After more than 30 years, Vietnam has been able to compete with other countries in the region in terms of foreign investment attraction in ICT. The industry is increasingly deeply and widely integrating into the global value chain, creating many better conditions for Vietnam to expand the international market. In particular, more and more large enterprises in digital technology consider Vietnam a top destination. Foreign-invested enterprises in phones, computers, and components are dominating major export groups. In the last five years, the electronics industry has contributed greatly to the country’s total export turnover of electronics, making a great contribution to the balance of foreign exchange and trade balance of the country. In 2021, the export of electronic hardware for the first time exceeded the level of $100 billion when it achieved export revenue of $121.8 billion, a growth of 27.4 per cent, the highest level in the recent five years. Foreign investment has also contributed to enabling Vietnam to become one of the world’s major electronics industry development centres. Vietnam’s electronics industry has lured in large groups such as Samsung, Foxconn, LG, Panasonic, Intel, Electronics, Nokia, and others. Vietnam is ranked second in the world in exporting phones, and the sixth in exporting computer components and electronic components. And at the same time, the country entered the list of top 10 export powers of microchips, printers, software, and video games. If Vietnam wants to develop, it must be on par with the world with open technology and open standards. Accordingly, Vietnam must be ready to cooperate with foreign businesses in developing digital technology solutions products in the process of national digital transformation. The country considers this transformation as a breakthrough new development method that helps to accelerate and shorten the country’s process of industrialisation and modernisation, and develop the digital tech industry into the platform industry. Vietnam is strongly promoting digital transformation in all industries nationwide and comprehensively, seizing the opportunities from Industry 4.0. Foreign enterprises in Vietnam are considered an important component of the ICT industry, and part of digital tech enterprises. They are encouraged to develop and cooperate in a healthy competitive environment. Therefore, foreign businesses have great opportunities to cooperate with Vietnamese businesses, apply new technologies in digital transformation in Vietnam, and develop together sustainably. In order to effectively engage foreign investment, besides financial incentives such as tax incentives, land incentives, and others, Vietnam needs to improve its policies on attraction and disbursement with a strong focus on green growth and supply chain connection of Vietnamese enterprises with foreign ones, especially global tech corporations. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam Investment Review