World's leading experts and advice to help Vietnam successfully transform digitally

Sir, what is the meaning and benefits of digital transformation for the economy ?

- Digital transformation is the focus of economic development in Vietnam and other countries in the world. Digital transformation takes place in all areas such as banking, retail, finance, industrial companies, and even the Government needs to transform. Because these organizations are facing challenging issues in the era of change, innovation and technology. Not only companies but also the Government needs digital transformation.

How do you evaluate the digital transformation in Vietnam? What advantages does Vietnam have in the digital transformation process?

- I see a lot of potential. I witnessed digital transformation in private companies that I had the opportunity to work for when I came to Vietnam. They changed their organizational models, constantly looking for new solutions to launch new products, services and innovate themselves. I also saw that Vietnam has many startups looking for new business models, solutions and new values ​​for society. Digital transformation in Vietnam also has the support of the Government. I had the opportunity to work with the Deputy Prime Minister and a number of ministers in Vietnam on digital transformation. I am very happy that they are really interested in the issue of digital transformation.

According to you, besides the advantages, what are the difficulties that Vietnam is facing when transforming digitally?

- Digital transformation is a difficult problem for everyone. Digital transformation in Vietnam also faces similar challenges as other countries in the world.

A common thing that I often see in long-standing companies in Vietnam or in the US is the top-down management model. The senior leader is the one who makes the decisions and the subordinates obey. This mindset needs to change. Digital transformation cannot be successful if it only comes from top-down orders.

Employees need to answer the questions: What is the problem? Why does it matter? Then they connect the dots and come up with solutions to change. Decisions are made at the bottom of the organization and implemented in small groups. Then, big initiatives are gradually applied to the whole company. This is the way we should do it for companies, big and small, and government.

Do you have any advice for Vietnam in its national digital transformation, sir?

- The digital transformation roadmap consists of 5 steps. It is necessary to answer questions such as: How to innovate business, how to compete, how to add value to customers?

The first step is for businesses to identify a common vision, as this is a prerequisite for change. Where is your company and what role does it play in the economy?

Step two, set priorities in the issues to implement digital transformation.

Step 3: Test your new experiments. Many businesses create plans that are too cumbersome and take too long to approve. Others focus too much on ideas that are too expensive. This is why many businesses fail.

Digital transformation cannot be successful if it only comes from top-down orders. The lowest levels of the business need to be motivated to create initiatives and creativity. Transforming the way management is also the fourth step in the digital transformation process. Accordingly, businesses need to empower employees by establishing small organizations and structures. They should also have the right to decide things within their expertise. Build autonomy and self-responsibility for employees.

Step 5, develop business capabilities, which includes 3 factors: technology, talent and culture.

On the Government's side, it is necessary to create an environment for new companies to invest, change, and digitally transform.