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Ho Chi Minh City
Wednesday, May 18, 2022

Digital economy expected to make up 25% of HCMC’s GRDP

By Le Hoang - Vu Le

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HCMC – HCMC has set a target that the digital economy will account for a quarter of the city’s gross regional domestic product (GRDP) by 2025, and the figure will increase to 40% by 2030.

The city held the HCMC Economic Forum 2022, themed “Digital economy: Driving force for the growth of HCMC in future”, on April 15, attracting more than 1,000 local and foreign attendants.

Secretary of the HCMC Party Committee Nguyen Van Nen said the digital economy had developed strongly. The Covid-19 pandemic has disrupted many socioeconomic activities, but the situation has paved the way for digital transformation.

The city will set policy priorities to develop the digital economy to serve the city’s long-term development and catch up with regional countries.

Speaking at the event, Deputy Prime Minister Le Minh Khai said digital transformation, e-government, digital economy and digital society had been an indispensable trend worldwide.

The digital economy will help improve labor productivity, create new business opportunities for enterprises, help the economy recover and contribute to economic restructuring. HCMC’s success in digital transformation and the digital economy will contribute to the country’s success and cement the city’s position as an economic, financial, trade, science and technology hub, Deputy PM added.

To succeed in digital transformation, Khai asked HCMC to improve the investment environment, enhance cooperation with international partners, adopt national strategies on the digital economy and digital transformation, and focus on cybersecurity.

Nguyen Xuan Thang, director of the National Ho Chi Minh Academy of Politics, also affirmed HCMC’s potential and advantages in the development of the digital economy.

However, to ensure sustainable digital transformation, the city should make breakthroughs in policies to mobilize resources and focus on the training of high-skilled human resources.

In addition, the city should focus on developing the traffic infrastructure, urban areas and education. Besides innovative companies, investment in digital finance technology is needed.

After the pandemic, the contactless economy emerged as a typical trend. Traditional sectors are also dependent on digital platforms to survive, Thang noted.

HCMC Chairman Phan Van Mai said through the forum, the city expected to deliver messages on the development of the city into a smart one.

Amid the tough period due to Covid-19, digital technology has become an important tool to fight against the pandemic and maintain supply chains, production and business activities.

Therefore, while building the city’s economic recovery and development program in the 2021-2025 period, the city has worked out policies to boost the recovery, along with competitively restructuring the economy, increasing the proportion of goods and services with high added values and turning challenges into opportunities to foster the development of the digital economy.

The city will improve the technical infrastructure and demonstrate the role of a driving force for the economic development of the south and the country as a whole.

In its development plan until 2025 with a vision to 2030, HCMC’s digital transformation targets are to develop e-government and digital economy. By 2030, the city seeks to become a smart city.

Mai committed to accompanying enterprises, improving financial reforms, governance and public administration and competition indicators, and removing obstacles with practical solutions.

 

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