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Vietnam Today

Innovation economy urgently needed

Released at: 16:28, 12/05/2015

Innovation economy urgently needed

Conference told that application of digital trade and cross-border data flows will assist Vietnam's small and medium-sized enterprises to bolster their business activities and post higher profits.

by Quynh Nguyen

Vietnam has great potential to develop an innovation economy and the government must quickly adopt policies in this regard, a workshop on “The Best Ways to Build Vietnam’s Innovation Economy” was told, which focused on digital trade and cross-border data flows and was hosted by the American Chamber of Commerce (AmCham Vietnam) and the Vietnam Chamber of Commerce (VCCI) in Hanoi on May 12.

The workshop examined a broad range of issues that impact on the growth and development of an innovation economy, highlighting how cross-border data flows benefit companies of all sizes in all sectors as well as consumers, best practices for effective consumer protection and fraud prevention, and the key factors in successful public-private partnerships developing improved infrastructure and domestic digital development.

Addressing the workshop, Mr. Alex Long, Country Lead for Public Policy and Government Affairs at Google, gave the interesting example of braised fish in Ha Nam province, where the application of cross-border data flows helped businesses promote the dish to the world and raise revenues by 50 per cent. “It showed that with a solid technological platform, Vietnam’s enterprises, especially small and medium-sized enterprises, can fully develop their business operations and enhance their profitability through the application of digital trade,” he told the gathering.

Mr. Nguyen Khoi, Product Director at the Topica Edtech Group, a successful business in the application of digital technology in education in Vietnam, told VET that the application of cross-border data flows will help businesses more easily access new markets without having to invest too much in infrastructure or human resources.

Despite its potential being beyond dispute, the digital economy remains a new concept and the government has not paid it much interest, according to Mr. Adam Sitkoff, Executive Director of AmCham. He believes that people around the world recognize the entrepreneurial spirit of Vietnamese people and their desire to succeed. “But if the government doesn’t ensure an ecosystem where they can flourish, Vietnam’s future prosperity is at risk,” he told the conference. “Many of the companies represented here today believe that Vietnam’s policymakers need to update their understanding of how the innovation economy works and both foreign and domestic companies want to see priority placed on smarter policy making.”

The workshop featured a range of speakers, including representatives from Google, MasterCard, UBER, Rockit Online, Cisco Systems, VC Corp., 21st Century Fox, HarmonySoft, Topica Edtech Group, IBM, VCCI, the Vietnamese Internet Association, and officials from the Vietnamese and US governments. They offered many useful suggestions to the Vietnamese Government on the development of digital trade and cross-border data flows.

  • TAGS
  • digital trade
  • innovation
  • economy
  • Amcham
  • VCCI
  • US Chamber of Commerce

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