Vietnam News Today (Apr. 25): Vietnam Emerges As Fastest Growing Digital Economy in ASEAN

Photo: VOV

Vietnam emerges as fastest growing digital economy in ASEAN

Vietnam has been the fastest growing digital economy in ASEAN in 2022, 2023 and expected to maintain this position until 2025, with the forecast of smartphone users reaching 67.3 million by 2026, accounting for 96.9% internet users, according to HSBC experts.

Amanda Murphy, Head of Commercial Banking for South and Southeast Asia at HSBC, revealed that the country has become a leading market for the digital industry for both local and international players.

The HSBC think tank pointed out that growth occurring in the nation’s digital economy continues to impress, with last year it contributing 16.5% to GDP with over 1,500 Vietnamese digital technology enterprises gaining revenues from foreign markets, an increase of more than 7% compared to 2022, cited VOV.

She revealed that in a recent survey, 60% of businesses operating in the Vietnamese market indicate that they plan to invest in technology and digitalisation of their existing business, with the focus being on digital payments, e-commerce, and AI. Those companies believe that adopting and enhancing digital services will help them to meet customers’ expectations for digital convenience whilst improving efficiencies.

She noted that capital has become the lifeblood of innovative companies in this context. Against that backdrop, HSBC has enhanced our offering to digital-economy companies, launching a dedicated US$1 billion to the ASEAN Growth Fund that can help to finance platform companies with a proven track record in generating sustainable cash flows, even if they do not meet traditional financing criteria.

“We understand that profitability may not always reflect a company’s potential in its early stages, hence we take a long-term view of potential growth by evaluating companies based on key operating metrics, growth plans and customer-acquisition strategies,” she added.

HSBC economists therefore predict that the economic recovery is serving to drive consumption among an increasingly affluent population of 670 million, as one person enters the middle-income bracket every two seconds on average.

The ASEAN region boasts one of the highest digital penetration rates in the world, while e-commerce passed the US$100 billion revenue mark last year.

“Progressive approaches to financing, and the region’s strong fundamentals will all help drive the growth ambitions of businesses in ASEAN. And Vietnam, as one of the bloc’s members, will definitely benefit,” they stressed.

Vietnam, India boost education cooperation

The Indian Consulate General in Ho Chi Minh City held the India-Vietnam Meet in Education Sector, themed “InnovEdu: Training and Partnership” on April 24.

Le Thuy My Chau, Deputy Director of the municipal Department of Education and Training, said that the city boasts nearly 60 higher education institutions which have been providing high quality human resources for the country's development.

It also serves as a venue to promote technology transfer, apply scientific and technical advances to life, meeting the requirements of industrialisation, modernisation and international integration, she said. Some of the universities have made their way on to prestigious regional and world rankings, according to VNA.

At the MoU signing ceremony (Photo: VNA)

"With that strength, we look forward to exchanging and cooperating with Indian higher education institutions to promote each other's strengths amidst globalization of education," Chau said.

Madan Mohan Sethi, Indian Consul General in HCM City, said that India and Vietnam have had many cooperation programs, of which developing high-quality human resources is one of the common goals that both countries are aiming for.

Boasting strengths in a range of fields, including education and training, India wishes to promote cooperation with Vietnam in this field in the coming time, the Indian diplomat added.

Representatives of Indian and Vietnamese universities and businesses affirmed that they will promote collaboration to establish joint education and training programs in many industries, particularly automation and educational innovation.

Nguyen Thi Thu Suong, acting head of the Office for Science Management under municipal Department of Science and Technology, suggested that units can consider establishing exchange programs for students, lecturers, and scientists as well as jointly organizing seminars, exchanging in-depth knowledge and conducting joint research projects.

programs in the fields of Artificial Intelligence (AI) and Internet of Things (IoT) that the city is implementing are relevant to those that have been developed in India, she noted.

Suong held that with extensive experience and achievements in software and information technology, India can provide Vietnam in general and HCM City in particular with experience and high quality training courses, especially in priority areas such as AI, IoT and microchips.

Vietnam represented at Asia’s biggest food, hospitality expo in Singapore

Five Vietnamese enterprises operating in the fields of food and hospitality are attending the Food & Hotel Asia (FHA) 2024, with the event getting underway in Singapore from April 23 to April 26.

This year’s function sees the participation of more than 1,500 businesses from more than 50 nations and territories, whilst it is expected to welcome 60,000 visitors.

Vietnamese booths at the event have captured the attention of many visitors with their wide variety of products such as confectionery, beverage, frozen foods, pepper and other spice products, along with canned and dried fruit, VOV reported.

Photo: VNA

Speaking at the opening ceremony, Singaporean Minister of Trade and Industry Low Yen Ling stated that FHA-F&B is an equal playground in which enterprises can come together to seek collaboration in today's free trade agreement networks. It also aims at internationalization, continuous innovation, and sustainable development in the field of food and hospitality.

Vietnamese Ambassador to Singapore Mai Phuoc Dung emphasized that the participation of Vietnamese enterprises serves to demonstrate their great efforts in studying food and hospitality development trends in the world. He affirmed that the occasion will also help to promote more Vietnamese products to foreign markets.

Through the event, Vietnamese firms anticipate opportunities that they will meet potential partners, bringing more Vietnamese agricultural brands to the international market.

Michael Duck, executive vice president of Informa Markets, highlighted the nation as a supplier of many important food items, with the event being the perfect platform to boost market expansion.

Nha Trang aspires to be 'global creative city'

Building Nha Trang into a Global Creative City, where the world's intellectual resources and elites would gather, will be the solution to opening a new stage of development for the coastal city.

A global creative city needs to have at least one world-class creative hub. Nguyen Anh Tuan, CEO of the Boston Global Forum, hopes that Nha Trang would become such a city.

