What to care about in digital transformation 2024?

What should businesses in Vietnam pay attention to when joining the digital transformation wave in 2024? There are many things that should not be overlooked for businesses to successfully transform digitally.

Digital transformation is considered an inevitable trend for all Vietnamese enterprises. To survive and develop, enterprises must not only quickly adapt to the digitalization trend but also build a suitable digital transformation strategy, invest in technology and train digital human resources.

1. Either go digital, or get left behind

That is the opinion of Mr. Dang Thai Cuong, Deputy General Director of FUNDGO Creative Startup Investment Fund, about the inevitable trend of digital transformation that has been, is and will be taking place in Vietnam. According to Mr. Cuong, there are many reasons why Vietnamese enterprises need digital transformation. “First, digital transformation helps enterprises optimize processes and reduce operating costs. Second, digital transformation helps enterprises innovate business models and create new products and services. Third, digital transformation helps enterprises reach new customers and expand the market,” said Mr. Cuong.

In fact, many businesses in Vietnam have successfully transformed digitally, bringing efficiency in both operations and business. For example, FPT Corporation has invested heavily in digital technology, transformed internal processes, and built a digital product and service ecosystem. Not only that, the group's digital transformation services have also grown tremendously, reaching VND 8,838 billion in just the first 10 months of 2023, an increase of 49% over the same period last year. FPT is considered one of the leading enterprises in digital transformation in Vietnam.

Another non-tech company, Vinamilk Group, has also boldly digitized its production and distribution processes and optimized its supply chain using technology, enhancing customer experience through digital applications. In addition, many domestic banks have also applied digital technology in their products and services, digitally transforming retail banking operations, bringing better customer experiences, etc.

“The digital transformation situation in Vietnam is showing signs of improvement. More and more businesses are realizing the importance of digital transformation and are starting to invest in digital technology. However, the speed of digital transformation of Vietnamese businesses is still slow compared to other countries in the region. More policies are needed to further promote the national digital transformation process,” Mr. Cuong suggested.

2. Inevitable trend

At the conference summarizing the work of 2023 and deploying the tasks of 2024 of the Ministry of Information and Communications (MIC) that took place at the end of 2023, Deputy Prime Minister Tran Luu Quang said that he really liked a saying of Minister of MIC Nguyen Manh Hung: "For difficult tasks, there must be a different approach and way of handling, we must change our thinking and way of doing things". Accordingly, digital transformation is not easy with issues related to the legal corridor and changing people's habits. Therefore, it is necessary to apply many methods, it can be creating excitement and interest, it can be persuading, or it can be "forcing" with legal regulations to be able to successfully implement digital transformation. That is to change thinking, create new ways of doing things for a difficult problem.

Meanwhile, in order to accelerate the implementation of the National Digital Transformation Program to 2025 and the National Strategy for the Development of Vietnamese Digital Technology Enterprises to 2030, the government is focusing on developing plans and allocating resources to support businesses, especially small and medium-sized enterprises, in digital transformation, innovation, and appropriate technology transfer. The government has issued many policies to support businesses in digital transformation, such as the national strategy on digital transformation and tax incentives for businesses investing in digital technology. In addition, ministries and branches have also implemented many programs to support finance and train digital human resources.

Commenting on the digital transformation trend in Vietnam in 2024, Mr. Cuong said: "In 2024, digital transformation will explode more strongly in Vietnam." According to Mr. Cuong, most businesses will have a clear digital transformation strategy. In particular, new technologies such as AI, big data, cloud computing will be widely applied in areas such as customer care, strategic planning, and supply chain management. "Digital transformation will create major changes in business models and bring many new development opportunities," Mr. Cuong predicted.

In addition, Mr. Cuong also believes that the trend of green digital transformation according to ESG standards (environment - society - corporate governance) is inevitable. These are criteria for assessing the sustainability and responsibility of businesses. Businesses need to integrate ESG goals into their development strategies and business operations...