To become ‘the best place for technology firms’, Vietnam will commit to ‘Make in Vietnam’ initiative in a shift from outsourcing.
The Ministry of Information and Communications (MIC) in Vietnam will also work with other ministries and branches to set up a legal framework for experimentation in new technologies, products, services and business models.
“Vietnam will shift from doing outsourcing and assembling to making products of its own, putting out ‘Made in Vietnam’ products, created in Vietnam, designed in Vietnam and produced in Vietnam,” said MIC Deputy Minister, Pham Anh Tuan at a conference promoting Japanese ICT investment in Da Nang City.
As the world is entering a period of growth based on technology and innovation, Vietnam’s investment attraction strategy is taking full advantage of new competitive edges.
The Deputy Minister went on to say that Vietnam would strengthen cooperation with foreign technology groups and call for their investment, especially ones involved in the digital economy and in fields like manufacturing smart devices, IoT, AI, data science, big data, cloud computing, blockchain, cybersecurity, e-commerce and fintech.
With an ambition of having 10 big IT businesses with revenues of over US$1 billion, Vietnam will continue investment in mobile telecommunication network infrastructure, and upgrade the 4G network and commercialise 5G networks soon.
The country will also develop a digital infrastructure in Industrial Parks, hi-tech parks and concentrated ICT zones to satisfy the booming demand for connectivity and data processing, and large-scale investment demands from multinationals.
“Foreign companies can come to Vietnam to experiment with new technologies,” said Deputy Minister Tuan.
More than 200 Japanese representatives, investors and ICT firms attended the conference.
Japan is the second largest foreign direct investor in Vietnam with a total registered capital of US$60 billion, while Japanese investors have invested in 4,200 projects, including 700 ICT projects.
With an opportunity to continue receiving investment from Japan, Vietnam is ready for the new investment wave.
“The government of Vietnam has been perfecting mechanisms and policies to help create a breakthrough development for concentrated ICT parks and hi-tech parks in key economic centers, especially in Da Nang,” said Deputy Minister Tuan.
IT, electronics and communications associated with the digital economy is one of the five key business fields that Da Nang City is focusing on in its plans to develop its economy.