What Vietnam needs to do to become a digital powerhouse

The World Bank issued its taking-stock report under the title Digital Vietnam – The Path to Tomorrow which examines the recent developments in the Vietnamese economy and explores the economy’s short- to medium-term prospects in this area. The report sheds light on the domestic and external risks associated with the COVID-19 crisis. It also provides recommendations on specific interventions that Vietnam needs to do to be one of the most advanced digital economies in the world while capitalising on the benefits of this transformation. To this aim, the government has to address three market failures to promote the digital economy goals by these interventions: ensure the availability of a labor force with digital skills, guarantee that the domestic private sector remains dynamic over time given that the innovation cycle is very short in the digital economy, and facilitate access to data and information.