Businesses understand that digitalization is a must in the digital technology era. However, for many reasons, the modernization of financial information remains unsuccessful in the country.

“After 30 years of doing outsourcing, Vietnam now has basic conditions to shift to R&D and create technology products,” said PM Nguyen Xuan Phuc at Make in Vietnam, a national technology firm development forum held in Hanoi some days ago.

Citing information that the productivity of a Singaporean worker is 14 times higher than one Vietnamese, Hoang Nam Tien, president of FPT Software, explained why Vietnam is still poor.

“FPT cannot manufacture cars, which requires precision mechanics, but it can turn cars into self-propelled vehicles,” FPT Software chair Hoang Nam Tien has said.

FPT Software on April 11 announced its cooperation with Yamaha to test self-driving electric automobiles in Ecopark Urban Area in northern Vietnam.

 VNG, the Vietnamese technology firm specializing in digital content, online entertainment, social working and e-commerce, now has a valuation of $2.77 billion.

The high growth rate of software outsourcing and the lack of a labor force in the industry have triggered a vigorous human resources competition among software firms.

Vietnamese bankers have all announced that they will digitalize banking transactions, but only a few banks have kicked off the process.

VietNamNet Bridge - To maintain high growth after the domestic market becomes saturated, large corporations are eyeing foreign markets. 

VietNamNet Bridge - In late August, Vingroup announced a plan to develop into a technology conglomerate, officially setting foot in the software industry.

Japan is known as a difficult-to-be-please market, but Vietnam’s IT firms meet Japanese standards thanks to their qualified engineers.

VietNamNet Bridge - The battle among IT firms to scramble for engineers has become so fierce that analysts warn it may cause chaos in the IT labor market.

VietNamNet Bridge - A manpower shortage is affecting the development of the IT (information technology) industry. 

Banks cut short-term interest amid good liquidity, TPBank earns US$97mn by issuing private shares, DATC targets highest debt settlement since 2015, FPT, Điện Quang to develop smart electrical equipment     

VietNamNet Bridge - Not only companies or large corporations will use AI, but small shops, households, supermarkets and buildings will also become clients of the technology.

VietNamNet Bridge - Le Hong Viet, technology director of FPT, the Vietnamese largest information technology frim, said AI (artificial intelligence) has had extremely big impact on the economy and society. 

VietNamNet Bridge - Vietnam’s software industry has high capability, great development potential, and a bright future, experts say. 

Nguyen Duc Linh, who has an engineer’s degree in computer science and embedded systems, and his teammates have designed software for self-propelled cars. 

Vietnam, with a high-quality labor force which can satisfy requirements of the digital revolution, deserves to be a partner for foreign companies to team up to develop smart factories.

Vietnamese can buy bitcoin and other virtual currencies on some trading floors, but as Vietnam doesn’t recognize bitcoin as an official currency, Vietnamese are facing risks when conducting transactions.