At the conference, Deputy Minister of Information and Communications Nguyen Thanh Hung stated that more than 60 percent of the Vietnamese population (ranking the 15th in the world) are using the Internet, making the nation a lucrative market of cyber services to various international technological businesses.
“It is the logical legal frame for cyber services that Vietnam is lacking. The fight between taxi companies Vinasun and Grab is one typical example of that. This fight not only displays a conflict between traditional and modern borderless taxi companies but also demonstrates a fierce battle between the conventional and more modern technological business models”, said Mr. Hung.
Representatives of the Working Group to Foster the Vietnamese Digital Ecosystem under the Ministry of Information and Communications advised that the domestic digital ecosystem should be developed by a Vietnamese business to serve domestic demands under advantageous conditions and mechanisms offered by the government. It is hoped that products created by this system will meet the practical requirements of the Vietnamese, and thus be whole-heartedly welcomed nationwide.
According to Mr. Vu Minh Tri, Deputy Director of VNG responsible for cloud services cum General Director of VinaData, new business models should be suitable with the demands of customers in order to take full advantage of any possible opportunity while smoothly overcoming challenges brought by Industry 4.0.
He also said that Internet of Things (IoT), Big Data, and Machine Learning are prominent technologies that are able to shape the future thanks to their limitless application potential.
In 2020, there will probably be around 50 billion IoT devices worldwide, meaning each person should own up to 6 different IoT gadgets. This will lead to a swift appearance of various new business models globally, including in Vietnam, forcing current companies to renovate themselves.
This situation will also urge the Vietnamese government to adjust management styles and update legal frames in order to keep up with the trends and create suitable motivation for Vietnamese digital businesses to develop, said Mr. Tri.