Việt Nam wants to have 10 tech “unicorns” in 2030 (Việt Nam News)

Việt Nam wants to have at least five billion-dollar tech firms (unicorns) by 2025 and 10 by 2030 as planned in its draft on national strategy on the Fourth Industrial Revolution.

The Ministry of Planning and Investment (MPI) announced the draft. Accordingly, the total social investment into research and development (R&D) was expected to account for 1.5 per cent of GDP by 2025. Việt Nam would be in the top 30 countries in the world in terms of number of patents in the prioritised technology sectors.

In addition, Việt Nam targeted to have at least five companies by 2025 and 10 firms by 2030 with exports of products and services using Industry 4.0 technologies or next generation such as 5G, Internet of Things (IoT), artificial intelligence and data analysis to G7 countries.

The country wanted at least 20 per cent of firms to adopt Industry 4.0 by 2025 and 40 per cent by 2030.

In prioritised sectors, the rate of businesses applying at least one Industry 4.0 technology would reach 30 per cent by 2025 and 50 per cent by 2030.

Areas that need to be prioritised in technology transformation were public administration, utilities, healthcare, education, manufacturing, agriculture, logistics, trade, information technology, and finance and banking.

Việt Nam needs to rank at least 30th in the Global Innovation Index, it said. The country now ranks 42nd.

To successfully implement the strategy, the draft provides two plans, including renaming the National Steering Committee on economic restructuring and innovating growth model to National Steering Committee for growth and Industry 4.0. It would establish a National Committee on Industry 4.0.

Việt Nam is among countries least prepared for the Fourth Industrial Revolution, according to a World Economic Forum report released last year. It ranks low in terms of education, human resources, innovation, and technology – all crucial factors in the revolution – it said.

Regarding economic institutions serving the participation of Industry 4.0, Viet Nam’s institutional quality is underestimated. Việt Nam ranked 94 out of 140 economies on the Institutional Index in the WEF Global Competitiveness Index 4.0 released in 2018.

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Việt Nam News

5 August 2019

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