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The Central Institute for Economic Management (CIEM) convened a workshop to delve into the formulation of policies aimed at fostering innovation and bolstering the digital economy in Vietnam. Bringing together a diverse array of domestic and international experts, the event served as a platform for scrutinising existing policies and legal frameworks pertaining to technological advancement and innovation within Vietnam, while also exploring pertinent challenges and drawing insights from global experiences.

Throughout the workshop, participants engaged in comprehensive discussions surrounding innovative strategies, the pivotal role of policy-making and enforcement bodies, stakeholder involvement, prospective avenues for collaboration in Southeast Asia, and avenues for refining the legal landscape of technological advancement and innovation.

Addressing the gathering, Dr Nguyen Minh Thao, head of the Business Environment and Competitiveness Research Department at VCCI, underscored the transformative potential of digital transformation in driving innovation and enhancing the productivity, quality, efficiency, and competitiveness of Vietnam’s economy.

Noting the concerted efforts of the Party, State, and Government in issuing guidelines and policies to foster the digital economy, Dr Thao highlighted the significant strides made in this domain, positioning the digital economy as a cornerstone of the country’s growth trajectory.

Emphasising the imperative of refining mechanisms and policies to catalyse the development of science, technology, and innovation, Dr Thao underscored the Government’s commitment to establishing a robust legal framework conducive to piloting new economic models anchored in science, technology, and innovation.

Keith Detros, representing the Tech for Good Institute (TFGI), shed light on the diverse technology development policies prevalent across Southeast Asian countries, underlining shared objectives such as maintaining competitiveness, fostering innovation, safeguarding personal data, and fortifying network security.

Experts offered recommendations urging closer coordination among governmental agencies to bolster the effectiveness of digital governance initiatives. Additionally, they underscored the importance of fostering regional cooperation among Southeast Asian nations through initiatives or framework agreements to establish coordination mechanisms and regulatory frameworks conducive to technological advancement and innovation.

The workshop underscored Vietnam’s commitment to leveraging innovation and digital transformation as catalysts for sustainable economic development, while also highlighting the importance of collaborative efforts and robust policy frameworks to navigate the complexities of the digital era effectively.

The workshop hosted by CIEM served as a vital platform for exchanging insights, best practices, and policy recommendations to nurture a conducive environment for innovation and digital growth in Vietnam. With a focus on harnessing the transformative potential of technology, the discussions underscored the importance of adaptive policies, effective governance mechanisms, and regional collaboration to drive inclusive and sustainable development in the digital age. As Vietnam continues its journey towards becoming a digital economy powerhouse, such forums play a crucial role in shaping policies that promote innovation, drive economic growth, and enhance the overall well-being of its citizens.

Vietnam is eager for wider participation in the digital economy, striving to engage all sectors in the transformative journey of digitalisation. OpenGov Asia reported that Prime Minister Pham Minh Chinh urged Vietnam’s youth to spearhead the nation’s digital transformation, emphasising their critical role in steering the country towards a prosperous future in the burgeoning digital economy.

During a dialogue held in Hanoi, the Prime Minister engaged with 300 exceptional young individuals from various regions, encouraging them to embrace digitalisation as a fundamental global trend.

With the digital economy expected to contribute 30% to the gross domestic product (GDP) by 2030, PM Chinh stressed the importance of prioritising digital transformation alongside other key pillars such as the green economy, circular economy, sharing economy, and intellectual economy.

These efforts are essential for Vietnam to achieve its development goals, transitioning into a modern, upper-middle-income country by 2030 and ultimately attaining developed, high-income status by 2045.

This article was originally published by a www.opengovasia.com . Read the Original article here. .