Tuesday, 21 May 2019
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ECONOMY

Vietnam needs sandbox to evaluate new economic models: Experts

Updated at Friday, 03 May 2019, 14:24
The Hanoitimes - A sandbox would create an environment for new business models to prove its efficiency and contribution for socio-economic development.
Vietnam would require a sandbox approach to evaluate and review comprehensively the impact of new economic practices on the market, said experts at Vietnam Private Economic Forum on May 2. 
 
Overview of the conference.
Overview of the conference.
The suggestion was made in response to the question of dealing with newly emerged economic models, as experts referred to a closed testing environment designed to experiment new things, so that policy makers could monitor and draft up suitable policies. 

Nguyen Thien Nghia, deputy head of the IT Department under the Ministry of Information and Communication, said the government has been actively revising policies to reflect a fast-changing market, especially with the presence of sharing economic models such as ride-hailing firms Uber or Grab. 

Nghia pointed to sandbox as a solution for Vietnam to pilot new models and solutions in a bid to minimize its potential adverse impacts. 

According to Nghia, a new business model equipped with high technologies would enhance competitiveness in the economy. 

Meanwhile, director of the Central Institute of Economic Management (CIEM) Nguyen Dinh Cung said the society should have a more open and new mindset towards new models and technologies, while insisting there would be no creativity by following procedures. 
 
Jerry Lim, CEO of Grab Vietnam.
Jerry Lim, CEO of Grab Vietnam.
At the conference, CEO of Grab Vietnam Jerry Lim said a sandbox would create an environment for new business models to proves its efficiency and contribution for socio-economic development.

Additionally, there should be a transparent and smooth communication channel between enterprises and government agencies to speed up the testing process and its subsequent policy drafting, he added. 

Lim referred to the transformation of Grab from a local Malaysian company with 10 employees to a unicorn in Southeast Asia after seven years. 

With a combination of advanced technologies and sharing economic model, Grab has created jobs for millions of people, as well as its small and micro-sized partners in the region, Lim added. 

Nevertheless, due to its new business model and the lack of legal frameworks, Grab has faced difficulties in operating in Vietnam . 

New technologies come with big changes and there are always existing parties that resist such changes. However, eventually they would have to apply technologies to enhance their competitiveness and efficiency, or risk losing customers and market shares, Lim stated. 
Ngoc Thuy
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