5G expected to create economic value of $13 trillion by 2035

It has been forecast that 5G will create economic value of some $13 trillion and 22,000 new jobs by 2035 worldwide, a webinar held by VnEconomy / Vietnam Economic Times on August 25 heard.

Discussing the development of “Make in Vietnam” 5G devices and opportunities to promote 5G service commercialization, webinar participants said the latest technology will exert tremendous influence over many industries, from manufacturing to transportation, healthcare, agriculture, education and the development of smart cities.

According to Mr. Thieu Phuong Nam, General Director of Qualcomm Vietnam, Cambodia and Laos, 5G will have a significant and positive impact on socio-economic development, especially for countries looking to achieve digital transformation goals.

Vietnam will benefit a great deal from the application of 5G in those fields because the country is now a major manufacturing hub and in the midst of a strong transition, for example from traditional internal combustion to electric and smart cars, as well as drone applications and real-time data analyses in smart agriculture, he said.

“Digital transformation requires huge connections and 5G plays a crucial role in deploying these programs,” Mr. Nam said.

Under plans, Vietnam will commercialize the 5G network in 2023 partly with domestically-produced 5G equipment.

“Digital transformation and the development of the digital society and the digital economy requires us to master technologies and master the process of manufacturing devices,” said Deputy CEO of Viettel Networks Le Ba Tan. “In fact, IoT devices require very high security, so if we fail to control technologies and products, we may face large-scale insecurity.”