Digital transformation plays a crucial role in enhancing companies’ overall profitability. The research conducted by a prominent financial services group in Asia indicates that Vietnam is among the top 10 markets in the region, second only to Singapore. The research was based on a survey of 22 markets, highlighting its significant progress in embracing digital transformation.
Among the top 10 markets analysed, including Australia, China, Hong Kong, India, Indonesia, Singapore, Taiwan, the UK, the US, and Vietnam, companies in Vietnam have shown significant change. With 68% of companies in Vietnam adopting a strategic, consistent, or radical approach to digitalising customer experience and engagement, they have surpassed the global average of 64%.
According to the research, a significant majority of Vietnamese companies (63%) expressed satisfaction with the impact of digital transformation on their overall profitability. Additionally, 61% reported that it had led to improved customer insight, while 57% believed it enhanced their overall competitiveness in the market. Moreover, more than half of the companies (56%) stated that they have been effectively using digital technology in customer service and engagement.
The research reveals that 35% of Vietnamese companies fall into the category of “developing leaders” when it comes to digitalising their customer engagement. This indicates that these companies have significant potential for achieving high levels of transformation performance in the future.
Approximately 12% of Vietnamese companies were identified as “transformation leaders,” consistently surpassing the global average in terms of digitalising their customer engagement. On the other hand, only 9% of companies are facing various challenges that hinder their progress in digital transformation.
The survey also highlighted the barriers that impede faster progress in digital transformation for Vietnamese companies. The two primary challenges identified were talent gaps (42%), and concerns about data privacy (35%). To address these challenges, experts propose that businesses should collaborate with institutes of higher education to expand relevant programmes that prepare individuals for a more digital-oriented future. Simultaneously, the government’s efforts to enhance the quality and accessibility of higher education can contribute to overcoming these obstacles.
In 2020, Vietnam kicked off a national digital transformation programme, under which the country would renovate the management and administration activities of the government, the production and business activities of enterprises, and the overall way of living and working. It is working to develop a safe, humane, and wide digital environment. The national digital transformation programme has the dual purpose of both developing the digital government and economy and establishing Vietnamese digital businesses with a global capacity.
Recently, a decision approving the strategy for digital transformation in journalism until 2025, with a vision towards 2030, was signed by the Deputy Prime Minister. As OpenGov Asia reported, the objective is for all press agencies to release their content on digital platforms, with emphasis placed on domestic digital platforms. By 2030, 90% of agencies should have used concentrated data analytic and processing platforms and applied artificial intelligence (AI) to optimise operations. 100% will have operated in the converged newsroom model and others matching scientific and technological development in the world and produced content in line with digital media trends. The strategy entails that press agencies should aim to maximise their revenue streams, with the goal of having 50% of them increase their revenue by a minimum of 20%.
