Vietnam, US seek to boost ties in digital economy

The US Trade Representative said that 2023 was a special year because it marked 10 years of comprehensive bilateral ties. The US looks forward to working with Vietnam and other APEC partners to continue efforts to ensure flexibility and enhance capacity for member countries through enhanced governance of AI, network security infrastructure and digital transformation, as the foundation for the development of the digital economy and digital society.

Sharing his assessments on cooperation in the development of the digital economy between countries, Minister Nguyen Manh Hung emphasised the importance of enhancing mutual understanding, respecting cultural differences, and ways to approach development among countries and regions. The shift to the digital environment poses many challenges, many new problems that management regulations have not kept up with, he said.

He added that over the past few years, Vietnam has been focusing on building a legal environment and a legal environment and institution to be ready for the process of deeper international integration in the digital economy. The Ministry of Information and Communications (MIC) always pays attention to ideas and proposals from domestic and international businesses in its lawmaking.

Regarding bilateral cooperation, Vietnam's digital technology enterprises have the capacity to invest in infrastructure development, and provide digital transformation to many countries around the world, including the United States.

The MIC will coordinate with relevant agencies and looks forward to cooperating with US agencies to establish a support channel for two digital businesses of the two countries in expanding investment and business activities.

Vietnam has strengthened ties in digital transformation with many countries in recent times. The year 2022 marked a busy time for the local ICT market as it welcomed growing interest among international groups. The year also witnessed Vietnam further strengthen ties with many countries in digital transformation, and the ICT industry. They include the US, the United Nations, Japan, and Laos. This shows how important Vietnam’s technology market is to international partners.

With 5G commercialisation in the gun barrel for 2023, the road for tech players to expand in the market is around the corner, but more favourable conditions may be required to make the most of the situation.

Vietnam and Singapore are intensifying their bilateral ties in new fields, focusing on digital economy and innovation, infrastructure, and energy, which will help businesses in both economies to benefit from new forms of cooperation.

Vietnam is believed to be a lucrative market for digital economy with the second fastest growth pace in the world last year, after India.

The scale of Vietnam's digital economy could hit $50 billion by 2050, of which, e-commerce will be the most important contributor.