Vietnamese firms urged to promote digital transformation to expand exports

Vietnamese firms should speed up the digital transformation as an effective solution to expand exports while cross-border e-commerce rises according to the Ministry of Industry and Trade.
August 26, 2020 | 11:16
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(Photo: Industry and Trade)

Dang Hoang Hai, Director of the ministry's e-commerce and digital economy agency, said that together with opportunities from the new-generation free trade agreements, the trend of shifiting from traditional business models to digital-based is becoming common, according to VOV.

Digital transformation is considered an effective solution for firms to penetrate and expand their export markets. Hai added that it would help firms set up a more flexible and more efficient export model.

It was forecast that global online exports could tough USD 1 trillion this year, especially amid the Covid-19 pandemic. Hai said firms should pay attention to three factors, namely developing digital platforms, digital databases and mobile websites in the digital transformation process to boost exports. Hai said that the ministry is implementing a number of measures to support import and export activities, especially through e-commerce.

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(Photo: Investment)

The concept of digital transformation will certainly be used a lot. Every bank says it will strengthen digital banking but digital transformation requires a long process and investment regarding all policies, people, processes and products, reported by the Star.

Under the national e-commerce development master plan in 2021-2025 and the national digital transformation programme to 2025, Vietnam identified digital transformation as a vital process to speed up the modernization of the distribution system, increases enterprises' competitiveness, develop the domestic market and increase exports.

Hai said the ministry was increasing the application of information technology in conducting administrative procedures to facilitate exports, such as the eCoSys system which allows online submission of certificates of origin.

According to the Multilateral Trade Policy Department, trade promotion activities were now moving online, especially amid the Covid-19 pandemic, which also helped save significant sums for businesses compared to traditional trade promotion.

Hai, however, noted that the digital transformation of Vietnamese firms was taking place too slowly. Vietnam targeted to develop about 50,000 technology companies nationwide to accelerate digital transformation.

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