Vietnam aiming high via digital transformation

Vietnam is heading for a major digital transformation, making it the top country for expats in Southeast Asia.

As Cambodia struggles with what purports to be a Chinese economic invasion and Thailand limps along under a military government and an expat exodus, Vietnam is forging ahead with its desire to become the region’s undisputed number one. Already a popular hub for tech-minded expats, the formerly war-demolished country is now about to dive into the next wave of digital technology including artificial intelligence, blockchain, cloud-based services and the ‘internet of things’. All these will lift the country into its desired position of Asia’s next top-performing economy and do wonders for its population’s standard of living.

In a report entitled ‘Vietnam’s Future Digital Economy Towards 2030 and 2045, Dr Lucy Cameron states the country should take care whilst navigating the risks involved in digital transformation. During a recent presentation of the report given in Ho Chi Minh City, she described Vietnam as one of the most dynamic states in East Asia and one of the planet’s fastest-growing countries as regards its economy.

The boom in software exports and digital hardware has already happened, according to the report, with Vietnamese young people rushing to take up the new mobile internet services now provided. However, the ageing population, rapid development and the threat of climate change is damaging the environment as well as the production of foodstuffs, and rapid urbanisation is now requiring the Vietnamese workforce to learn new skills due to the automation of the manufacturing and agriculture sectors.

Vietnam’s rapid economic development is partly due to Australia’s support and involvement in the Aus4Innovation project, giving collaborative linkages important for the Vietnamese system of innovation during its transfer to a totally digital economy. Already a favourite expat destination for digital nomads as well as tech experts and Western expat retirees from neighbouring countries such as Thailand, Vietnam’s rapid transfer from just another Southeast Asian destination to a regional leader is no longer totally dependent on tourism and short-stay visitors.

The advantage of being number one in any world region is that it attracts multinational companies as well as the best of the rest of expat talents, both of which result in yet more improvement in all sectors. For this once war-torn country, the worst is very definitely over and the best is well on its way.