Vietnam proposes digital economy cooperation on three pillars at Beijing forum

Addressing the forum, Thuong noted that digital transformation is an inevitable trend that is taking place strongly and widely globally, driven by new and modern technological breakthroughs.

However, he said the digital economy also poses potential security and social security risks unless they are properly oriented and managed. The Chinese initiative ‘Belt and Road’ has promptly grasped this trend, making an important contribution to drastic changes of countries along the ‘Digital Silk Road,’ from modern digital infrastructure and smart cities to vibrant commercial activities in digital space.

Vietnam attaches great importance to connecting with the world in different ways, on land, in the air, by sea, and in digital space, stressed the president, adding the country is making every effort to accelerate digital transformation and economic development, by restructuring its economy coupled with renovating its growth model.

In line with this, he said Vietnam holds that the new space is the digital economy; the new production force is digital manpower, digital technology and digital data; and the new driving force is digital innovation.

According to the president, recent years has seen Vietnam’s digital economy grow considerably, accounting for 14.26% of national GDP in 2022, and the ratio is expected to rise to 20% by 2025 and 30% by 2030.

To ensure harmony of interests between countries and bring practical benefits to all people, the president proposed digital economy cooperation on three pillars.

First of all, he stressed the need to cooperate on digital institutions to formulate appropriate regulations to create a friendly business environment, prevent and combat transnational crimes, and ensure safety, security and national sovereignty. It is necessary to take into account the level of development of countries to ensure balance of interests and equality for all parties.

Second, he proposed cooperation on digital infrastructure to encourage countries to engage in the global digital economy. On this occasion, he called on international financial institutions and businesses to invest in infrastructure projects in Vietnam and other countries in the region.

Last but not least, the president pointed out digital human resource cooperation as a major pillar in digital economy development to generate high-quality human resources that are capable of researching, developing and applying technologies, especially new and modern technologies. He also emphasized that it is imperative to promote knowledge and technology transfer projects in the field of digital economy.

The Vietnamese president noted that the Belt and Road initiative has become a major international cooperation mechanism, making an important contribution to infrastructure connectivity, facilitating global economic links, and constituting an open, inclusive, high-quality cooperation framework, bringing practical benefits to all participating parties as well as deepening friendship and bonds between peoples of different countries.

He also affirmed that Vietnam always supports initiatives that are beneficial to peace, cooperation and development in the region and the wider world. It welcomes and has actively participated in many important global mechanisms and initiatives put forward by China.