8 opportunities challenges and power of media and information

Illustrative image. (Photo: baodautu.vn) Hanoi (VNA) - Digital transformation is an opportunity for Vietnam to become a developed country. However, many challenges remain to ensure a rapid, smart and green digital transformation, experts have said. Vietnam ’s information and communications technology (ICT) industry reached 148 billion USD last year, accounting for 14.26% of the country’s gross domestic product (GDP). Lessons learned from developed countries will be valuable suggestions for Vietnam to achieve this goal, insiders said. A representative of the European Chamber of Commerce in Vietnam (EuroCham) said that an important lesson from their experience in the EU is to harmonise data protection standards to minimise negative impacts and build public and business trust It is necessary for the National Assembly to consider promulgating the revised Law on Electronic Transactions with appropriate regulations and mechanisms to regulate the activities of … [Read more...] about Vietnam facing huge challenges in accelerating digital transformation: insiders

The fact that the visit to Vietnam this time has the largest number of US companies ever indicates a shift in the investment wave to Vietnam and other ASEAN countries. A delegation of 52 US major corporations has come to Vietnam to seek investment opportunities and cooperation in high-potential fields such as innovation, the digital economy, and the space industry. Overview of the press briefing. Photo: HT The information was revealed at a press conference held by the US-ASEAN Business Council (USABC) on March 21, noting that the trip marks the 10th anniversary of the Vietnam-US Comprehensive Partnership. Senior executives from 52 U.S. companies, including Boeing, Lockheed Martin, SpaceX, Netflix, Apple, and Ford, will meet with Prime Minister Pham Minh Chinh, Chairman of the National Assembly Vuong Dinh Hue, and heads of various ministries to discuss policies related to sales, supplies, and investment opportunities. Ted Osius, President and CEO of the … [Read more...] about Largest-ever US business delegation seeks investment opportunities in Vietnam

Workers of a garment company in HCM City. The sustainability requirements pose challenges for Viet Nam’s fashion industry but there are opportunities from the transition to more sustainable and circular models. — VNA/VNS Photo Hong Dat Greening the garment and textile production is no longer an option for the multi-billion-dollar industry but a must in the context of increasing requirements for sustainability around the world, experts said. Many garment-importing countries were taking action for sustainable and circular textiles. The European Commission was calling for an end to fast fashion by 2030 with the Strategy for Sustainable and Circular Textile which set eco-design rules, starting with textiles. Accordingly, by 2030 textiles placed in the EU, the world’s largest market for garment products, should be long–lived and recyclable. “There is no other way for the garment and textile industry of Viet Nam if it does not want to be excluded from the global game,” Le Tien … [Read more...] about Sustainability requirements pose new challenges to garment, textile industry

Photo: Chi Cuong At VIR’s roundtable discussion on seeking a boost for inbound tourism last week, editor-in-chief Le Trong Minh opened the roundtable with a fact-based observation, and noted that the country has yet to unlock the full potential of its tourism industry. “While the tourism sector contributes a significant 9.2 per cent of the country’s total GDP, equivalent to $32.8 billion, this number remains low compared to the global average,” he said. In 2023, the tourism sector aims to welcome eight million international visitors. While this is a modest number compared to the level achieved in 2019 of 19 million visitors, it is a challenging target as the market is undergoing many changes and new trends post-pandemic. Explaining this, Hoang Nhan Chinh, secretariat director of the Vietnam Tourism Advisory Board assessed that group tours are seeing a decline, and tourists known as frequent independent travellers are on the rise. “An essential step is to understand the … [Read more...] about Powerful plan mooted for tourism

Climate change is an urgent problem for humanity in the 21 st century, and its importance was reinforced by the presence of 197 heads of state at the Climate Change Conference in Glasgow in 2021 (COP26). Vietnam has made strong commitments and issued its National Strategy on Climate Change for the period to 2050. Time for business action According to the World Bank, Vietnam is one of the most vulnerable countries to climate change. In 2020 alone, Vietnam has suffered a loss of $10 billion, equivalent to 3.2 per cent of GDP. Without a green transformation strategy, it is estimated that the nation could be losing 12-14 per cent of GDP every year by 2050. Green transformation describes the process of applying advanced processes and technologies to reshape business operations, ensuring economic growth, environmental sustainability, and social development. From an enterprise perspective, a common management solution is through a set of environmental, social and governance … [Read more...] about Net-Zero: Challenges and opportunities for Vietnamese businesses

