02/01/2019 11:11 GMT+7 print

Industry 4.0: New momentum for economic growth

“Boosting innovation and application of the fourth industrial revolution and upholding the private sector are important driving forces for Vietnam’s economic growth in the next decade”, Prime Minister Nguyen Xuan Phuc said at the Vietnam Reform and Development Forum 2018.

Addressing the forum, which was held in Hanoi on December 5, PM Phuc said the government is working to speed up administrative reform to improve the business climate, given that Vietnam was ranked 94 out of 140 countries in terms of institutional quality by the World Economic Forum 2018.

He also said that the government will create an interactive channel between the people and authorities and build up a mechanism which enables all stakeholders in the society to directly and effectively participate in the policy-making process.
Touching on the human resources issue, PM Phuc said that the government is looking for effective measures to build a high-quality workforce serving sustainable growth as laborers are billed as the key to future success.

Prime Minister Nguyen Xuan Phuc at National Creative Innovation Day Techfest 2018 in Da Nang.
Photo: Thong Nhat/VNA

PM Phuc attended the Youth Starup Forum 2018 in Danang in November. Photo: Thong Nhat / VNA  

The Prime Minister attends Vietnam Reform and Development Forum 2018 in Hanoi. Photo: Danh Lam / VNA

Politburo Member Truong Thi Mai and Deputy Prime Minister Vu Duc Dam attend
the National Student Startup Festival 2018. Photo:  Thanh Tung / VNA

Deputy Prime Minister Vu Duc Dam addresses National Creative Innovation Day Techfest 2018 in Da Nang.
Photo: VNA 

“The people are the center, the motivating force as well as the goal of development”, the Prime Minister said, comparing the people and technology as the key and the lock which must match. Industry 4.0 is meaningless without people equipped with 4.0 technology. 

 “The fundamental motivating forces for Vietnam’s economic growth are institutional reform associated with an increase of productivity, efficiency and competitiveness of enterprises through appropriate and effective policies and solutions. Of particular concern are applications of hi-tech, enhancing the private sector in close connection with the foreign-invested sector and developing human resources - the key to the success and effectiveness of other driving forces.”
Minister of Planning and Investment Nguyen Chi Dung at the Vietnam Reform and Development Forum 2018

The Prime Minister noted that smart and digital infrastructure will be paid due attention to improve the capacity of connecting economic resources.
He also pointed to two important driving forces for Vietnam’s growth in the next decade.

First is to boost innovation and the application of the fourth industrial revolution, considering this an opportunity for Vietnam to increase labor productivity, improve competitiveness and enhance innovation.

“In the present era of technology associated with creative and innovative ideas, all nations can rise and make breakthroughs”, PM Phuc said, adding that a start-up ecosystem should be built to boost innovation and creativity.

Second is to enhance and uphold the private sector’s role because this sector has critical leverage to create competitiveness and flexibility for the economy in the context of economic and scientific and technological changes in the world.

Vietnam is paying attention to training qualified young people in service of Industry 4.0. Photo: Tat Son / VNP

A seminar discussing solutions for attracting domestic and overseas resources for innovative start-ups in Vietnam.
Photo: Anh Tuan / VNA 

Vietnamese auto brand VinFast debuts at Paris Motor Show 2018 with Sedan LUX A 2.0.
Photo: Nguyen Toan Tri / VNA

Teky technology institute creates an innovative technology playground for Vietnamese children. Photo: VNP

Products made by students of a robot programming class at Teky technology institute. Photo: VNP

He affirmed that the Government always pays attention and has adopted specific actions to develop the private sector, targeting around 1 million enterprises by 2020, most of which are private.

“The government is encouraging a daring spirit for start-ups among young people”, the Prime Minister said, hoping that development partners will accompany Vietnamese young people in their start-ups to jointly reap success.

“According to the recent launch of the World Bank Group’s Human Capital Index, Vietnam ranks 48 out of 157 countries. This is remarkable, and the country has done particularly well in basic education. But a new set of knowledge and 21st century skills are needed to contribute to stronger productivity growth. This would require focus on the quality and relevance of tertiary and vocational education.”

Word Bank Country Director Ousmane Dion at the Vietnam Reform and Development Forum 2018
Story: VNP - Photos: VNP & VNA