Hanoi (VNA) – The acceleration of a digital economy is one of the Vietnamese government’s focuses to foster economic restructuring in combination with renewing the growth model and growth quality. Vietnam needs to make the best use of the Fourth Industrial Revolution to build a digital society and develop a digital economy, towards an industrialised country by 2045. Digital transformation will help hike Vietnam’s GDP by 1.1 percent each year. This requires Vietnam to conduct the process more strongly because digital transformation is the key to building a digital economy. According to the General Statistics Office, labour productivity in the Vietnamese economy was estimated at 102 million VND (4,512 USD) per workhand in 2018, up 5.93 percent from the previous year. In the 10-year period (from 2007-2016), Vietnam recorded a high productivity increase compared to other ASEAN nations with an annual average increase of over 4 percent. However, Vietnam’s labour productivity was only equivalent to 7 percent of Singapore’s, 17.6 percent of Malaysia’s, and 36 percent of Thailand’s. Vietnam has a chance to rise up and raise its labour productivity thanks to rapid development of digital transformation. Three elements contributing to raise labour productivity include equipment investment, effective use of… Read full this story
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