The fourth industrial revolution (Industry 4.0) is considered a golden chance for developing countries like Vietnam to improve quality of services, goods and competitive advantages.
However, the implementation of information technology and human-made intelligence applications have also posed several challenges for Vietnam’s economy.
Industry 4.0 has created enormous opportunities for many countries. In the first nine months of 2017, Vietnam’s turnover of imports of machinery and spare parts reached more than 22 billion USD, up 34 percent compared to the same period last year.
The figure shows increasing demand for the expansion of manufacturing businesses as well as growth in construction activities.
According to experts, Industry 4.0 will create a new driving force for import-export enterprises to connect and join in regional value chains.
“First of all, it will help businesses cut operating and managing costs up to 70 percent of total expenses,” said economic expert Can Van Luc.
“It will also create conditions for enterprises to access new markets, and help enterprises increase competitive capacity, improve services and productivity,” he added.
Four key sectors facing challenges from the Industry 4.0 include garment and textile, footwear, handicrafts, and the manufacturing industry as these sectors require a lot of labourers.
“Industry 4.0 requires us to change, we have to occupy higher links in a value chain, we also have to use more intelligence which can not be replaced by technology,” said Tran Thanh Hai, Deputy head of the Department of Import-Export Management under Ministry of Industry and Trade.
“We will know how to introduce products which are suitable for everyone and we will be able to meet greater demand of bigger clients,” Le Hong Viet, FPT’s Technological Director said.
Industry 4.0 is expected to open export growth possibility. However these advantages can only be realised if import-export enterprises take the initiative now.
Authorised bodies should also introduce new approaches to help the economy to adapt to Industry 4.0./.
Source: Vietnam Plus
Photo: CBR Investment AG