Press Release
Hanoi, 27 May 2025 – The Tech for Good Institute, in collaboration with the Hanoi Association for Communication and Public Relations and the Institute for Policy and Strategy, convened policymakers, industry leaders, and academic experts for a research dialogue on “Fit-for-Purpose Governance in the Innovation Age: Spotlight on Vietnam.” The session explored key trends, regulatory developments, and policy priorities shaping Vietnam’s rapidly expanding digital economy.
At the event, the Tech for Good Institute also launched the 2nd Edition of its report, The Evolution of Tech Governance in Southeast Asia-6. The report highlights major policy developments and governance approaches in 2024 across six countries: Indonesia, Malaysia, Singapore, the Philippines, Thailand, and Vietnam.
“In this age of innovation, it is essential to recognise not only the opportunities but also the immediate risks and emerging challenges that come with technological advancement. To fully harness the impact of technology, we must strike a careful balance between promoting the digital economy and protecting the digital society.
We extend our sincere appreciation to our partners, the Hanoi Association for Communication and Public Relations, and Dr Nguyen Minh Thao, for hosting and supporting this meaningful event. We are happy to create a platform where regional and national perspectives to tech governance trends can be shared.”
Citra Nasruddin
Programme Director of the Tech for Good Institute
Vietnam’s Digital Economy
Vietnam is making significant progress in its digital transformation, with its digital economy expanding at a rate of around 20% annually since 2022. This is considered as one of the fastest growth rates in Southeast Asia. As of 2024, the digital economy contributes 18.3% to the national gross domestic product. The country also aims to be one of the world’s top 30 digital economies by 2030, as identified as one of the goals of its National Digital Transformation Programme. Infrastructure development and upskilling has also become a key priority in the country.
TFGI Programme Manager Keith Detros provided a regional perspective on key developments across Southeast Asia. Emerging policy trends include advancements in AI governance, cybersecurity, data protection, and the promotion of trust and safety, with various government approaches being highlighted across the region. To localise the discussion, Dr Thao from the Institute of Policy and Strategy outlined key developments in Vietnam, with particular emphasis on Resolution No. 57, which aims to drive breakthroughs in science, technology, innovation, and digital transformation.
Fit-for-Purpose Governance in 2025 and Beyond
Key experts shared their perspectives on what fit-for-purpose governance may look like in 2025. Panellists included Mr. Nguyen Huu Tuan, Director of the Centre for Development of E-Commerce and Digital Economy at the Ministry of Industry and Trade; Prof. Dr Sci. Ho Tu Bao, Scientific Director of the International Research Centre for Artificial Intelligence; Mr. Nguyen Thanh Hung, Advisor to the Vietnam E-Commerce Association (VECOM); Mr. Nguyen Quang Dong, Director of the Institute for Policy Research and Communication Development (IPS); Mr. Nguyen Vo Hung, Deputy Director of the Innovation Promotion Centre at the Ministry of Science and Technology; and Dr. Nguyen Quoc Viet from the University of Economics and Business, Vietnam National University.
Experts highlighted the growing importance of e-commerce in Vietnam. E-commerce retail sales reached US$25 billion in 2024, placing Vietnam among the top 10 fastest-growing e-commerce markets globally. A draft E-commerce Law, expected to be submitted to the National Assembly in 2025, aims to establish a modern and streamlined legal framework to govern all e-commerce activities nationwide, including online marketplaces and digital platforms.
Experts emphasised the need to ensure that new regulations do not hinder the continued growth of e-commerce, which remains a key driver of Vietnam’s digital economy. The co-creation of policies with diverse stakeholders, including platforms, businesses, MSMEs, and consumers, was welcomed as an essential approach. There was also a strong call for a light-touch regulatory framework to support ongoing innovation and the expansion of the digital economy. Finally, while international models such as digital laws in the European Union (EU) offer useful reference points, careful consideration of Vietnam’s local context is crucial in shaping effective and relevant policies.
To be able to help balance innovation and regulation, policy innovation initiatives should be considered. Policy sandboxing was highlighted as a valuable tool for testing and refining regulations in a rapidly evolving digital environment. This is particularly relevant, especially with the release of Government Decree No. 94/2025/ND-CP on banking sector sandbox mechanisms, taking effect from July 1, 2025.
Finally, the development of a code of conduct was highlighted as a practical measure to encourage responsible behaviour in emerging digital sectors. Experts noted that laws and regulations do not need to be perfect from the outset, nor should they be overly strict in ways that may hinder innovation. In areas where legal frameworks are still taking shape, industry associations and professional bodies can play a valuable role by working collaboratively with the government to develop voluntary standards and best practices. Such efforts can offer timely guidance to businesses and help foster a culture of collaboration, particularly in fast-evolving areas such as e-commerce and the platform economy.
About the Tech for Good Institute
Tech for Good Institute (TFGI) is a non-profit organisation founded in 2021 to encourage conversations and dialogue on how the promise of technology and the digital economy may be leveraged to enable sustainable, equitable and inclusive growth for Southeast Asia.
For media inquiries, please contact:
- Keith Detros
Programme Lead, TFGI
[email protected]
