Launching a fruitful and bright decade Getting ready for the digital transformation Nguyen Mai – Chairman Vietnam Association of Foreign Invested Enterprises According to the Organisation for Economic Co-operation and Development, governments need to become more aware of digital economic development strategies to increase their benefits and cope with challenges including unemployment, inequality, and poverty. It is one of the ASEAN's priorities to become one of the first five digitalised economies before 2025, based on a big population of over 600 million, 94 per cent of whom are literate, 50 per cent are under 30 years old, and 90 per cent under 30 have access to the internet. It is forecast that the digital economy can increase the ASEAN's GDP by another $1 trillion over the next 10 years. Vietnam boasts great potential to participate in Industry 4.0 and shift to a digital economy. First, Vietnam is a developing nation so it is not weighed down by old-fashioned production systems, and it will suffer from lower costs when shifting to a digital economy as compared to developed nations. Second, the country is also now in a period of golden population. Currently, Vietnam has a population of more than 96 million,… Read full this story
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