Legal corridor needed for digital industry (Việt Nam News)

HÀ NỘI — The fourth industrial revolution offers many opportunities for Việt Nam, but also poses a number of challenges. To take advantage of Industry 4.0, the country requires strong government reforms, especially in building a firm legal corridor for the digital industry.

A report on readiness for the fourth industrial revolution by the World Economic Forum (WEF) revealed that Việt Nam ranked 48th in structure of production and 53rd in drivers of production.

Việt Nam has made strong technological developments, laying the foundations for the successful application of the technologies of the fourth industrial revolution.

Over the last 10 years, Việt Nam’s digital economy has grown in terms of digital connection infrastructure and business market.

The number of internet users in Việt Nam was 17.7 million in 2007 and grew to 64 million, equal to 67 per cent of the population, last year. The country ranked 13th among the top 20 countries with the highest number of internet users.

Việt Nam is considered to have favourable conditions to fully utilise the achievements of Industry 4.0.

The Vietnam News Agency quoted the head of the Party Central Committee’s Economic Commission Nguyễn Văn Bình as saying that for a developing country like Việt Nam, exploiting the fourth industrial revolution opens up opportunities for Việt Nam to raise its technology level, production capacity and competitive capacity in the global value chain; create major changes in the sustainable business model and chances for innovative start-ups and offers the potential for developing countries to shorten industrialisation processes.

Minister of Science and Technology Chu Ngọc Anh stressed that the fourth industrial revolution had had a clear impact on the socio-economic development of Việt Nam.

Therefore, the development and promotion of research and development activities and transferring key technologies played an important role in bringing Việt Nam closer to the fourth industrial revolution. The country needed to study the development of the fourth industrial revolution and build appropriate policies for socio-economic development in line with international trends, Anh said.

Bình also emphasised that even with proper and timely exploitation of the opportunities of the fourth industrial revolution, the revolution still posed challenges for the country, businesses and individuals.

This required the government and businesses of Việt Nam to develop strong innovations, he said.

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Việt Nam News

4 August 2018

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