22/11/2018 09:30 GMT+7 Email Print Like 0

Fourth Industrial Revolution to create new industries in Vietnam

The fourth Industrial Revolution will create new industries, which are expected to give new momentum to Vietnam’s economic growth, said an economic expert.

Speaking at a workshop in Hanoi on November 21, Nguyen Thi Tue Anh, Deputy Director of the Central Institute for Economic Management (CIEM), explained that the revolution will change the structure of sectors as well as growth resources.

The government has assigned the Ministry of Planning and Investment, and the CIEM to draft a national strategy on the fourth Industrial Revolution, build an innovation and creation centre, and develop a network of talents, she said.

Dang Quang Vinh, deputy head of the CIEM’s Business Environment and Competitive Ability Department, held that with huge economic potential and ability of businesses and labourers, Vietnam can capitalise on the revolution.

Vinh cited services launched by FastGo, the first ride-hailing app to offer insurance to customers for all trips, not charge drivers for discounted rates and provide driver partners with many benefits.

However, he said, new management methods and good supportive policies are necessary for Vietnam’s new technological sectors, he said.

The CIEM pointed out challenges facing Vietnam when the country enters the fourth Industrial Revolution such as a shortage of IT workers, especially high-quality labour resources, unclear institutions, limited domestic capital and difficulties hindering foreign investment in startups.

Many experts suggested competent agencies cooperate with businesses to grasp information, build suitable institutions, create a favourable legal corridor for business activities and reduce risks to society, while promptly adjusting unsuitable business regulations and issuing new ones.

Many underlined the need to set forth tax policies to attract human resources, especially Vietnamese abroad, enhance cooperation between universities and businesses, build training programmes in enterprises and expand EduTech/Learning models in the IT sector.
VNA/VNP