Dang Quang Vinh, deputy head of the Business Environment and Competitiveness Division at the Central Institute for Economic Management and member of the research team working on the National Strategy for Industry 4.0, highlights the importance of having suitable policies and institutions in place to enable businesses to make avail of opportunities brought about by Industry 4.0. Dang Quang Vinh Due to the lack of an appropriate regulatory system, many Vietnamese startups have established firms abroad. Will the National Strategy for Industry 4.0 be in a position to tackle the situation? The strategy’s prime target is to remove legal barriers in order to avoid not only Vietnamese people having to go abroad to realise their fresh business ideas, but also to attract new products, services, and technologies to Vietnam. In essence, Industry 4.0 will bring about inclusive changes in the production methods (smarter, optimising the use of resources, and greener), in market structures (from two sides of buyers and sellers to multi-sided like Uber and Airbnb), and create a virtual market to replace the physical market, making a physical presence no longer necessary. The way of consumption is also trending towards omitting intermediate links. Thereby, the rights and obligations… Read full this story
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