New management thinking for new business models

The improvement of the institutional framework to promote innovation while managing the risks posed by technology requires a shift in mindset and management approaches. An analog mindset should not be applied in the digital era.

According to Mr. Nguyễn Quang Đồng, Director of the Institute for Policy and Media Development (IPS), it is necessary to promote the application of regulatory sandboxes and self-regulatory mechanisms based on widely recognized community/industry standards for new business models and the application of new technologies in daily life in Vietnam.

In the short term, Vietnam can experiment with data sharing between the public and private sectors to allow businesses to effectively leverage and maximize the economic value of data. Meanwhile, government regulatory agencies should consider promoting the use of industry standards before deciding to issue new legal regulations.

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On March 28, 2024, Mr. Nguyễn Quang Đồng participated in and spoke at the seminar "Developing the Digital Economy and Improving the Technology Institutional Framework: International Experience and Policy Suggestions for Vietnam," organized by the Central Institute for Economic Management (CIEM) and the Technology for Community Research Institute (TFGI) in Singapore.

(This translation was provided by an automated AI translation tool).