10:20 | 11/01/2019 Economy- Society
(VEN) - The Fourth Industrial Revolution or Industry 4.0 is expected to influence different economic sectors in Vietnam, including household businesses.
Vietnam currently has about 1.4 million household businesses. With a small to medium scale, household retailers have significantly contributed to the country’s economic and trade development.
While Vietnam is integrating deeper into international economic communities and with the impact of the Fourth Industrial Revolution, household businesses are facing more challenges and difficulties given their modest capital, technology, human resources and management capabilities. Their ability to grow on a sustainable basis is limited given the competition from major domestic and foreign companies that are strong in finance, technology, services and competitiveness.
Although it is still relatively new to most household businesses, household businesses are making use of high technology in certain sectors, such as production of and trade in fine art and handicraft articles, trade in farm produce, distribution and retail chains, and e-commerce. Household businesses should see Industry 4.0 as a source of opportunities to promote their products online, receive feedback on their products and services so they can improve their competitiveness.
The state should create favorable conditions for household businesses to transform their stores and distribution systems into convenient and modern marts throughout residential quarters in the cities and rural areas.