Viet Nam is experiencing a rapid and decisive digital transformation across many economic sectors such as trade, banking, finance, tourism, and healthcare. These changes represent not only opportunities but also challenges for enterprises in the country. While digital transformation offers opportunities for innovation and development, many Vietnamese enterprises continue to face difficulties, particularly a lack of preparedness, solutions, and resources to achieve successful transformation.

Positive indications

The Vice President of the Viet Nam Chamber of Commerce and Industry (VCCI), Mr. Hoang Quang Phong, emphasized the important role of the digital economy in promoting rapid and sustainable economic growth. Mr. Phong not only clarified but also highlighted the positive impact of the digital economy, oriented toward the long-term objective of becoming a developed, high-income country by 2045.

From the perspective of the 2022 digital economy report conducted by Google and Temasek, Mr. Phong further shared information on Viet Nam’s notable achievements during the period from 2019 to 2022, during which the country’s digital economy recorded the fastest growth rate in Southeast Asia. This outcome serves not only as a strong source of encouragement for digital transformation in Viet Nam but also enhances the country’s position as one of the top three digital economy developers in the region. These achievements also constitute an important driving force, suggesting a positive direction for building a robust and sustainable digital economy for the future.

One of the major benefits of digital transformation highlighted is the enhancement of labor productivity. Ms. Bui Thi Hai Yen, General Director of Hanel Joint Stock Company, stated that labor productivity in the digital economy can increase multiple times compared with traditional methods. This not only improves efficiency but is also a determining factor for enterprise competitiveness in the digital economic environment.

The viewpoint of Mr. Nguyen Quoc Hiep, Chairman of the Viet Nam Association of Construction Contractors (VACC), is positive regarding digital transformation. Mr. Hiep affirmed that digital transformation is not only an opportunity but also a significant turning point for all business sectors, including contractor enterprises. He emphasized that the application of digital transformation in the construction sector is particularly important, bringing modernization and efficiency to financial management, design, planning, human resources, project management, materials, and input–output materials.

Within the context of the construction sector, Mr. Hiep further referred to Building Information Modeling (BIM) technology as a modern and effective management model. He emphasized that this technology represents a substantial advance in the process of creating and using information models, particularly during critical stages such as design, construction, and operation of facilities. He expressed the view that BIM enables management units to design more effectively, creating opportunities for significant savings in materials and human resources during project implementation.

Enterprises have not yet been sufficiently proactive in change

Mr. Hoang Quang Phong focused on the important role of the digital economy in promoting the rapid and sustainable development of Viet Nam’s economy. He emphasized that digital transformation is not a short journey, and that the effectiveness of economic integration largely depends on the competitiveness of the economy and enterprises. In this context, Mr. Phong expressed concerns about the challenges faced by Vietnamese enterprises, particularly the lack of preparedness, solutions, and resources for successful digital transformation.

In more detail, he referred to difficulties such as shortages of capital, management experience, technology, and highly qualified human resources, all of which constitute significant constraints. He also raised issues regarding the capacity to organize and deploy digital technologies, identifying bottlenecks that hinder Vietnamese enterprises in the adoption of new production methods. According to a 2022 report by the Agency for Enterprise Development, nearly 50 percent of domestic enterprises have suspended the process of implementing digital transformation.

Economic experts have also expressed concerns that the Vietnamese business community is not yet ready to participate strongly in the global digital economy. Many enterprises currently confuse “automation” with “intelligent transformation,” creating substantial challenges when they suspend digital transformation efforts and only experiment with certain digitized products.

Sharing perspectives on current difficulties and challenges, Ms. Bui Thi Hai Yen stated that the Vietnamese business community is not fully prepared to actively participate in the global digital economy. She raised the issue of changes in mindset and business practices, identifying this as a major challenge due to habits formed over many years.

Regarding solutions, Ms. Yen focused on enhancing enterprises’ awareness of the true nature of digital transformation. She expressed the view that, in order to improve competitiveness in the digital economy, enterprises need to proactively research and apply digital transformation in production, business operations, and import–export activities. She emphasized that digital technology experts can only provide methods and tools, while enterprises themselves must choose their own pathways toward digital transformation and the intelligentization of production, business, and management. This process is considered a long-term journey without an endpoint, in which enterprises gradually progress from lower to higher levels depending on their own degree of digital maturity.

Finally, Ms. Yen stated that it is a positive sign that most technological solutions for developing a “four-in-one” economy in Viet Nam are already available, and that the Party and the Government have created conditions for comprehensive digital transformation. However, she emphasized that the remaining outcomes depend on the efforts of business associations themselves.

It can be observed that Viet Nam is facing significant opportunities arising from digital transformation; however, to effectively realize these benefits, enterprises need thorough preparation, investment in human resources and technology, as well as changes in traditional mindsets and working methods. To initiate successful digital transformation, enterprises require support, guidance, and careful preparation. STI Viet Nam is identified as one of the entities providing consultancy and support to enterprises during this process. With many years of experience, STI Viet Nam indicates its readiness to accompany enterprises in the digital transformation journey. Contact with STI Viet Nam can be made via hotline 098.977.0795 for further support.