Hanoi (VNA) – Nearly 300 Vietnameseand foreign experts gathered in a conference in Hanoi on May 2 to seek ways tocomplete institutions and fundamental conditions for the development of digitaleconomy in Vietnam.

At the conference, part of the VietnamPrivate Sector Economic Forum 2019, participants noted that in the past 10years, Vietnam’s digital economy has developed in both infrastructure andbusiness market.

The digital economy has grown with newtechnologies such as blockchain, digital platforms, social media, e-business,e-commerce, and precision agriculture, along with businesses in related areas.

However, Vietnam has faced many emergingproblems such as incomplete legal framework, cyber security, a shortage of highquality ICT personnel, and IT application in building e-government.

According to Deputy Minister of Planningand Investment Vu Dai Thang, the digital economy has greatly affected all thesocio-economic aspects of all countries.

He cited a study of Google and Temasek fromSingapore that Vietnam’s digital economy reached 3 billion USD in 2015 and 9billion USD in 2019, and will reach 30 billion USD in 2025. Meanwhile, anotherresearch by Australia’s Data 61 forecast that Vietnam’s GDP may enjoy an additional162 billion USD in 20 years if the country successes in digital transformation.

Thang gave four major policies for digitaleconomic development in Vietnam, including the building of an institutionalfoundation for digital economic business models, and the reform of regulations toattract digital technology investment in adventurous investment areas.

He stressed the need to developconnectivity infrastructure and encourage businesses to develop 5G services aswell as national databases.

The Deputy Minister expressed his hope thatenterprises will actively seek measures to apply digital technology, implementdigital transformation and engage in the construction of fundamental factorsfor the digital economy.

Meanwhile, Deputy Minister of Informationand Communications Nguyen Thanh Hung said cyber security is one of theimportant factors in building digital infrastructure and developing digitaleconomy.

He said that the ministry is building a nationalproject on digital transformation, with specific tasks and solutions in thefield. The ministry has also focused on seeking measures to ensure security in cyberspace,he added.

General Director of Microsoft Vietnam PhamThe Tuong held that the development of digital economy goes with challenges,especially in private information safety.

He underscored that the Government shouldapply solutions to ensure safety for people in digital economy amidstincreasing challenges.-VNA