Vietnam Business Summit 2020 underlines digital transformation amid COVID-19

Upon addressing the opening ceremony, Permanent Deputy Prime Minister Truong Hoa Binh emphasised that the COVID-19 pandemic and Industry 4.0 have served to change the global economy, adding that the nation should strive to overcome challenges and seize upon opportunities to welcome fresh waves of investment into the region.

Deputy PM Binh also pointed out that when faced by the COVID-19 pandemic, food security emerged as a key concern for many countries, noting that the nation should pay close attention to its selection of investment fields as a means of promoting its strengths whilst removing inadequacies.

Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), emphasized that COVID-19 has had a negative impact on local business activities, therefore urging firms to accelerate the digital transformation.

Loc believes that digital transformation will serve to help Vietnamese enterprises, especially small and medium-sized enterprises (SMEs) that are seeking a more flexible business model to reduce costs whilst optimising resources to overcome the challenges in the post-pandemic period.

Furthermore, Loc underlined the need to create a modern economic institutional system that features legal regulations that are capable of creating an ecosystem for e-commerce and the digital economy.

During the course of the event several scholars expressed their concern about the impact of COVID-19 pandemic on the global economy, along with the nation’s future economic prospects.

Participants also discussed the shift of investment from international corporations, the Vietnamese strategy to attract more FDI, along with the application of information technology to improve logistics costs and agricultural production activities.