On February 25, 2024, Nha Trang Telecommunications University inaugurated AIP (Army Innovation Park), an information technology research and development center, with investment from the Ministry of National Defence and support of the Indian Government.

The center covers an area of 3 hectares and a usable floor area of 25,000 sqm, with a modern data center.

Many intellectuals and elites in the Boston Global Forum community have committed to support the building of AIP into the leading innovation center of Nha Trang city, with connection with innovation research centers of Harvard University, MIT and universities in Boston in Massachusetts.

Tuan said he would support building AIP of Nha Trang Telecommunications University into a nucleus that generates special values to build an Artificial Intelligence Society - Era of Global Enlightenment, and creates initiatives, products, and cultural events that bring new value to Nha Trang.

This is also a place where creators, entrepreneurs, and thinkers from around the world gather and connect with the world's creative centers.

With such an important mission, AIP is not only an arm of the army, but it also belongs to Nha Trang City, Khanh Hoa province and the whole country, cited VNN.

Nha Trang City (Photo: Xuan Ngoc)

To create a momentum for AIP to take off, Tuan stressed that setting questions for AIP to solve is important. Creating a creative ecosystem for Nha Trang – Khanh Hoa will be the decisive factor for success.

However, the goal is challenging and needs strong determination by Khanh Hoa and Nha Trang’s leaders, great efforts of AIP, universities, research institutes and all of Nha Trang’s people.

Particularly, Nha Trang needs to build a modern healthcare and education infrastructure system to attract people from all over the world and Vietnam to live and work there. The AI apps used in healthcare in Nha Trang, that helps upgrade the quality of existing hospitals and healthcare facilities, as well as the building of new modern facilities, connected with leading facilities in Boston, will be part of the development plan.

In addition, it is necessary to apply new ways of thinking about education in the AI era, improve education quality, have advanced education with the support of AI and new thinking under the lifelong learning spirit, Tuan suggested.

Tran Sy Chuong, a respected economist, believes that in order to develop tourism economy in a sustainable way, and in order to keep Nha Trang beaches green, beautiful and maintain a balanced ecological environment, the city needs to stop the discharging of untreated waste and wastewater into Cai River and Nha Trang Bay.

Nha Trang should pay attention to attracting high-quality investors, domestic and foreign, while at the same time not forgetting to develop high-end services.

Nha Trang has successfully attracted big foreign investors, including Evasion Ana Mandara Nha Trang, Six Senses Resorts & Spas, and major Vietnamese investors such Vingroup, Sungroup and Vega City.

These enterprises are always the biggest taxpayers, and only big investors can attract high-end clients willing to pay thousands of dollars per night to enjoy high-end services, which generate jobs and bring high revenue to the city.

Le Xuan Ba, former head of the Central Institute of Economic Management, has suggested solutions to turn Nha Trang into a center of three areas serving as the driving force for Khanh Hoa’s development.

First, re-determining the functions and economic tasks of Nha Trang authorities. Respecting the economic laws of a market economy; creating a favorable business environment, facilitating businesses’ joining and departure; making the city’s policies transparent, public and predictable; enhancing the accountability of Nha Trang’s authorities.

Second, mobilizing capital for urban development from different sources, including urban development funds, development support fund, bond issuances and commercial loans. There should be more policies on seeking capital from different economic sectors.

Third, developing the real estate market. As Nha Trang is a key tourism destination, the real estate market, especially associated with tourism service development, should have favorable conditions to develop.

Fourth, accelerating administrative reform to shorten the time needed to fulfill administrative procedures, thus helping projects go smoothly.

Film week to mark 70th anniversary of Dien Bien Phu Victory

A film week is taking place in Dien Bien Phu city, the northwestern province of Dien Bien, from April 24 to 30 in celebration of the 70th anniversary of the Dien Bien Phu Victory (May 7, 1954 - 2024).

The event, coordinated by the Cinema Department under the Ministry of Culture, Sports and Tourism, aims to educate the public on historical, cultural, and revolutionary traditions; highlight the significance of the Dien Bien Phu Campaign and the resistance war against French colonialists; inspire people’s patriotism, solidarity, and gratitude towards fallen soldiers; and affirm the Party and people’s achievements in the struggle for national independence as well as national construction and defense.

The opening ceremony will be held at Dien Bien Phu Cinema on April 24 evening. It will feature “Dao, Pho va Piano” (Peach blossoms, Pho and Piano), a film produced in 2023, and “Dong hanh cung lich su” (Alongside history), a documentary in 2024.

Together with these two films, two others will also be screened at this cinema from April 25 to 30, namely “Tieu doi hoa hong” (Rose Squad) produced in 2021 and the documentary “Ky uc nhung nguoi truyen lua” (Memories of those who spread the fire) in 2019, cited VNA.

The film week is taking place in Dien Bien province from April 24 to 30. (Source: nhandan.vn)

Mobile film screening has also been being held from April 18 to serve local people at the Le Quy Don High School for the Gifted, Regiment 82 of Division 355 of Military Region 2, along with the districts of Muong Ang, Tua Chua, Muong Cha, Nam Po, Muong Nhe, Dien Bien Dong, and Dien Bien. The service will come to an end on April 30.

The Cinema Department will also organize an exchange of the film crews of “Dao, Pho va Piano” and “Tieu doi hoa hong” with Regiment 82 on April 25, and another with teachers and students of the Le Quy Don High School the next day.

In addition, an exhibition will also be held at Dien Bien Phu Cinema to showcase documentary photos of the Vietnamese documentary producers and photographers present in the Dien Bien Phu Campaign. The photos will be later presented to the Dien Bien Phu Victory Museum.

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