To achieve this target, Vietnam needs not only more businesses participating in the digital economy, but, more importantly, a business community capable of mastering technology, harnessing data, and moving into higher-value segments of global production, supply, and distribution chains. Digital transformation should therefore be viewed as a shift in business models, rather than simply an investment in technology.

Digital transformation should be viewed as a shift in business models, rather than simply an investment in technology. (Illustrative photo)

The issue, therefore, is no longer what technology to buy, but what growth challenge the technology can solve for a business. According to National Assembly deputy Ho Duc Thang, businesses need to shift from choosing tools to choosing problems to solve, from storage to managing data as a strategic asset, and from training employees in operational tasks to developing their ability to work alongside AI. Technology only has real value when it helps reduce costs, shorten timelines, improve quality, or expand markets.

However, for businesses to move faster, bottlenecks in institutions, data, infrastructure, and technological absorption capacity need to be addressed. In reality, “surface-level” digitalization remains widespread, with documents submitted online but additional paperwork still required, while data already held by the State must be provided again by businesses.

According to Phan Duc Hieu, a member of the National Assembly’s Committee on Economic and Financial Affairs, management needs to shift from technology- and model-based regulation toward management based on objectives, outcomes, and risks. Procedures should also be redesigned from a digital perspective, alongside the adoption of controlled pilot mechanisms. Data needs to be regarded as the infrastructure of the digital economy. If data remains fragmented, lacks interoperability standards, and has no effective sharing mechanisms, businesses will struggle to harness AI and develop new business models.

Going forward, controlled data sharing needs to be promoted, shared infrastructure developed, and a data market gradually established so that data can become a resource for value creation. For small and medium-sized enterprises, support for digital transformation should shift away from the number of software applications and devices adopted toward concrete outcomes such as lower costs, higher productivity, increased revenue, and market expansion. The State can create an initial market for domestic technology through commissioned projects, public procurement based on output results, and the disclosure of real-world challenges for technology businesses to help solve.

Ultimately, no policy can replace businesses’ own efforts to innovate. Businesses must take the initiative in investing in technology, human resources, research and development, management capacity, and technological absorption capabilities.

Notably, stronger linkages among businesses are needed in line with the direction set out in Resolution No. 19-NQ/TW, dated July 28, 2026, of the Third Plenum of the 14th Party Central Committee on renewing Vietnam’s development model. Large enterprises should play a leading role and bring smaller businesses more deeply into supply chains. Small and medium-sized enterprises need to invest in human resources and research and development, build a culture of innovation, strengthen their ability to meet international standards, and master technology rather than merely use existing technologies. Innovative startups need space to experiment and grow.

Only when businesses regard digital transformation as a shift in their business models, while the State creates institutions, data systems, infrastructure, and markets broad enough to support innovation, can the digital economy become a substantive driver of growth. At that point, technology will go beyond simply enabling businesses to do what they already do faster. It will become a foundation for creating new products, capturing higher-value segments, and strengthening competitiveness. This is also how Vietnam can turn the scale of its digital economy into a growth capability, opening up breakthrough opportunities in a new era of growth.

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