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Embracing 'Global Born' concept to leverage digital economy

Released at: 09:17, 15/08/2019

Embracing 'Global Born' concept to leverage digital economy

Photo: RMIT Vietnam

Digital economy bringing opportunities to Vietnamese startups, RMIT's latest seminar hears.

by Khanh Chi

How Vietnam’s economy can contribute to and reap the benefits from the global digital economy was the main topic of discussion among key stakeholders and thought leaders at the annual International Business Forum, organized by RMIT Vietnam’s School of Business & Management on August 12 in Ho Chi Minh City.

Opening the event, RMIT Asia Graduate Centre Head of Department, Associate Professor Victor Kane, spoke about the “Global Born” concept as an emerging trend in Vietnam, as Vietnamese firms become more active in the digital economy.

“The global digital economy is estimated to be worth $11.5 trillion already and will continue to grow in the future,” Associate Professor Kane said. “According to the World Bank, success in Vietnam has already been achieved in disruptive ride-hailing services, e-commerce platforms and accommodation platforms, and fintech and payment solution companies. Many of these firms are immediately connecting with customers and suppliers around the world.”

RMIT Vietnam Discipline Lead for the International Business program in the School of Business & Management, Dr. Nguyen Quang Trung, described a Born Global firm as “a venture launched to exploit a global niche from the first day of its operations”; a powerful group with great potential in international business.

Based on recent rankings from many international organizations, Dr. Trung revealed that there was not much improvement in the country’s competitiveness, ease of doing business, corruption perception index, and e-government, but if Vietnam maintained e-government rankings under 30 then other elements could improve.

He added that the country’s high ranking in the latest Global Innovation Index 2019, where it was in the top 50, and the digital index are positive signs for the country participating in the global economy.

Former Minister of Science and Technology Dr. Nguyen Quan said that even though there are still many challenges in developing a startup, the startup ecosystem in Vietnam has improved due to prompt action from government and proactive approaches from businesses.

“The National Innovation Center is being developed and is expected to be the nucleus for promoting the country’s economic development based on innovation and science and technology in the context of rapidly changing Industry 4.0,” Dr. Quan said. “It will prioritize work on smart factories, digital content, network security, smart cities, and environmental technologies.”

He also presented examples of small and medium-sized enterprises (SMEs) developing in-house research and development centers, including Vingroup and Rang Dong. The upcoming policy around venture capital will also encourage more foreign venture capital firms to invest in Vietnamese startups.

As a former CEO of many tech companies in Vietnam, including Sony Ericsson Vietnam, Yahoo Vietnam, and Microsoft Vietnam, Vice President of Cloud Services at the VNG Corporation Vu Minh Tri shared five common factors of companies that can be successful on a global scale: they can address global problems, scale quickly, grow with the ecosystem, go beyond innovation, and pick the best of all worlds.

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