Seven megatrends are expected to drive the development of Vietnam’s future digital economy, leading to the four potential future scenarios described in this report.
Emerging digital technologies
Emerging digital technologies such as blockchain, Artificial Intelligence, big data analytics and the Internet of Things can leapfrog industry infrastructure upgrades, simplify supply chains and logistics and help businesses operate more efficiently.
A smaller world – internationalisation
The digital economy can benefit from international integration – by opening Vietnam to new export markets, knowledge and skills transfer, and greater levels of foreign investment.
Increasing need for cybersecurity and privacy
There is greater need for cybersecurity and privacy as more businesses and consumers engage in the digital economy, and as critical systems such as finance and government are increasingly digitalised.
Modern digital infrastructure
A strong digital economy requires reliable digital and energy infrastructure – especially for power-intensive technologies such as IoT or AI. New telecommunications networks are also needed to ensure broadband is available to carry the large amounts of digital data needed for new applications.
The push to smart cities
In a rapidly urbanising and ageing nation, smart cities provide opportunities to use infrastructure and resources more efficiently, as well as reduce waste, pollution and traffic congestion.
Rise of digital skills, services, gigs and the entrepreneur
Increasing demand for the services sector as well as digital products and services mean there is a need to invest further in higher education, digital skills, entrepreneurial skills and Vietnam’s innovation ecosystem. Platforms and the trend away from secure, structured and long-term work is also driving the use of labour and product platforms for income generation and creative avenues for industrial transitions in labour markets.
Changing consumer behaviours – digital tribes, influencers, higher value consumption
Consumer behaviours are changing as the Asian middle classes emerge and orient to higher-value goods and services, including those from the digital economy. At the same time, higher digital adoption among consumers increases the influence of digital tribes and influencers – both on suppliers and consumer behaviour.