Heading for post-Covid rebound? Here’s why Vietnam is the place to go
Businesses around the world are finding ways to emerge from the global pandemic, from offsetting the talent shortage, to optimizing business models to expedite the digital transformation process.
The answer to these challenges may come from Vietnam. Southeast Asia’s emerging technology hub is one of the world’s fastest-growing economies, and one that has a successful history of weathering COVID-19 far better than most.
In March 2021, the International Monetary Fund’s annual assessment of Vietnam’s economy reported: “Despite COVID-19, Vietnam’s economy has remained resilient, expanding by 2.9 percent in 2020—one of the highest growth rates in the world—and growth is projected to be 6.5 percent in 2021, thanks to strong economic fundamentals, decisive containment measures and well-targeted government support.”
Digital transformation will be a key contributor to this growth and is very much a focus for Vietnam’s Government. In June 2020 the Government released its National Digital Transformation Programme with the aim of achieving an average digital economy growth rate of 20 percent by 2025.
Leading industry players in Vietnam had already joined forces to drive the country’s digital transformation. In 2019, the five largest ICT companies in the country including FPT Corporation, Viettel, CMC, VNG, and MobiFone, founded the Vietnam Digital Transformation Alliance with the goal of Vietnam being a top four ASEAN country in digitalisation.
