Digital transformation is forecast to help Vietnam earn an additional US$168.6 billion, or 1.1 per cent of annual GDP by 2045, heard a symposium held in Hanoi on May 15.
Prime Minister Nguyen Xuan Phuc attended the meeting themed “Science, technology and innovation as a pillar for socio-economic development in Vietnam” in Hanoi on May 15.
This scenario is highlighted in a report featuring Vietnam’s future digital economy towards 2030 and 2045, implemented by Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) in collaboration with the Vietnamese Ministry of Science and Technology.
In order to achieve this scheme, a basic digital transformation must be carried out across industries and public services, whilst the export of information and communication technology products and services should be boosted.
Stefan Hajkowicz, head of the CSIRO’s Data61 Strategic Foresight Team, said that Vietnam is one of the most dynamic countries throughout East Asia and it has recently made its way into the "7 per cent growth club" - a group of high growth economies.
Now is the right time for Vietnam to make a strategic shift from the labor-based growth of low-income countries to the knowledge-based one commonly seen in high-income countries, added Hajkowicz.
Chu Ngoc Anh, Minister of Science and Technology, affirmed that science and technology will play a significant role in the country’s industrialization and modernization course.
The nation’s science and technology policies have seen progressive with a number of innovative regulations put into practice. Besides, the national innovation system has been formed and has shifted a focus on supporting businesses.
The application of technical standards and regulations along with the protection and enforcement of intellectual property rights has gradually met requirements arising from international integration.
In recent years, the contribution and development of science and technology has manifested in many fields, notably agriculture and industrial production.
According to the World Intellectual Property Organization (WIPO), Vietnam has consistently improved its spot on the Global Innovation Index (GII), and in recent years it has led lower-middle-income countries in terms of innovation.
The Southeast Asian country jumped by 12 places in the GII 2017 while continuing to rise by two places to be ranked 45th among 126 countries in the GII 2018.
Minister Anh called for stronger solutions to attract a qualified workforce, particularly talented scientists even those from overseas, who are believed to give a boost to the country’s innovation.
He underlined the need to take over solutions aimed at luring additional investment inflows into the local science and technology sector from both public and private sources.
Enhancing alliances between research institutes, education facilities, and businesses is an essential approach in which enterprises are placed in the middle of the national innovation system, Anh stressed.