Vietnamese companies need to embrace digital strategy

Vietnamese companies need to embrace digital strategy

As Vietnam continues to advance technologically, companies are increasingly recognising the need to implement effective digital strategies to remain competitive in the market.

Digital strategy drives transformation

Recent research by RMIT University has revealed that several small and medium-sized enterprises are lacking a well-defined digital strategy while it brings numerous advantages to their business.

Dr Burkhard Schrage, Senior Program Manager, MBA and Management programs, The Business School (formerly School of Business & Management), RMIT Vietnam said: “One of the key benefits of a digital strategy for Vietnamese companies is the ability to reach a wider audience. With the proliferation of the internet and mobile technology, more and more people in Vietnam are accessing the internet on a regular basis.”

According to Dr Schrage, this presents an opportunity for companies to connect with these consumers and engage with them in new and innovative ways.

Dr Manjit Sandhu, Senior Management Lecturer, The Business School added: “A digital strategy can help a company increase its online presence through the use of social media and other digital platforms.”

news-1-vietnamese-companies-need-to-embrace-digital-strategy Dr Manjit Sandhu (pictured left) and Dr Burkhard Schrage (pictured right).

This is particularly effective in Vietnam due to the high rate of social media use, and many people use platforms such as Facebook and Instagram to connect with friends, family, and brands. By creating engaging and relevant content, businesses can build a strong online community and foster positive relationships with their customers.

Dr Schrage explained that a digital strategy contributes to data generation and analysis. With the right tools and systems in place, enterprises can generate valuable information about their customers, including their preferences, behaviours, and purchasing habits.

This data can then be used to improve the company's products and services, as well as to target marketing efforts more effectively. 

In addition, a digital strategy can help companies streamline their operations and reduce costs. By moving certain processes and functions online, companies can save time and money that would otherwise be spent on manual tasks and paperwork. For example, a company could use a digital platform to manage its supply chain.

news-2-vietnamese-companies-need-to-embrace-digital-strategy A well-defined digital strategy could help businesses win customers.

Obstacles unveiled

According to Dr Sandhu, one of the challenges that Vietnamese companies face in implementing a digital strategy is the lack of expertise and knowledge in this area. Many businesses in Vietnam are still relatively small and may not have the resources or expertise to develop and implement an effective digital strategy on their own.

Dr Schrage also mentioned that there may be a lack of understanding about the potential benefits of a digital strategy, as well as concerns about the cost and effort involved in implementing one.

Seeking digital solutions

Dr Sandhu suggested: “To overcome these challenges, companies in Vietnam can seek out external support and expertise. For instance, they could work with digital consulting firms that can provide advice and guidance on how to develop and implement a digital strategy.”

In addition, there are several organisations and initiatives that provide training and support to help businesses develop their digital capabilities, such as the Vietnam E-commerce Association (vecom.vn) and the Vietnam E-commerce and Digital Economy Agency (idea.gov.vn).

“Legacy” companies - traditional brick-and-mortar organisations - need to rethink with urgency how to use technology to support future growth. The Gioi Di Dong (Mobile World), a consumer electronics retailer, is an insightful example of how a purposeful and well-executed digital strategy can pay off: its ecommerce activity holds the number two position in the country, only surpassed by a “born digital” online retailer Shopee, according to a statistic by iPrice Group. 

news-3-english-companies-need-to-embrace-digital-strategy The Gioi Di Dong (Mobile World) has emerged as one of the most popular e-commerce sites in recent years.

RMIT Vietnam commits to educating future executives and leaders

Through a contemporary curriculum linked to real world business experience, RMIT Vietnam’s Management program sets graduates on the path to becoming top business leaders capable of utilising digitalisation, dealing with complex issues, leading teams, and making business decisions across a variety of organisational structures in any industry.

“With a focus on innovation and digital strategy from a world-class education, we aim to enhance students’ digital competency and digital mindset to drive effective change in VUCA (volatile, uncertain, complex, and ambiguous) environments and transform their career”, Associate Professor Nguyen Quang Trung, Head of Department, The Business School shared.

Overall, the adoption of digital strategies is becoming an important part of the business landscape in Vietnam. The country continues to develop and advance technologically, and also has strong support from the government through the decision No. 411/QD-TTg “National strategy for the digital economy and society”. 

Companies that can successfully implement digital strategies will be well positioned to compete and thrive in the market, both domestically and globally.  

21 December 2022

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