Politburo wants digital economy to account for 30% of GDP by 2030
Politburo wants digital economy to account for 30% of GDP by 2030
Vietnam's Politburo has set a target of raising the digital economy’s contribution to gross domestic product (GDP) to some 20% by 2025 and 30% five years later.
Representing the Politburo, Party General Secretary and State President Nguyen Phu Trong on September 27 signed Resolution 52 detailing a number of guidelines and policies intended to make the country actively engage in the Fourth Industrial Revolution (Industry 4.0).
Major drawbacks impeding the nation’s progress include the low level of active participation in Industry 4.0, certain shortcomings among institutions and in existing policies and manpower and infrastructure issues, according to the resolution.
Consequently, many businesses are passive in applying new technologies to their operations, resulting in the small scale of the digital economy and creating cybersecurity risks.
Therefore, the main goal of the resolution is to make full use of all opportunities brought by Industry 4.0 to boost growth model reforms and restructure the economy, in alignment with the execution of strategic breakthroughs and modernization policies.
Vietnam expects to raise the broadband Internet coverage rate to 100%, making the Internet accessible to all communes, and to increase its labor productivity by 7% annually until 2025 and 7.5% by 2030.
Vietnam will also try to become one of the three leading countries in Southeast Asia in terms of the Global Innovation Index (GII) by 2025 and be listed among the 40 economies with the best GII ranking by 2030.
Recently, Vietnam climbed three notches to 42nd place out of 129 economies in the 2019 edition of the GII. With this improvement, Vietnam moved up 17 places since 2016, the highest ranking the country has achieved so far.
By 2030, fifth-generation (5G) mobile services should cover the entire country, giving the public access to low-cost broadband Internet.
The digital economy is set to account for more than 30% of the national GDP, and the digital government should be fully developed.
A chain of smart cities in key economic regions in the northern, central and southern parts of the country will be developed. These cities will be connected to their regional and global counterparts.
By 2045, Vietnam expects to become a smart center for production and services, one of the leading hubs for startups and innovation in Asia, and have high labor productivity and full capacity to master and adopt advanced technologies in all fields.
To achieve these goals, the resolution rolls out a series of guidelines, including the formulation of a national strategy on the development of tech firms and priorities in the development of digital and high-tech businesses.
