Technologies including Blockchain Set to Transform Vietnam’s Dynamic Economy

Asia Blockchain Review
June 13, 2019

As Vietnam continues developing at a breakneck pace on its way to becoming Asia’s next high-performing economy while improving the living standards of its citizens, the country finds itself a better position than ever to take advantage of the next wave of digital innovations.

As reported by The Thaiger, these include advances in implementing blockchain technology, artificial intelligence (AI), Internet of things (IoT), and cloud-based services.

New Services for a New Generation

Australia’s Dr. Lucy Cameron, who authored a report titled “Vietnam’s Future Digital Economy Towards 2030 and 2045,” said upon presenting her findings in Ho Chi Minh City in May that the country should cautiously navigate the various risks involved when undertaking a massive digital transformation.

Cameron further noted that Vietnam has been among the world’s fastest-growing economies, having already become one of the most dynamic countries in Asia.

Her report also describes a “boom in digital hardware and software” that has taken place in the country, with its young population rapidly taking up new mobile internet services.

Rapid Development Comes at a Cost

The report nevertheless cited Vietnam’s aging population, together with climate change and the impact of fast-paced development on the environment and food production as challenges brought about through rapid urbanization.

Australia’s Ambassador to Vietnam, Craig Chittick, referred to Cameron’s report as the first major output of the Aus4Innovation partnership between the two countries.

He also said it will guide Australia’s work over the next three years, as Canberra strives to deepen collaborative links with Hanoi while strengthening Vietnamese innovation as it adapts to the challenges and opportunities of the digital economy.


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