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Vietnam has to accept new business models in Industry 4.0: Minister
Ngoc Thuy 19:52, 2018/10/25
The Fourth Industrial Revolution should be more about revolutionizing policies than technologies, according to Vietnam`s information minister.
In the context of the Fourth Industrial Revolution, Vietnam has to accept new business models and establish an industrial internet of things (IIoT), Nguyen Manh Hung, minister of information and communications, was quoted by VnExpress as saying. 
 
Minister of Information and Communications. Source: MIC.
Minister of Information and Communications. Source: MIC.
Industry 4.0 should be more about revolutionizing policies than technologies, Hung said at a conference on October 24. 

According to Hung, by accepting new things, Vietnam will have new technologies, human resources and industries and creating new export products. But the country would have to accept and integrate new things much faster than others. 

"Staying behind or moving at the same pace, there would be no chance for Vietnam to change our position. However, if we accept new things, we could lose a few. But as we do not have much to lose, so this is our opportunity," Hung was quoted by VnExpress as saying.

Echoing Hung's view, Nguyen Van Binh, head of the Party Central Committee's Economic Commission, stressed the necessity for Vietnam to finalize the legal framework for activities in digital economy and innovative start-ups, as well as forming of new business models in the Fourth Industrial Revolution. 

Binh added that over 40 countries have established development strategies in the Fourth Industrial Revolution. Under this context, Vietnam has to be an active player in the process, which poses both opportunities and challenges. 

The minister of information said IoT is an essential part of the Fourth Industrial Revolution, so that Vietnam would have to develop this industry comprehensively. 

The world's smartphone market is huge, for which the number would be around six to seven billion products as every person has one each in average. However, the number in IoT would be significantly higher, Hung stressed. 

Hung also informed that by developing IIoT, Vietnam would follow the steps of Asian countries, some of which are now the most successful in applying mobile banking despite a low starting point in the banking sector. 

Following the strategy of the Ministry of Information and Communication (MIC), by 2020 each Vietnamese household would have an internet cable, and each citizen will have a smartphone with 5G coverage. 

One of Vietnam's main advantages is the adequate telecom infrastructure with strong telecoms enterprises, according to the MIC. 

On the issue of qualified human resources, Hung said that the most efficient way to have suitable personnel is to create challenging jobs.
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