Vietnam readies for “Industry 4.0” era

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Vietnam plans to digitise its economy and administration through its modern telecom and IT infrastructure in order “to succeed in the era of the fourth industrial revolution,” Deputy Prime Minister Vuong Dình Hue said at a symposium hosted by the Ministry of Foreign Affairs and the World Economic Forum in Hanoi on November 17.

He said that the nation will focus on building an ecosystem of super-connectivity needed to tackle challenges posed by “Industry 4.0,” the digital era. His administration will work closely with the business community as well as local and foreign experts to overcome problems that arise, he added.

He also said that the Government would promote corporate social responsibility on the basis of harmonious interests between the State, the people and businesses.

In the recent past, Vietnam has achieved remarkable success in developing its telecommunications industry, with over 130 million mobile phone subscribers and more than 55 per cent of the population regularly connecting to the Internet.

This has laid a good foundation for new business models based on digital connections, including tech startups, the Deputy Prime Minister said. With the right approach, low-income groups can also participate in and benefit from the fourth industrial revolution, he noted.

A super-connected country would provide opportunities for all individuals, businesses and organisations in all regions regardless of borders, creating the ultimate opportunity for development, which is true for Vietnam and all other economies, said Gemma Corrigan, expert on Economic Growth and Social Inclusion Initiative AT THE World Economic Forum.

Hue pointed out that “thanks to Industry 4.0, for the first time in human history, every citizen can start a business. This is a great opportunity for inclusive growth.”

Vietnam has many opportunities to approach and participate in the new technology game as it has a youthful domestic market of more than 93 million people. 4G covers almost of 99 per cent of districts, with nearly 60 million mobile broadband (3G, 4G) subscriptions. At present, 55 per cent of the population regularly connects to the Internet and the figure will continue to rise.

The Vietnamese government will now regularly work with the business community and experts to detect and remove barriers, develop necessary action programmes and actively encourage a startup ecosystem for the community, Hue affirmed. It will also set a focus on equipping the youth with the necessary skill set to contribute to a flourishing digital economy.

The government also continues to invest in and upgrade the digital connection infrastructure, including hard infrastructure, to help individuals, devices and sensors remain connected at all times regardless of environment, with consistent high speeds over real time, as well as soft infrastructure, including issues related to standards and legal regulations for digital transactions, digital signatures, electronic payments, financial technology (fintech) and intellectual property.

At the same time, the government will promote digitisation within its public administration, which is considered a precondition for achieving a unified vision of e-government with its e-citizens in a digitally connected economy, Hue said.

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Reading Time: 2 minutes

Vietnam plans to digitise its economy and administration through its modern telecom and IT infrastructure in order “to succeed in the era of the fourth industrial revolution,” Deputy Prime Minister Vuong Dình Hue said at a symposium hosted by the Ministry of Foreign Affairs and the World Economic Forum in Hanoi on November 17.

Reading Time: 2 minutes

Vietnam plans to digitise its economy and administration through its modern telecom and IT infrastructure in order “to succeed in the era of the fourth industrial revolution,” Deputy Prime Minister Vuong Dình Hue said at a symposium hosted by the Ministry of Foreign Affairs and the World Economic Forum in Hanoi on November 17.

He said that the nation will focus on building an ecosystem of super-connectivity needed to tackle challenges posed by “Industry 4.0,” the digital era. His administration will work closely with the business community as well as local and foreign experts to overcome problems that arise, he added.

He also said that the Government would promote corporate social responsibility on the basis of harmonious interests between the State, the people and businesses.

In the recent past, Vietnam has achieved remarkable success in developing its telecommunications industry, with over 130 million mobile phone subscribers and more than 55 per cent of the population regularly connecting to the Internet.

This has laid a good foundation for new business models based on digital connections, including tech startups, the Deputy Prime Minister said. With the right approach, low-income groups can also participate in and benefit from the fourth industrial revolution, he noted.

A super-connected country would provide opportunities for all individuals, businesses and organisations in all regions regardless of borders, creating the ultimate opportunity for development, which is true for Vietnam and all other economies, said Gemma Corrigan, expert on Economic Growth and Social Inclusion Initiative AT THE World Economic Forum.

Hue pointed out that “thanks to Industry 4.0, for the first time in human history, every citizen can start a business. This is a great opportunity for inclusive growth.”

Vietnam has many opportunities to approach and participate in the new technology game as it has a youthful domestic market of more than 93 million people. 4G covers almost of 99 per cent of districts, with nearly 60 million mobile broadband (3G, 4G) subscriptions. At present, 55 per cent of the population regularly connects to the Internet and the figure will continue to rise.

The Vietnamese government will now regularly work with the business community and experts to detect and remove barriers, develop necessary action programmes and actively encourage a startup ecosystem for the community, Hue affirmed. It will also set a focus on equipping the youth with the necessary skill set to contribute to a flourishing digital economy.

The government also continues to invest in and upgrade the digital connection infrastructure, including hard infrastructure, to help individuals, devices and sensors remain connected at all times regardless of environment, with consistent high speeds over real time, as well as soft infrastructure, including issues related to standards and legal regulations for digital transactions, digital signatures, electronic payments, financial technology (fintech) and intellectual property.

At the same time, the government will promote digitisation within its public administration, which is considered a precondition for achieving a unified vision of e-government with its e-citizens in a digitally connected economy, Hue said.

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