Digitization must enable new value creation for customers in BFSI market, delivering on expectations across the value chain.
Digital Transformation in BFSI
How We Made It?
Wondering how we turn technology into practical values for businesses? Explore the success stories here!
01 Dec 2023
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Overcoming decades of development, Vietnam is emerging as one of the most vibrant digital economies in the world, well-known for massive coverage of digitalization throughout almost every aspect of daily life. With a rising trend of shifting in the supply chain, the nation’s IT Industry greatly benefits thanks to a diverse labor workforce, stable political economy, and positive impacts from various global free trade agreements.
The increasing presence of global Vietnamese digital enterprises, ongoing international cooperative deals, and value contributions to tech forums prove how Vietnam is emerging as a prominent “beacon” on the global digital map. Let’s look at the driving forces behind Vietnam’s robust IT industry growth through the information below!
Currently, Vietnam has established diplomatic relations with over 190 countries and territories worldwide, with more than 30 countries being comprehensive strategic partners. Notably, Vietnam has also established diplomatic relations with major economies such as Japan (50 years), and South Korea (30 years), and recently upgraded its comprehensive strategic relationship with the United States.
In addition to bolstering diplomacy, Vietnam actively signs free trade agreements such as the CPTPP, EVFTA, participates in promotional activities, and contributes significantly to numerous leading global events and forums. These opportunities have helped Vietnam solidify its position on the international stage, projecting an image of a nation with a stable political-economic environment as an attractive investment destination.
The opportunities paved the way for many Vietnamese digital enterprises to participate in the global technology service supply chain. By 2022, Vietnam had over 1,400 digital enterprises with active products in international markets, with Japan accounting for the largest revenue share, showing consistently high annual growth rates. Additionally, Vietnamese enterprises also have a presence in developed markets such as South Korea, the United States, and Europe.
Alongside the impetus provided by trade agreements, Vietnam’s economy has been greatly propelled by its digital coverage across most economic and societal activities.
With only 20% of the population access to the internet in 2007, this figure has surged to over 80% by 2023, in just over a decade. The mobile network coverage rate in Vietnam has also reached around 99.7% nationwide, considered significantly higher than in many high- and middle-income countries. The Vietnamese government has implemented a series of policies & regulations to drive digital transformation, setting a target for the digital economy to account for 30% of GDP by 2030.
Early exposure to digitization has equipped Vietnam with abundant technological resources and a highly skilled workforce. Vietnam boasts nearly 1,5 million ICT professionals, with over 500,000 individuals in technology engineering and software development roles. Over the years, Vietnam’s digital workforce has not only increased in quantity. Still, it has also shown diversity in expertise, demonstrating capabilities to implement advanced technologies such as AI, Machine Learning, and Augmented/Virtual Reality (AR/VR).
The shift of supply chains to emerging markets has been a prominent trend in many developed countries in recent years. This movement occurs as nations aim to reduce reliance on traditional markets and diversify their supply sources, exploring potential from emerging markets. Southeast Asian countries, especially Vietnam, are benefiting from this wave. Notably, Vietnam leads the region in attracting foreign direct investment (FDI) with over $200 billion in a decade, followed by Singapore and Malaysia.
This is a crucial impetus for Vietnam to become a pivotal link in the global supply chain. In the field of information technology, the trend of shifts not only enables Vietnamese digital enterprises to leverage their core strengths but provides an opportunity to enhance capabilities and engage with developed digital economies. Many Vietnamese enterprises, including NTQ Solution, are effectively seizing these opportunities to affirm their global technology supply chain positions.
Mr. Edatsune Isao is one of the talented inventors with the honor of being inducted into the “Hall Of Fame” of the American Institute of Electrical and Electronics Engineers. With the Epson R-D1 digital camera developed by himself in 2019, this product was honored in the category “top 50 products that changed the world inContinue reading “[NTQ Rubik] Mr. Edatsune Isao: “Changing Mindsets Is The Key To ‘Global Diversity’”
By T Dao , 08 Dec 2023
With a rising trend of shifting in the supply chain, the nation’s IT Industry greatly benefits thanks to a diverse labor workforce, stable political economy, and positive impacts from various global free trade agreements.
By T Dao , 01 Dec 2023
On November 14, Mr. Pham Thai Son, CEO of NTQ Solution, had the opportunity to share his perspective on digital transformation and the potential of AI at the ASOCIO Digital Summit 2023. Along with other experts, NTQ Solution’s representative expressed the shared belief that digitization and advanced technology are no longer trends but have become indispensable components in the overall development strategies of all organizations and enterprises.
By T Dao , 29 Nov 2023
Setting “Beyond Global” as the key objective in 2023, NTQ Solution has established a wide range of strategies to improve its presence in the global market. One of the most critical directions that NTQ Solution is heavily investing in is to establish a new entity in the EU market, one of the top global regionsContinue reading “NTQ Solution’s Partnership In EU Region – Highlights of 2023!”
By T Dao , 13 Oct 2023