Testing Sandbox to develop sharing economy

VIR will host a workshop on the sandbox approach to the development of the sharing economy

Over the past years in Vietnam, the sharing economy has been gathering speed and developing significantly, especially with the presence of foreign ride-hailing tech firms like Uber, Grab, and numerous local startups like Ahamove, Jupviec, or Dobody, which proved the benefits of the new business models.

In general, the sharing economy will contribute to promoting the application of advanced technology, industrialisation, and modernisation, as well as help Vietnam catch up with the Fourth Industrial Revolution.

In order to realise these targets, Decision No.999/QD-TTg of the prime minister approving the scheme to develop the sharing economy aims to ensure an equal business environment for businesses operating in both sharing and traditional economic models; the legitimate rights, responsibilities, and benefits of those participating in the sharing economy model, including service providers, users, and platform providers.

In addition, the scheme will encourage innovation, the adoption of digital technology, and the development of the digital economy. Businesses will be supported to adapt to the new development trends of the sharing economic model amidst the rapid development of digital technology.

The sharing economy is expected to create many opportunities for development based on IT achievements and maximising profit from available platforms.

However, economists say that the sharing economy of Vietnam is only in baby shoes and is faces a lot of challenges, especially the lack of a clear-cut legal framework for the new business models.

The Workshop on “Deploying sandbox to strengthen foundations of sharing economy” held by VIR will share the views of legislators and industry-leading experts on the sandbox approach.

At the workshop, economists and experts will provide analysis on the need to create a sandbox mechanism in Vietnam, and make suggestions for the most appropriate implementation method based on the experiences of other countries across the globe, while businesses will comment on real-life implementation and make recommendations.

These will be useful information for authorities to review the sharing economy and understand businesses' operations clearly to formulate and amend regulations in line with current realities.