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Wednesday, July 24, 2024

Vietnamese companies beat global peers in digitalization – DBS

The Saigon Times

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HCMC – Businesses in Vietnam ranked higher than the global average regarding digital transformation in customer experience and engagement, according recent research by DBS, a financial service provider based in Singapore.

Some 68% of domestic companies have developed a comprehensive approach to digitizing customer experience and engagement, slightly above the global average of 64%.

Vietnamese businesses ranked second among those of the 10 markets surveyed in this score, including Australia, Hong Kong, India, Indonesia, China, Singapore, Taiwan, the United Kingdom and the U.S.

Around 63% of local firms said digital transformation was helping them achieve overall profitability, whereas 61% noted that the effort was improving their customer insight.

More than half of the firms agreed that digital transformation had increased the operational competitiveness.

According to DBS data, only 9% of the Vietnamese firms were classified as “laggards” in digitizing their interactions with customers.

The research found that gaps in human resource quality and concerns over data privacy still prevent local companies from accelerating digital transformation.

Between June and August 2022, the DBS research was done with 1,225 respondents in 15 industries and 22 markets worldwide, with over 60% of the companies posting annual revenue of US$1 billion or more.

In Vietnam, the research covered 75 local businesses whose annual revenues range from US$250 million to US$20 billion.

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