Vietnam set to shift from outsourcing to producing ICT products and services

Deputy Minister Tuan made the statement during a teleconference held in the central city of Da Nang on September 30, adding that the country will strive to promote the establishment of joint ventures.

This is in addition to attempting to encourage more foreign groups to inject money into the nation, especially those that operate within the digital economy in fields such as the internet of thing (IoT) smart devices, artificial intelligence (AI), big data, cloud computing, and e-commerce.

The event provided an ideal venue for Japanese businesses to seek investment opportunities in Da Nang, whilst simultaneously providing a platform to introduce the central city’s information technology infrastructure in a bid to further attract Japanese investors.

This comes following the country recently launching a national digital transformation scheme with the aim of becoming a digital nation by 2030, covering areas such as health, education, finance, agriculture, logistics, and transportation, whilst also creating a large space in the local market in which technological firms can do business.

At present, Japan ranks second in terms of pouring FDI capital into the nation with a total registered capital reaching more than US$60 billion, of which more than 700 projects operate in the information technology sector.

Japan is one of the key markets that the central city is seeking investment from due to its capacity and experience in the information technology industry. As of September, Japan takes the lead in FDI inflows into the city, with 214 projects captialised at more than US$816 million, with the main focus on industrial production and services.

The event, jointly held by the Da Nang People's Committee, the Ministry of Information and Communications, in addition to the Japan External Trade  Organization (JETRO), drew the participation of 200 Japanese investors through the online platform.