Businesses mull ways to engage in technological revolution

10:29 | 07/04/2020 Science - Technology

(VEN) - The Fourth Industrial Revolution is creating landmark changes with the advent of such transformative developments as big data, artificial intelligence and the Internet of Things (IoT). Unless Vietnam’s business world adapts to this new landscape and takes advantage of the benefits of modern technology to optimize production, they will lag behind.

businesses mull ways to engage in technological revolution
Many companies apply technology in production

Pham Hoang Hai, Head of the Development and Partnership Department at the Vietnam Chamber of Commerce and Industry, told reporters of the Industry and Trade newspaper updating technology and management methods is the key to the survival of businesses. However, Vietnam’s enterprises lack sufficient investment resources and potential and access to technological capital. Therefore, the government needs investment funds to help businesses develop technology, invest in administration and facilities to meet the requirements of the Industry 4.0 era.

Do Duc Hau, General Director of Advantech Vietnam Technology Joint Stock Company, agrees. Vietnam’s companies face many difficulties in financial capacity and production infrastructure, preventing them from adopting new technologies, he said. Therefore, government support policies are necessary to create favorable conditions for businesses to upgrade their production technologies and enhance their competitiveness. The Advantech Vietnam Technology Joint Stock Company will help companies deploy new technologies, Hau said.

Small and medium-size enterprises account for most of the business in Vietnam and share the same difficulty in acquiring equipment and technology due to lack of capital. Some businesses have been able to invest but have limited information and human resources to meet operational requirements. In addition, management and operation systems are not yet compatible. Accordingly, in addition to initiatives by enterprises, ministries and localities should carry out business support programs such as supporting capital investment, strengthening international cooperation and experience sharing to help enterprises properly assess their investment needs to avoid waste.

According to the Department of Science and Technology under the Ministry of Industry and Trade, the ministry has been gradually building intelligent production, forming digital business, and making application of science and technology a priority. The ministry not only assesses companies’ access and preparation for the Fourth Industrial Revolution, it also assesses and builds plans for each specific branch and sector. In addition, the ministry builds and deploys pilot models of smart digital factories and researches technologies for application in industrial production.

The Ministry of Industry and Trade is seeking to promote the use of technology in order to enhance enterprises’ productivity, quality, efficiency and competitiveness.

Because Vietnam is a latecomer in terms of technological development, domestic enterprises have the advantage of access to the latest, state-of-the-art generation of technology from developed countries.

Quynh Nga