The digital economy opens up enormous potential and space for development and enables countries to connect with each other faster, State President Vo Van Thuong has said.

Addressing a high-level forum on the digital economy at the third Belt and Road Forum for International Cooperation in China on October 18, President Thuong added that every country will participate deeply into and become an indispensable part of the global digital economy.

He said Vietnam attaches much importance to connecting with the world, whether on land, in the air, on seas, or in cyberspace.

“Vietnam is striving to accelerate digital transformation and economic development and restructure its economy based on innovative growth models,” he said. “With that in mind, it views the digital economy as a new space, with digital human resources, technology and data as new workforce and digital innovation as a new driver of growth.”

Vietnam’s digital economy contributed 14.26 per cent of national GDP in 2022, and is aiming for 20 per cent by 2025 and 30 per cent by 2030.

To ensure balanced interests between countries and bring practical benefits to the people in digital transformation and digital economic development, President Thuong proposed three pillars for cooperation in the digital economy.

First, cooperation in digital institutions to formulate appropriate regulations, ensuring data flows and security, creating a friendly business environment, preventing transnational crime, and ensuring national security and sovereignty, while taking into account the development levels and specific characteristics of each country.

Second, cooperation in digital infrastructure to ensure and enhance the participation capacity of countries in the global digital economy.

Third, cooperation in digital human resources to develop high-quality staff that are able to research, develop, and apply technologies, particularly new and advanced technologies.

However, he also noted that the digital economy also carries security and social risks if not “appropriately oriented and managed.”

Belt and Road cooperation has seized this trend and made significant contributions to the dramatic transformation of countries along the digital Silk Road, he said, from modern digital infrastructure and smart cities to vibrant digital trade activities.