The rate of Vietnamese enterprises applying digitalization is higher than in many other countries

DNHN - Specifically, 68% of Vietnamese enterprises that participated in the survey reported having implemented the digitization of user experience, whereas the average rate in other nations was only 64%.

According to a survey conducted by DBS Financial Services Group on digital transformation, a greater proportion of Vietnamese businesses have adopted an approach strategy to digitize customer experience and engagement. global average.

Specifically, 68% of Vietnamese enterprises that participated in the survey reported having implemented the digitization of user experience, whereas the average rate in other nations was only 64%.

The DBS surveyed 1,225 individuals between June and August of 2022. The majority of respondents (60%) are from companies with annual revenues of at least $1 billion. This survey was conducted in Vietnam with the leaders of 75 companies with annual revenues ranging from $250 million to $20 billion.

Vietnam ranks first among the eight markets examined by DBS, which include Singapore, Vietnam, Australia, Hong Kong (China), India, Indonesia, Mainland China, Taiwan (China), the United Kingdom, and the United States. Singapore is second only to Japan in terms of digitalization.

The majority of Vietnamese businesses (63%) are satisfied that digital transformation has contributed to their overall profitability. Improved customer insight (61%) and market competitiveness (57%) follow.

More than half of Vietnamese businesses (56%) reported employing digital technology for the most effective customer service and interaction.

Mr. Joo Young Park, Head of the Banking Services Division at DBS Vietnam, stated, "Our research indicates that Vietnam aspires to become a developed, high-income nation by 2045, with digitization serving as the primary driver of economic growth. We believe that this Vietnamese ambition will advance the strategic objectives of forward-thinking Vietnamese businesses. Initiating digital transformation will also provide these businesses with the flexibility to adopt new business and operating models and enable them to adapt to fluctuating market demands.

However, the talent gap (42%) and data privacy concerns (35% of respondents) continue to impede the digital transformation of Vietnamese businesses.

Lack of coordination between the commercial and accounting departments, according to six out of ten businesses, has made digital transformation "more difficult than necessary." In addition, they stated that accessing data is a constant challenge for businesses as they collaborate toward digital transformation.

In addition, we should not be overly optimistic about the aforementioned numbers, as DBS only evaluates Vietnamese businesses based on the factor of digitization and not digital transformation.

According to a survey conducted by the Enterprise Development Department (Ministry of Planning and Investment), only 2.2% of Vietnamese businesses have completed digital transformation at this time. Many businesses face "bottlenecks" or "sinkholes" that impede their digital transformation.

Digitization is not the entirety of digital transformation. There are two components to digitization: information digitization and process digitization. The digitization of information is the transformation of data from their conventional physical form to their digital form. Process digitization refers to the use of technology to automate certain business processes.

Digital transformation, completely alters how businesses operate and conduct business by applying technology to all operational processes and employing qualified and knowledgeable individuals to run the business. turmeric.

78% of Vietnamese businesses, according to a DBS survey, believe that cloud computing and advanced analytics (65%) are the most crucial technologies for digital transformation. The first source of data to be digitized is financial and investment documentation.

43% of Vietnamese businesses believe that cooperation with banking and financial institutions will allow them to develop relationships with external partners and implement digital transformation strategies.

In conclusion, 41% of businesses cite data difficulty as the most common obstacle when company teams collaborate. This is another barrier to digital transformation for businesses.

Thu Hang (t/h)