Digital Biz

According to figures from the National Credit Information Center of Vietnam (CIC), the total number of customers in the national credit information data system stands at over 48.6 million, or more than 60 per cent of adults in Vietnam. Credit information in Vietnam has reached a maximum score of 8 out of 8 under the evaluation criteria of the World Bank since 2020.

The Ministry of Industry and Trade (MoIT) coordinated with the British Embassy to hold a launch ceremony for the Vietnam National Trade Repository (VNTR) portal. The launch aims to fulfill Vietnam’s commitment to ASEAN to enhance policy transparency, facilitate trade in the region, and support the local business community with information on the trade policies of ASEAN countries.

According to a survey by the Vietnam Chamber of Commerce and Industry (VCCI), the greatest obstacle many businesses face in digital transformation is innovating their business model. Other difficulties include financial resources, technological capacity, choosing an optimal solution in digital transformation, and seeking reliable partners in the process.

To achieve the goal of the digital economy accounting for 15 per cent of its gross regional domestic product (GRDP) in 2022, 25 per cent in 2025, and 40 per cent in 2030, the Ho Chi Minh City Institute for Development Studies (HIDS) has proposed developing Ho Chi Minh City into a fintech hub in the region, testing policies on digital transformation, and completing the DXCenter digital transformation support center.

Education technology (edtech) startups are evaluated as having substantial potential given that Covid-19 and the “new normal” have boosted demand for online learning. Vietnam is in the top 10 fastest-growing edtech markets in the world, posting 44.3 per cent.

M Village, a startup providing short- and long-term accommodation solutions, has raised $1.7 million in capital from Simple Tech Investment, Vulpes Ventures, Genesia Ventures, and other angel investors. M Village will use the capital to invest in technology, increase utilities for residents, and expand to many districts in Ho Chi Minh City.