Expert “tips” for Vietnamese businesses to cope with post-pandemic challenges
The digital transformation push from the pandemic
During the Covid-19 period, Vietnam is considered one of the countries with the highest digital adoption rate in Southeast Asia. However, according to a Digital Technology Expert from McKinsey & Company, there are still many services in Vietnam that have not been digitized, which means that the market still has a lot of room for growth.
This is part of the content of the Leaders Talk with the theme “Innovative enterprises, taking advantage of post-pandemic challenges” organized by the British University Vietnam (BUV) and the British Business Association in Vietnam. (BritCham Vietnam) co-hosted. The event aims to discuss operational and technological issues of businesses with the goal of sustainable development in the post-pandemic context.
Marieke van der Pijl – Practice Manager, ACSV Legal, shared that the Covid-19 pandemic occurred in two years 2020-2021, especially the 4th wave of epidemics in Vietnam. Nam has influenced and changed the business activities of enterprises, including ACSV Legal.
Marieke said that the company had to step up the handling of administrative procedures and store documents of the company through online cloud services. This contributes to facilitating the company’s operation and working process even when working remotely, especially when not all legal work can be completed during office hours.
To be ready for 2022 and the following years, focusing on training and improving the quality of human resources is also one of the fundamental solutions. The company also intends to deploy software to support some administrative tasks, facilitating employees to focus on professional work as legal advice.
According to Mr. Gareth Davies, Digital Expert, McKinsey & Company strategy and management consulting firm, the Covid-19 pandemic has accelerated the digitization process in Vietnam. than.
“During the Covid-19 period, Vietnam is considered to be the country with the highest digital adoption rate in Southeast Asia,” he said.
Great potential waiting to be discovered in Vietnam
Specifically, if you compare Vietnam with some other countries in the region, such as Singapore, Thailand, Indonesia…, Vietnam is showing strong growth in digital banking and Fintech. .
Vietnam’s active digital banking users have grown from 41% in 2017 to 82% in 2021, and this number is expected to continue to grow as the country’s digital ecosystem matures. “, Mr. Gareth Davies shared.
“Currently, in Vietnam, there are still many services that have not been digitized, which means that the market still has a lot of room for growth. Accordingly, a number of businesses operate in the field of social media and networking. E-commerce in Vietnam is developing very rapidly, both in terms of market penetration as well as technology and digitization,” said Gareth Davies.
On the basis of McKinsey & Company’s report on “Technology Trends”, the expert also made a forecast about 10 technology fields with potential for development in the world, including Asia in general and Vietnam. . The first is the application of IoT in industrial production to optimize business processes.
10 technology areas that will have potential for growth in Asia in general as well as in Vietnam.
The second is 5G connectivity, which is predicted to cover about 80% of the world’s population by 2030.
The third is the development of distributed infrastructure, specifically by 2025, more than 75% of the data generated by enterprises worldwide can be processed by cloud computing or edge computing. Therefore, some multinational companies are tending to invest in data centers in Vietnam.
“This shows how excited businesses are about Vietnam as a country about technology and digitalisation,” said Gareth Davies.
In addition, a number of other fields were also mentioned such as quantum computing, software 2.0, application of AI to speech and language recognition, blockchain, biotechnology, etc.
Also during the seminar, in response to the question of digital transformation solutions for small and medium-sized enterprises in Vietnam, the expert from McKinsey & Company said that for each type of small and medium-sized business, there will be a solution. The number conversion varies depending on the sector.
“So there is no universal solution, each type of business needs a different way of handling it, for example there is a wide range of sales management platforms, accounting software and POS for medium and small businesses. small,” said Mr. Gareth Davies.
According to him, this also increases business opportunities for the units that provide and advise on the digital transformation roadmap at an appropriate cost.
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