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VBS 2019: Innovation and shift in workers issues in Industry 4.0

Released at: 18:10, 16/10/2019

VBS 2019: Innovation and shift in workers issues in Industry 4.0

Photo: Minh Do

Vietnam Business Summit 2019 held in Hanoi on October 16, with 600 in attendance.

by Minh Do

“The majority of Vietnamese enterprises, as small and medium-sized enterprises, should focus on innovation, management capacity, and technology application. Without innovating management processes, enterprises cannot absorb technology and then innovate to achieve patents, and can only buy technology,” Deputy Minister of Science and Technology Bui The Duy told the Vietnam Business Summit (VBS) 2019 on October 16 in Hanoi.

With the theme “Vietnam: We Mean Business - Partnerships in the Digital Era”, VBS 2019 was organized by the Vietnam Chamber of Commerce and Industry (VCCI) to focus on discussions on scientific and technological innovations and the shift of human resources in the modern era and the opportunities for Vietnam. The event attracted more than 600 participants.

Analyzing the opportunities from the digital economy, VCCI Chairman Dr. Vu Tien Loc said that the world is entering a digital era and the digital era is about technological breakthroughs and labor mobility. Vietnam, though adapting later, has great opportunities and conditions for implementing Industry 4.0. “Opportunities in the digital economy cannot stop with discussions at forums,” he also pointed out.

Vietnam has more than 64 million internet users - higher than the world average and among the highest in Asia. It ranked in the top 5 fastest-growing information technology countries in the world in 2017, with growth of 16 per cent, and up to 55 per cent of its population use smartphones. Its creative capacity increased 12 places to 47th globally in the last year. Its e-government index also rose ten places.

Vietnam’s startup index ranks sixth out of 54 economies surveyed. AlphaBeta’s research results also rank Vietnam in second position in terms of technology investment environment and third in digital talent in the Asia-Pacific region, Dr. Loc emphasized.

“It’s encouraging to see both the Vietnamese Government and the business community embrace Industry 4.0 with eagerness,” Mr. Vo Tan Long, Technology Consulting Partner at PwC Consulting Vietnam, said at a panel discussion on the impacts of scientific and technological innovations. “The commitment is definitely there, but there is work to be done.”

“Adopting new technologies is important, but more than that, business leaders need to think of digital transformation as an integral part of the overall development strategy of their business.”

VBS 2019 also discussed how Vietnam’s labor market is shifting under the impact of Industry 4.0, as well as new cooperative opportunities for employers, workers, and human resources training organizations in Vietnam, the future orientation of Vietnam’s labor market, and the solutions from the government to improve the quality of the workforce.

Economic analysts also spoke with business leaders about ways to optimize business opportunities in Vietnam in the digital age in areas such as finance, agriculture, and manufacturing, and introduced examples of the successful application of science and technology to optimize operations at Vietnamese enterprises.

Enterprises have the opportunity to update the latest development trends in the economy in the digital age, seek new business opportunities, and study lessons learned and the best practices of innovative businesses that have succeeded in Vietnam.

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