ASEAN businesses to reinforce connectivity to grab chances from Industry 4.0
Vietnamese enterprises should find new ways to adapt to and grab chances from the fourth industrial revolution, Vietnamese Deputy Foreign Minister Bui Thanh Son said.
ASEAN enterprises meet with both chances and challenges when the Fourth Industrial Revolution (4.0), or Industry 4.0, unfolds, experts said during a workshop hosted by the Vietnamese Ministry of Foreign Affairs on August 21.The workshop, themed “ASEAN 4.0: Entrepreneurship in the Fourth Industrial Revolution” is part of activities ahead the 2017 World Economic Forum (WEF) on ASEAN that will take place in Hanoi on September 11-13.
The workshop's overview
|
The country has made efforts to be one of the ten biggest software and digital content outsourcing service nations worldwide, with about one million employees in the IT field by 2020, according to Son.
The diplomat also highlighted the chances for ASEAN developing nations to earn fast, sustainable and inclusive development in the Industry 4.0.
He cited estimates of Google and Singapore's Temasek group, affirming that the Southeast Asian internet economy will reach US$200 billion by 2025, or 6% of the region's total GDP.
“This is a favourable foundation and a big enough market for innovation and investment in new business models in the region as well as in Vietnam,” Son noted.
However, The Vietnamese official also noted challenges arising in the Industry 4.0. Large-scale automation, changing business models that cause disturbance, displacement, and employment replacement in large scale, especially in labor-intensive industries. “This poses an urgent need for vocational education and training in many ASEAN countries,” he said.
Son suggested each ASEAN government and business promote self-reliance, find new ways to adapt to and prosper in a fast-paced world under the influence of new technology.
Also at the workshop, participants shared ideas and made policy recommendations to help ASEAN enterprises improve their adaptation to and increase their participation in the Fourth Industrial Revolution, thus maintaining the region’s active development.
Dr Tran Dinh Thien, director of the Vietnam Institute of Economics suggested ASEAN should take advantage of its vast scale covering more than 600 million people and reinforce the connectivity between its members to grab the chances from the Fourth Industrial Revolution.
“It is connectivity that builds up the capacity of enterprises,” Thien said. He also highlighted the role of IT application and human resources in the development amid Industry 4.0. “Experiences show that focusing on intelligence resources and technology application is the drive for “Asian tigers” like Singapore to arise,” said the Vietnamese economist.
“ASEAN has grown enough to move on fast with effective framework, but the bloc needs to boost the connectivity more, on the basis of digital economy. In the process, networks like World Economic Forum play key role,” Thien added.
15:17, 2024/11/04
Hiring multitaskers: Priority for Hanoi companies
Several sectors experience increased hiring demand in the remaining months of 2024
18:17, 2024/11/03
Hanoi seeks partnerships to build skilled workforce for digital transformation
Vocational training institutions play important roles in developing a quality workforce prepared for large companies.
18:35, 2024/10/30
Hanoi to host Vietnam-Asia Smart City Summit 2024
The summit aims to share best practices and promote cooperation among Vietnam's provinces and cities in building and developing smart cities.
15:53, 2024/10/29
Vietnamese spend $8.9 billion on ecommerce
The total transaction volume in the Jan-Sep period increased by 37.7% compared to the same period last year.
14:48, 2024/10/29
Hanoi steps up inspections to crack down on unsafe food
The purpose of the survey is to gain a thorough understanding of the local food safety situation and to identify non-compliance promptly, allowing for corrective actions to be taken to mitigate health risks.
22:24, 2024/10/23
SEMIEXPO Vietnam 2024 to foster growth of semiconductor industry
The exhibition aims to develop the ancillary industry ecosystem and attract investment from the world's leading semiconductor companies.
- Hanoi targets double-digit growth over next decade
- Hanoi's industrial production shows positive growth
- Hanoi launches Vietnamese Fashion Product Brand Festival 2024
- Exhibition promotes Hanoi's key industrial products
- New partnerships forged at Hanoi Industrial Development Conference
- Hanoi addresses administrative challenges through dialogues