Vietnam, Laos, and Cambodia discuss digital economy cooperation

Vietnam, Laos, and Cambodia discuss digital economy cooperation

Over 100 experts, managers, and diplomats from Vietnam, Laos, and Cambodia attended an international conference on trade and investment cooperation in the digital economy in Ho Chi Minh City on September 20.

Vietnam, Laos, and Cambodia are discussing ways to cooperate in the digital economy to boost trade and investment, and promote joint works in the digital age. The three countries have the potential to expand trade and investment cooperation in the digital economy, but recent results have not yet met their full potential. The experts at the conference suggested that the sides establish and improve institutional and legal environments, and invest in the digital transformation infrastructure and national digital economy.

The conference was co-organized by the Vietnam Academy of Social Sciences (VASS), Lao Academy of Social and Economic Sciences (LASES), and Royal Academy of Cambodia (RAC).

VASS President Phan Chi Hieu said that promoting the digital economy is a key task to accelerate economic restructuring, innovation, and growth quality, helping Vietnam, Laos, and Cambodia escape the middle-income trap and become developed industrialized countries.

LASES President Sonethanou Thammavong said that the conference is timely as the three countries are building their digital-transformation-oriented socio-economic infrastructure. Laos is at a basic and initial stage of digital transformation and hopes to learn from Vietnam and Cambodia.

RAC President Sok Touch said that Vietnam is ahead of Cambodia and Laos in digital transformation, especially in tourism, commerce, and investment. He emphasized the importance of cooperation among the three countries in the digital economy sector.

The conference focused on clarifying key topics such as digital economic development trends, their application in boosting trade and investment, digital-transformation-induced opportunities and challenges for the growth of the trilateral ties, and ways to promote joint works in the digital age.

Participating experts said that the potential for trade and investment cooperation between Vietnam, Laos, and Cambodia is substantial and that recent results achieved have yet to be on par with the potential and advantages of each country.

They suggested that the sides establish and improve institutional and legal environments meeting requirements of the international integration era in the context of the digital economy. They also suggested that the nations invest in the digital transformation infrastructure and national digital economy.