Investment in ICT will drive other sectors: Deputy PM Dam

Wednesday, 2017-10-18 09:11:04
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Deputy PM Vu Duc Dam speaking at the forum
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NDO - Deputy Prime Minister Vu Duc Dam has stated that investment in information and communications technology (ICT) will boost the investment in other sectors and open new opportunities.

The remark was made at the Vietnam ICT Investment Forum 2017 which took place in Hanoi, on October 18.

Emphasising the need to increase investment in ICT, the Deputy PM stated that ICT plays a fundamental role in all aspects of social and economic life in Vietnam.

According to Dam, there are a lot of business opportunities that remain untapped in the ICT sector in Vietnam, with a population close to 100 million, of which 60% are under 35 years old and 52% are frequent internet users.

He added that e-commerce accounts for approximately 8% of total retail revenues globally, while the proportion in Vietnam is more or less 3%, indicating the huge potential of Vietnam’s ICT market.

Mentioning the challenge of increasing Vietnam’s productivity, the Deputy PM affirmed that it is necessary to take advantage of ICT in order to improve the quality of human resource training.

Dam also stated that the government’s goal of having one million enterprises by 2020 is also an opportunity to raise the number of ICT firms and drive the development of other sectors.

According to reports presented at the forum, the transition to a digital economy will be a leading factor in stimulating growth in an economy and a foundation with which to increase productivity in other industries.

Furthermore, a digital economy creates opportunities for enterprises to be innovative and provides them with access to new markets.

In Vietnam, total revenues of the IT industry reached US$67.7 billion in 2016 and the country is becoming increasingly attractive to foreign investors.