The Vietnamese government has called upon ministries and localities to prioritize the development of digital finance and a digital economy in 2023. National digital governance and digital infrastructure will be strengthened to accelerate Vietnam’s digital transformation, particularly in areas concerning human resource management and ensuring secure information storage. Priorities include integrating digital platforms and national databases to boost administrative efficiency; promoting non-cash payments for social allowance, pension and social insurance allowance; establishing an improved national population database to identify customers and authenticate bank accounts; as well as encouraging digital transformation at corporations and small and medium-sized enterprises.
The move comes after Prime Minister Pham Minh Chinh laid out key requirements for Vietnam’s digital economy in his speech at a Ministry of Information and Communications (MIC) conference in December 2022. At the conference, MIC Minister Nguyen Manh Hung also affirmed that the telecommunications industry will focus on commercializing 5G and fighting spam calls in 2023. The MIC has since announced that 5G commercialization is slated for June 2023, and will be rolled out when devices become available. Vietnam is set to become the fastest growing digital economy in the region between 2022 and 2025. In 2022, the country’s ICT industry revenue reached an estimated US$148 billion, representing a year-on-year increase of 8.6%.
