Photo: Viet Tuan
"Industrial Revolution 4.0 - Gain & Lose" forum on April 7 hears views on what the fourth industrial revolution may hold for the economy and society.
A CEO Forum entitled “Industrial Revolution 4.0 - Gain & Lose” was hosted by Vietnam Economic Times on April 7 at the JW Marriot Hotel Hanoi to raise knowledge about the fourth industrial revolution among Vietnamese enterprises.
First came steam and the first machines, which mechanized the manual tasks of our ancestors. Then came electricity, the assembly line, and the birth of mass production. The third industrial revolution came with the advent of computers and the beginnings of automation, when robots and machines began to replace human labor on assembly lines.
And now we enter into the fourth industrial revolution, or Industry 4.0, in which computers and automation come together in an entirely new way, with robotics connected remotely to computer systems equipped with algorithms that can learn and control robotics with very little input from human hands.
This revolution introduces what has been called the “smart factory”, in which cyber-physical systems monitor the physical processes of the factory and make decentralized decisions. The physical systems become the “Internet of Things”, communicating and cooperating both with each other and with humans in real time via the web.
“Eight-five per cent of the work at the Big 4 auditing firms right now is being done by computers,” CEO of the FPT Group, Mr. Truong Gia Binh, told the forum, adding that intellectual workers will be affected first when Industry 4.0 kicks in.
According to the CEO of the Garment 10 Company, Ms. Nguyen Thi Thanh Huyen, Industry 4.0 will definitely cut the number of workers needed in labor-intensive industries such as textiles and garments.
Mr. Dang Viet Dung, CEO of Uber Vietnam, believes the substance of the fourth industrial revolution is the convergence of econophysics, digital economics, and biologics, based on the foundation of artificial intelligence. This will certain alter the industrial sector in the future, he added.
On the other hand, “the application of modern technology will slowly creep up on each household, with even the smallest houseware to be connected to the internet, making life more convenient,” Mr. Nguyen Hung, CEO of TP Bank, told the forum.
A survey conducted by the Hanoi Small and Medium Enterprises Association revealed that out of its 2,000 members, 85 per cent were very interested in the fourth industrial revolution but some 79 per cent had done absolutely nothing to prepare. About 76 per cent said they did not understand Industry 4.0 and 55 per cent said they were still looking into it.
Experts and specialists believe that for Vietnam to enter into Industry 4.0, there must be support in mechanisms and policies. Education, however, will have to be innovated. “Even though Vietnamese workers are skilled, they are somewhat lacking in critical thinking,” CEO of Kirby Southeast Asia, Mr. Anup Kumar Dave, told VET.