The session on "Powering smarter and greener in industries" at the VIR's digital transformation conference Denis Brunetti, president of Ericsson in Vietnam, Myanmar, Cambodia, and Laos 5G is very much part of the collaboration between industry, academia, and government. And, of course, Ericsson has engaged RMIT University in Vietnam this year and last year in education of 5G, IT, machine learning, and AI, among others. Each country is building its own infrastructure at its own pace. Currently, there are about 55-60 countries that have already deployed 5G technology. In Vietnam, VNPT, MobiFone, and Viettel have started early, since 2020 with 5G trials. Just as data is the new oil that fuels the digital economy, the frequency spectrum is the oxygen that mobile broadband networks breath and use to grow and expand. The Vietnamese government and carriers are also deploying at a pretty good rate today, and we are also supporting carriers as much as possible to … [Read more...] about Powering smarter and greener industries

Vietnam GameVerse hosts a chain of events for the gaming community including exhibitions, seminars, cosplay competitions, and game awards. Phu Tho Indoor Sport Stadium is home to many domestic and international eSport tournaments. Vietnam GameVerse is co-organized by the Department of Radio, Television and Electronic Information, under the Ministry of Information and Communications, VnExpress and the Vietnam Game Union. Le Quang Tu Do, Director of the Department of Radio, Television and Electronic Information at the Ministry of Information and Communications, speaks at the launch event. Photo by VnExpress/Giang Huy The event will start with Game Expo, an area for displaying game products and services. Game Expo will be open from 8:30 a.m. to 5:30 p.m. throughout the two days of the event. More than 20 partner booths will showcase at Game Expo, along with a series of sideline activities and hundreds of gifts for visitors. From 9:30 a.m. on April 1, the Game Forum … [Read more...] about Vietnam game festival to take place in April

In mid-March, GE announced the successful grid-connected trial runs of six LM2500XPRESS aeroderivative gas turbines for Taiwan Power Company (TPC)’s Tung Hsiao Power Plant. The project began construction in February 2022 and was fully installed 10 months later. These turbines provide up to 180 megawatts of electricity, supporting the intermittent supply from nearby offshore wind power plants. With impressive features, such as startup times of under eight minutes and without impacting the maintenance cycles of the gas supply, the aeroderivative gas turbines are expected to help stabilise Taiwan's power grid. The flexibility and durability of the turbines also enable the grid to better integrate renewable energy sources, supporting the island's green energy transition and sustainable development goals. Ramesh Singaram, president and CEO of GE Gas Power Asia, said, "This project will play a crucial role in supporting the diversification of energy sources in Taiwan." Tung Hsiao is … [Read more...] about GE’s aeroderivative gas turbines come online in Taiwan

Vietnamese Prime Minister Pham Minh Chinh met the U.S.-ASEAN Business Council (USABC) delegation at the Government Headquarters on March 22. The attendees were leaders of the Government Office and the ministries of Planning and Investment, Industry and Trade, Foreign Affairs, Finance, Transport, Information and Communication, Health, Agriculture and Rural Development, Culture - Sports and Tourism. Also in attendance were the State Bank of Vietnam, the U.S.-ASEAN Business Council President and CEO Ted Osius, the U.S. Ambassador in Vietnam Marc E. Knapper. The leaders of more than 50 leading enterprises in the U.S. and the world were there too, including AES, Netflix, Boeing, Apple, Coca-Cola, Pfizer, Abbott, Visa, Citibank, Meta, Ford, and FedEx Express. The Prime Minister welcomed the USABC and the U.S. business delegation to Vietnam, and the delegation members joined a frank, sincere and effective working session with Vietnamese agencies. This is a continuation of previous … [Read more...] about Vietnamese Prime Minister receives delegation of the US-ASEAN Business Council

Speakers at a conference on digital transformation – Faster, Smarter, and Greener held in Hanoi. (Photo courtesy of VIR) Hanoi (VNS/VNA) - Digital transformation is considered a catalyst for many businesses to transform and adapt to green and sustainable models. Recently, dual transformation (green and digital) has been mentioned by the European Union and is an important future trend. Deputy Minister of Planning and Investment Tran Quoc Phuong made the statement at a conference on digital transformation – Faster, Smarter, and Greener held in Hanoi on March 21. The National Digital Transformation Programme for 2025, with a vision to 2030, emphasised three main focus points, including digital government , digital economy, and digital society . According to the Ministry of Information and Communications, in 2022, the total revenue of Vietnam's IT and telecommunications (ICT) industry reached about 148 billion USD, and the digital economy reached 14.26% of GDP. To … [Read more...] about Digital transformation – a catalyst for green and sustainable models