Motivation to achieve 2024 business goals from digital transformation

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Businesses need to choose technology that is optimal, modern and suitable for their specific characteristics for effective digital transformation. Photo: ST

Optimize and upgrade technology

Currently, Vietnam's digital transformation indicators have achieved many positive results. Vietnam's Innovation Index in 2023 ranks 46/132, up 2 places compared to 2022, continuously maintaining in the group of 50 leading countries from 2018 to present (according to the World Intellectual Property Organization -WIPO). According to statistics from Google and Temasek, Vietnam recorded the fastest digital economic growth in Southeast Asia for two consecutive years 2022 and 2023; E-commerce increased by 11%, tourism digital economy increased by 82%, and digital payment increased by 19%. According to estimates by the Ministry of Information and Communications, the digital economy in 2023 contributed about 16.5% of GDP.

​Therefore, in 2024, digital transformation will receive even more attention, especially in businesses.

In 2024, Vietnam Coal and Mineral Industry Group (TKV) will continue to innovate, apply new advanced modern technology, and maximize the value-added chain on the coal and mineral production platform; Implement digital transformation and database connection projects in all fields, especially in the field of management and administration, and promote investment in preparing resources for end-of- basic construction phase projects.

It is expected that in 2024, TKV will produce 38.74 million tons of raw coal, nearly 37.4 million tons of clean coal, consume 50 million tons of coal... To complete the proposed plan, TKV will implement the leadership and administration solutions; Focus on promoting the development of large-output underground coalmines according to the criteria "Green mines, modern mines, high-output mines", continue to standardize and upgrade logistics service warehouses to serve import and export import and blend coal.

Vietnam Oil and Gas Group (Petrovietnam), in 2023, has applied solutions to optimize management technology, improve capacity and operational efficiency of factories, and make good use of opportunities, expanding markets both domestically and internationally. Therefore, in 2024, Petrovietnam has set many tasks to strive to excellently complete assigned targets and tasks. These include requirements to promote digital transformation, participate in the development strategy of digital economy, digital society, green economy, and circular economy according to appropriate conditions and roadmaps.

Mr. Hoang The Nhu, Deputy General Director of Garment 10 Corporation mentioned the Group strategy to conquer the domestic market and expand international markets, In particular, in addition to following the international standard system, Garment 10 also deploy solutions to improve before, during and after sales service, increase customer experience through digital technology. Accordingly, through 3D applications, customers can experience designs, colors... in advance to make purchasing decisions. Therefore, this year, the Company will continue to make the most of the development of digital technology, strengthening e-commerce channels...

Maintain solutions to follow the proposed digital transformation strategy.

Along with Resolution 01, Resolution 02/NQ-CP on the main tasks and solutions to improve the business environment and enhance national competitiveness in 2024, set the goal of striving to increase the number of new enterprises (new establishment and return to operation) in 2024 by at least 10% compared to 2023. Along with that, increasing the number of businesses with innovation activities, green transformation, digital transformation... Therefore, according to experts and businesses, digital transformation is both an inevitable task and a solution to make a very important contribution to the implementation of the goals and strategies set out in 2024 as well as in the following years.

The investment level is still low and there are many barriers

Talking about this issue, according to Associate Professor, PhD. Dinh Van Hai, Faculty of Economics, Academy of Finance, most businesses are now clearly aware of the huge impact of the digital economy on business development. Digital transformation helps businesses expand production, increase competitiveness, reduce costs, increase labor productivity, and create sustainable growth... However, digital transformation in businesses still has many limitations.

Experts say that Vietnamese businesses, especially small and medium-sized enterprises, are facing many obstacles in the digital transformation process such as lack of digital skills and human resources, lack of effective information technology platform to enable digital transformation, lack of digital thinking or digital culture challenges in businesses... In particular, the biggest barrier for Vietnamese businesses when applying digital technology is the investment cost, especially funds to convert and apply digital technology.

The report "Vietnam Open Innovation Ecosystem 2023" recently published by the open innovation connection platform BambuUP said that in 2023, the recorded number of investments in research and development development (R&D) compared to Vietnam's GDP was 0.4%, lower than the average of Southeast Asia, ranked 66th globally, down 7 places compared to last year. Meanwhile, other countries in the same region has had an increase in investment capital in this activity such as: Thailand: 1.3% (up 4 places), Singapore 2.2% (up 3 places)... Furthermore, 75% of surveyed business in the report confirm that the lack of full awareness of the role of open innovation leads to unclear motivation for its realization.

Therefore, businesses recommend that to promote digital transformation, management agencies should maintain support measures such as building and improving the institutional and legal environment to meet the requirements of the digital conversion. Moreover, the Government should promote training and education of high-quality human resources as well as improve cooperation between businesses and ministries, branches, and businesses with each other in technology transfer and experience in digital transformation. ... On the business side, they must also proactively choose optimal and modern technology to keep up with trends and match the strategy and scale of the business for effective digital transformation.