Vietnamese businesses adapt to 4th industrial revolution

(VOVWORLD) - Developing countries in ASEAN, including Vietnam, will have opportunities for rapid, sustainable development if they prepare for renovation. The 4th industrial revolution will bring both advantages and challenges. Vietnam is striving to improve its competitiveness and join global supply chain.
Vietnamese businesses adapt to 4th industrial revolution - ảnh 1 Deputy Foreign Minister Bui Thanh Son addresses the conference.

Economists attending a recent conference entitled “ASEAN 4.0: promoting entrepreneurship and the 4th industrial revolution”, agreed that breakthrough technology has gradually dominated old management and business modes.

With a population of 630 million people, of which 290 million are regular internet users, ASEAN has the conditions and potential market for innovation and investment in a new business mode. The digital era and super smart connection technology has created opportunities for anyone to start a business and get involved in the global supply chain.

Opportunities and challenges

The 4th industrial revolution has created many challenges for ASEAN and Vietnam. The biggest challenge is in sectors that employ many workers. Automation has replaced a great many workers and led to adjustments in production and business models.

Deputy Foreign Minister Bui Thanh Son said:  “The 4th revolution is one of three big trends, which will have a strong impact on Vietnam’s economy. We are experiencing changes from the 4th revolution: shared economies, digital trade, start-ups and innovation, and smart products. Automation and artificial intelligence have taken away Vietnam’s advantages of cheap labor.”

Technology is evolving rapidly and if businesses are slow to react, they won’t grow.

Technological innovation and application

Vice Chairman of TH True Milk Group, Ngo Minh Hai, says modern technology is the key to the company’s success. “Since the beginning, TH True Milk has adopted technology suitable to conditions in Vietnam from reliable partners. The group’s overseas investment is about 2.7 billion USD. We will continue to expand our footholds in Cambodia, the Philippines, China, and Myanmar.”

Vietnamese businesses adapt to 4th industrial revolution - ảnh 2Advanced technology application is a key to the success of TH True Milk Group.

Huynh Van Thon, President and Director General of the Loc Troi Group, stressed the importance of seizing opportunities:  “We have to compete for opportunities. With careful screening and selection, we can grasp good opportunities. In the field of agriculture chemicals, there are always new products. If we know how to select and use them, we will have good cheap products.”

Vietnam connects the northeast and southeast of Asia. The 4th revolution will have a deep impact on Vietnamese production and business.

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