(VOVWORLD) - Following its success in containing the COVID-19 epidemic, Vietnam is returning to the ‘new normal’. Although the global supply chain was broken by the epidemic, Vietnam is already emerging as a prime destination for a new wave of investment. It is hurrying to implement measures to boost its digital economy to welcome this investment.
Major global groups like Apple, Samsung, LG, TIBCO Software, Daikin, and Microsoft are expanding their investment in Vietnam, creating an opportunity for Vietnam to join the “Diamond Quartet”—the US, Australia, Japan, and India—in restructuring the global supply chain. The EU-Vietnam Free Trade Agreement (EVFTA), which is expected to be ratified during the current National Assembly session, will provide additional opportunities for Vietnam to attract investment.
Developing digital technology and a digital economy is considered the key to taking advantage of the new investment inflow. Boosting its digital technology will make Vietnam more attractive to technology investors. A digital economy will increase links, cooperation, and exchanges between enterprises in their production, sales, and export activities and help to firmly establish Vietnam in the global supply chain.
Last September, the Party Politburo issued a resolution on guidelines and policies related to Vietnam’s participation in the 4th Industrial Revolution. The resolution paved the way for further development of a digital economy in Vietnam by encouraging ministries, sectors, and localities to move forward with digital technology development programs.
Ho Chi Minh City, Vietnam’s primary economic engine, has been renovating a large area in the east end of the city, building a digital infrastructure that will attract foreign investors.
Binh Duong province has promoted a smart urban area project that connects high-tech zones to better serve technology investors. Ministries, sectors, and localities have upgraded their internet infrastructure, developed a national database, improved human resource training, and fine-tuned platforms and mechanisms for digital business.
A new investment flow in the post-COVID-19 era is creating great opportunities for Vietnam, prompting Vietnam to focus on moving licensing, investment, and tax payment procedures to digital platforms to leverage the new investment for maximal economic growth.