entrepreneurship ecosystem; Reform education and training methods; Promote and improve the efficiency of software copyright protection; Connect a worldwide network of overseas Vietnamese to join a start-up assistance program; Promote the application of new technology solutions such as SMAC / IoT;
  • For international organizations, partners: The private sector wishes to promote:

Cooperation with other countries; Connecting Vietnam with start-up programs; Cooperation with foreign universities; Setting up connections with international organizations (World Bank, AFC, Asian Development Bank,  …) and creating a development policy; Establishing international investment funds for start-up enterprises, Promoting sustainability in the digital economy; Encouraging and taking specific measures to attract major corporations around the world to open laboratories in Vietnam; Enabling Vietnam to be in a key position as a creative start-up nation and to use digital economy to develop and greatly contribute to the sustainability of the economy.