Measures sought to speed up digital transformation in SMEs

Producing mechanical components at the factory of the Misumi Vietnam company in the Linh Trung export processing zone in Thu Duc city, Ho Chi Minh City. (Illustrative photo: VNA)

A forum discussing ways to help small- and medium-sized enterprises (SMEs) to accelerate digital transformation took place in Hanoi on November 9.

Jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and Meta Group, the event brought together representatives from the Ministry of Planning and Investment, the Ministry of Information and Communication, business associations and communities.

The event created a venue for policy makers, business support organisations, economic experts, and credit institutions to discuss the challenges facing SMEs, as well as policies, trends, opportunities, tools and solutions related to digital transformation.

Addressing the event, VCCI Vice President Bui Trung Nghia said digital transformation opens up opportunities for all countries, especially developing countries, to grow faster and upgrade their development ranking.

According to Vice Director of the Enterprise Development Agency under the Ministry of Planning and Investment Bui Thu Thuy, in recent years, the VCCI has cooperated with multiple organisations to support tens of thousands of businesses in accelerating application of digital tools in developing their businesses, contributing to changing the awareness and ability of the business community in this field.

With a population of nearly 100 million, including 70% with internet access, and about 72% using smartphones, Vietnam is considered one of the countries with the highest growth in the digital economy in Southeast Asia.

Vietnam’s digital economy was valued at 21 billion USD in 2021, up 31% year-on-year, and making up 5% of national GDP.

The country’s economy has recorded rapid changes through the application of digital technology. Its digital economy is expected to reach 57 billion USD in 2025, ranking second in Southeast Asia, with annual growth of 29%.

Digital transformation in the business community has recorded strong development in recent years to respond to changes in consumption behaviour well as management needs.

Many businesses have applied software solutions and used digital platforms in accounting-financial management, sales, online marketing, distribution channel management, business administration, and creating new products and services./.