Vietnam's digital economy is expected to reach $43 billion by 2025, according to the e-Conomy Southeast Asia report from Google, Temasek and new partner Bain & Company. A customer uses smart phone to scan code on a product Nguyen Quang Dong, Director of the Institute for Policy Research and Communication Development, said digital service industry is recording the fastest growth and is suitable with Vietnam's strengths such as a young population who love technology and social networks. Digital technology and the digital economy will be key drivers helping Vietnam increase workplace productivity, escape the "middle-income trap", and realise the objective of becoming a middle-class developed economy by 2040, Dong said. Vietnam's internet infrastructure and digital payment services remain limited, however, while the country still lacks a legal framework for digital assets, he said, stressing that the legal model of the 20th century no longer suits the digital economy. Dong also underlined the need to promote international cooperation, especially in joining the building of new regulations and their enforcement through legal frameworks for the region. A study by the Institute for Global Leadership under the US-based Tufts University revealed that Vietnam ranks 48th out of 60 countries and territories globally in… Read full this story
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