Vietnam calls for digital transformation

Vietnam is making giant steps toward wholesale digital transformation, with a chief of the ruling party calling for lawmakers to integrate emerging technologies into key sectors of the economy.

Party General Secretary To Lam of the ruling CPV disclosed in a speech to members of the National Assembly that digital transformation is within reach for the Southeast Asian country. Lam shared his views during a group debate in the National Assembly seeking to inject life into Resolution No. 57, an ambitious plan by the ruling government to advance science and technology in the country.

In late 2024, Vietnam unfurled Resolution No. 57, which was designed to put the country among the top 50 nations in digital transformation by 2030, signaling investment in infrastructure and training.

Lam argued in favor of removing traditional institutional bottlenecks that characterize government-backed policies. According to Lam, the lowest-hanging fruit for parliament will be overhauling the bidding law to prioritize purchasing high-quality scientific equipment rather than focusing on the cheapest alternative.

The party chief argues that prioritizing the cheap options will turn Vietnam into a “dumping ground” for obsolete technologies, which will delay the country’s technological ambitions.

On the floor of parliament, Lam made a case for learning from the previous mistakes of other countries seeking a technological revolution. He argued that most countries are blindsided by the searing pace of digitization, leaving streaks of outdated investments that are not worthy in today’s changing landscape.

According to Lam, Vietnam must monitor emerging technologies like artificial intelligence (AI) and blockchain technology. A laser focus on these two will not be enough with the politician urging parliament to invest in the Internet of Things (IoT), Big Data, and quantum computing.

Lam encourages lawmakers to make key amendments to the Law on Science and Technology, eliminating blocks that will make them impractical in real-world scenarios.

Inching closer to its goals

Since the start of the decade, Vietnam has been inching closer to its goals of digital transformation, powered by government initiatives and private sector contributions. A tech-savvy populace has seen digital assets reach rising adoption levels, with local service providers achieving global dominance.

With AI, enterprise use cases are spiking, buoyed by capital injections by global players. Riding on the wave of key partnerships, the Vietnamese government has announced training programs to equip one million citizens with Web3 and AI skills.

Laos set to host Digital Week to improve adoption of emerging technologies

The week-long event, dubbed “Building Resilience and Sustainable Digital Infrastructure for Laos,” will allow local startups to display their innovative solutions with emerging technologies. Organizers expect international heavyweights in AI and blockchain to appear at the event.

The event will feature a raft of seminars on AI and blockchain, with industry experts filling the lineup to share insights on enterprise adoption strategies. Ecosystem players in the Internet of Things (IoT) and Big Data are also expected to hold panel discussions while firms dabbling in verticals will showcase their products.

Pundits say the panelists will recommend that the Laotian government roll out new regulations to smoothen the curve for enterprise adoption. Top on the list will be the launch of a new licensing regime for digital asset service providers and international AI firms looking to set up shop in the country.

The Digital Week is part of the Laos’ Ninth Five-Year4 National Socio-Economic Development Plan. Previously, the government unfurled ambitious plans to improve the state of digitization, namechecking AI, and blockchain as key pillars in the push.

A key focus of the government will be the use of emerging technology to address the niggling challenge of low financial inclusion levels and the uncertainties around cross-border transactions.

Private sector players in Laos have their eyes set on the efficiency, transparency, and decentralized benefits of integrating AI and blockchain-based solutions into their operations.

A beehive of activity

Laotian regulators are moving in to prevent unchecked activity by sector players in the ecosystem, shutting down unlicensed block reward mining firms and brandishing fines for repeat offenders.

The government has turned its gaze to central bank digital currencies (CBDCs), partnering with Japan’s Soramitsu for technical support to improve its local payments ecosystem.

Despite the move, Laos remains apprehensive about deploying digital assets into its financial landscape, citing the potential for ‘cryptoization’ and spillovers into traditional finance.

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