The Vietnam Academy of Sciences (VASS), in collaboration with the Royal Academy of Cambodia (RAC), the Lao National Academy of Economic and Social Sciences (LASES), and the Vietnam National Academy of Sciences (VASS), organized an international conference on trade and investment cooperation among Cambodia, Laos, and Vietnam within the framework of the digital economy on September 20.

Attending the Conference were: Dr. Phan Chi Hieu - President of Vietnam Academy of Social Sciences; Dr. Sonethanou Thammavong - Member of the Central Committee of the Lao People's Revolutionary Party, President of the Lao National Institute of Economic and Social Sciences; Academician Sok Touch - President of the Royal Academy of Cambodia; Associate Professor, PhD. Duong Anh Duc - Vice Chairman of Ho Chi Minh City People's Committee; Associate Professor, PhD. Nguyen Duc Minh - Vice President of Vietnam Academy of Social Sciences; Representatives of the Ministry of Public Security, the Ministry of Foreign Affairs, the Department of International Cooperation of the Government Office, and representatives of leaders of departments and branches of Ho Chi Minh City; scientists, experts from Vietnam, Laos, Cambodia, representatives of central news agencies and Ho Chi Minh City.

During his speech at the conference, Phan Chi Hieu, president of the Vietnam Academy of Social Sciences, said that many countries see fostering digital economies as a critical task for economic restructuring, innovation in growth models, and improvement in growth quality. This, in turn, will help countries break out of the middle-income trap and work towards industry development. For all three countries—Vietnam, Laos, and Cambodia—the aforementioned trend presents both possibilities and problems as they work to build and increase investment and economic relations.

The workshop aimed to shed light on three main points: first, the current state of digital economic development and practical experiences in utilizing digital technology to enhance trade and investment in Vietnam, Laos, and Cambodia; second, the advantages and disadvantages of digital transformation in terms of fostering trade and investment cooperation among the three nations; and third, ways to facilitate digital economic cooperation among Vietnam, Laos, and Cambodia.

According to Ms. Pham Bich Ngoc, Head of VASS's International Economics Department, since Vietnam's 2007 WTO membership, trade connections with nations like Cambodia and Laos have consistently grown.

Vietnam now ranks third among Laos' partners, after only Thailand and China. It is also Cambodia's third-largest commercial partner, behind only China and the US. But commerce between the three nations has been shaky at best and more often than not has declined, particularly after the COVID-19 pandemic hit. In addition, the current system of goods import and export cannot continue indefinitely. Vietnam, Cambodia, and Laos are part of the Development Triangle, which means that Thai and Chinese imports compete fiercely with the items exported by the three nations.

According to experts, the three nations will need to construct and refine their legal and institutional frameworks to fulfill the demands of global digital economic integration if they want to foster digital economic growth in the near future. Prioritize funding the development of the national digital economy and the construction of software and hardware infrastructure to facilitate digital transformation. Countries can also foster an environment that is conducive to new businesses by providing funding, resources, and encouragement for entrepreneurs to develop and implement innovative ideas and better manufacturing technologies. Meanwhile, help firms become more competitive by ensuring that their teams get the information they need to adapt to the demands of the digital economy and the fourth industrial revolution.

The government must prioritize the development of digital infrastructure if companies are to fully embrace the opportunities and trends of the digital age.

Researchers from all three nations have come to the same conclusion: Vietnam, Laos, and Cambodia have enormous untapped potential for economic cooperation; but, the current state of affairs does not reflect this promise. Cambodia, Vietnam, and Laos must prepare their institutional and legal frameworks to accommodate the demands of the era of global digital economic integration; prioritize spending on digital transformation infrastructure (both physical and virtual) and the development of their national digital economy if they want to see digital economic development in the future.