Workshop addresses innovation economy

16:43 | 12/06/2015 Economy- Society

(VEN) - Vietnam has great potential to develop an innovation economy and the government should quickly adopt policies in this regard, a workshop on “The Best Ways to Build Vietnam’s Innovation Economy” was told, which focused on digital trade and cross-border data flows and was hosted by the American Chamber of Commerce (AmCham Vietnam) and the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi.

Workshop addresses  innovation economy

The workshop examined a broad range of issues that impact the growth and the development of the innovation economy, including highlighting how cross-border data flows benefit companies in all sizes and sectors as well as consumers; best practices for effective consumer protection and fraud prevention, and the keys to successful public-private partnership (PPP) to develop improved infrastructure and domestic digital development.

Participating companies addressed the importance of the Internet for all economic sectors and how Vietnamese companies are using the Internet to gain customers throughout the world. Discussion also focused on physical, financial and legal infrastructure needed to develop an effective digital economy, and the pragmatic ways to strike a balance between ensuring that consumers are protected when participating in the digital economy and creating rules that are flexible enough to allow for business to grow.

Both foreign and domestic companies want to see priority placed on smarter policy-making, including assessing current regulation on whether it discourages in innovation, or undermines the ability of firms and inpiduals to take risks or adapt to changing market circumstance.

Addressing the workshop, Alex Long, Country Lead for Public Policy and Government Affairs at Google, gave the interesting example of braised fish in Ha Nam Province, where the application of cross-border data flows helped businesses promote the dish to the world and raise revenues by 50 percent. “It showed that with a solid technological platform, Vietnam’s enterprises, especially small to medium-sized enterprises, can fully develop their business operations and enhance their profitability through the application of digital trade,” he said.

In addition, Nguyen Khoi, Product Director at the Topica Edtech Group, a successful business in the application of digital technology in education in Vietnam, told that the application of cross-border data flows will help businesses more easily access new markets without having to invest too much in infrastructure or human resources.

Despite its potential being beyond dispute, the digital economy remains a new concept and the government has not paid it much interest, according to Adam Sitkoff, Executive Director of AmCham. He believes that people around the world recognize the entrepreneurial spirit of Vietnamese people and their desire to succeed. “But if the government doesn’t ensure an ecosystem where they can flourish, Vietnam’s future prosperity is at risk,” he told the conference. Many of the companies represented here today believe that Vietnam’s policy makers need to update their understanding of how the innovation economy works and both foreign and domestic companies want to see priority placed on smarter policy making.

“Amcham strongly supports the government’s objective of promoting the development of the Internet and digital economy in Vietnam while ensuring data security and the protection of Vietnamese Internet users,” he added.

The workshop featured a range of speakers, including representatives from Google, MasterCard, UBER, Topica Edtech Group, IBM, etc, and officials from the Vietnamese and US governments. They offered many useful suggestions to the Vietnamese government on the development of digital trade and cross-border data flows. Conference told that application of digital trade and cross-border data flows will assist Vietnam’s small to medium-sized enterprises to bolster their business activities and post higher profits./.

By Nguyen Huong