Vietnam to develop ‘Make in Vietnam’ businesses to ease reliance on FIEs

November 23, 2020 | 09:43 am GMT+7

The solution to develop the ICT industry and ease reliance on foreign invested enterprises (FIEs) is developing more ‘Make in Vietnam’ firms.


 The total revenue of the ICT industry in 2019 was $112.35 billion, including $91.5 billion from exports, an increase of 10 percent over 2018. ICT is one of the industries which make a great contribution to GDP, accounting for 5.59 percent in 2018 and 7.55 percent in 2019. The expected figure is 7.3 percent in 2020.

If counting FIEs, ICT would make up over 16 percent of GDP.
Despite Covid-19, ICT keeps growing well with expected growth rate of 7.5 percent in 2020.
However, according to Deputy Minister of Information and Communications Phan Tam, who provided the figures at the workshop and exhibition of Make in Vietnam digital products on November 18, the figures show unsustainable growth as it relies on FIEs too much.
Tam said Vietnam needs to implement a new development strategy under which its needs to walk on two feet.
He went on to affirm that Vietnam needs to implement the Politburo’s Resolution 50 dated August 20, 2019 and continue to attract FDI, but it must be high-quality FDI. The country needs to prioritize projects using high technologies and digital technology, projects with pervasive effects, helping Vietnamese enterprises develop.
As for the domestic ICT industry, it is necessary to follow the Make it Vietnam strategy, striving for an autonomous and resilient industry by developing digital technology firms that can master the stages of innovation, design products and services, and implement the stages that bring high added values.
In implementing the strategy, technology firms will pioneer in making strategic breakthroughs in science and technology, in renovation and digital transformation.
Digital technology firms will have to lead the Vietnamese business community to carry out digital transformation, and take initiative in researching and developing Make in Vietnam products.
Digital technology firms will solve Vietnam’s questions, provide technological solutions to serve the even development of different economic sectors, and of urban and rural areas, bringing technologies to every corner of socio-economic life, implementing the mission of turning Vietnam into a developed industrial country.
In addition to the creation of high-quality products, Tam mentioned the campaign ‘Vietnamese use Vietnamese products’, saying that the movement helps promote patriotism and self-reliance, and helps build the culture of consuming domestic products.
Duong Anh Duc, HCM City’s Vice Mayor, said the event provided an opportunity for businesses and organizations to meet and seek partners, expand markets and transfer technologies.
He said HCM City is carrying out a digital transformation program to promote the strengths of the city and solve the questions it is facing.