Experts discuss the advantages and disadvantages of Việt Nam in the digital economy. VNS Photo Phương Thảo

HÀ NỘI — Now is the time for Việt Nam to find new momentum for its development with the digital economy leading the way, an official has said.

Nguyễn Anh Thu, vice rector of University of Economics and Business under Việt Nam’s National University, made the statement at a roundtable held in Hà Nội on August 14.

At the seminar, experts discussed Việt Nam's economy and its ability to adapt to the digital transformation.

Việt Nam has several advantages in terms of the digital economy.

The country has a high percentage of young people, providing human resources for national development. Moreover, the digital economy depends significantly on consumers, so a young, tech-savvy population is considered an advantage.

Secondly, Việt Nam has started exporting technology products recently, such as software, electronic parts and information technology products.

Last, the Government has policies and determination to take advantage of the opportunity of Industry 4.0 to develop the country's economy.

However, there are also challenges in adapting to the digital economy.

Human resources is an advantage but also a disadvantage because Vietnamese employees are not really ready for the digital economy, Thu said.

Besides, there is a lack of good infrastructure to develop the digital economy, infrastructure in terms of policy, law and information technology.

“Some countries have gone ahead in the digital economy, however, whether we can catch up or take advantage of the digital economy needs a lot of innovation of the enterprises and good infrastructure support from the Government,” Thu told Việt Nam News.

As regards recommendations for Việt Nam in the process of adapting digital economy, Nguyễn Đức Thành, director of the Vietnam Institute for Economic and Policy Research (VEPR) said Việt Nam is a medium-sized country, therefore, the country should look outside and learn from nations such as Malaysia or Thailand.

Thành also emphasised the Government should focus on developing digital infrastructure and regulations.

“It is also necessary for Vietnamese people to have open mind and natural way of thinking when approaching the digital economy,” Thành told Việt Nam News.

The roundtable 'Việt Nam and the digital economy' is one of the activities in YSI Asia Convening 2019, which is taking place in Hà Nội from August 12 to 15.

The event is a platform for young economists from many research branches to gather, meet, share ideas and inspire academic work related to the social challenges of the 21st century. — VNS