Fourth industrial revolution brings development opportunities for VN

Deputy PM Vuong Dinh Hue at the symposium on competitiveness and inclusive growth: navigating the fourth industrial revolution, Ha Noi, November 17, 2017 - Photo: VGP/Thanh Chung

Deputy PM Hue made the point on November 17 in Ha Noi at a symposium on competitiveness and inclusive growth: navigating the fourth industrial revolution, which was jointly hosted by the Vietnamese Ministry of Foreign Affairs and the WEF Economic Forum.

Opportunities for developing countries

Addressing the event, Deputy PM Hue said that each industrial revolution provides opportunities for some countries.  

The fourth industrial revolution is expected to pave a favorable way for higher productivity. 

Developing countries will be able to catch up with and surpass developed countries in the fourth industrial revolution. 

Deputy PM Hue affirmed that thanks to the fourth industrial revolution, for the first time in the human history, everybody can join business start-up. This is opportunity for overall development, he added. 

Opportunities and challenges for VN

Viet Nam owns abundant opportunities to access and participate in new technology games with over a 93-million young population, over 130 million of mobile subscribers. 4G coverage rate surpassed 99% of all districts. So far, 55% of the population has regularly connected to the Internet. 

According to Deputy PM Hue, due to historical conditions, Viet Nam missed the three industrial revolutions. Viet Nam owns abundant opportunities in the fourth one and will have to make serious and comprehensive preparation for it. 

However, the Deputy PM noticed the importance of cutting disorder in large-scale labor transformation with the birth of new business model; development of automation; training of high-quality labor force; adaptation to innovative competence; comprehensive development environment; financial obligations, and fair competitiveness. 

The Vietnamese Government said Mr. Hue would maintain regular dialogues and work with the business community, domestic and foreign experts to remove obstacles and build action programs to encourage business start-up ecosystem. 

The Government would continue to invest and upgrade digital and soft infrastructure; speed up digitalization in public administration in favor of e-government and e-citizen development./. 

By Kim Anh