Fourth industrial revolution

New disruptive technologies associated with Industry 4.0 are changing how companies do business, and so finding a mechanism to adapt these new technologies to modern development needs is imperative.  Dr. Tran Thi Quang Hong, head of the Department of Economic-Civil Legislation at the Ministry of Justice’s Institute of Legal Science, outlines how to soon make new technologies a reality in Vietnam by virtue of regulatory sandbox mechanism deployment. A unified concept for regulatory sandboxes will help Vietnam expand its digital economy on a regional level The first challenge involves the capacity to address newly-arising issues rationally. Amid robust technology development, the knowledge gap between technology developers and policymakers is ­allegedly widening. Policymakers often find it hard to get a good grip of novel technologies, whereas their responsibility is to craft regulations to put such new tech under control. Looking at the development of the passenger … [Read more...] about Improving frameworks in order to reach the Industry 4.0 peak

The world is experiencing the fourth industrial revolution (industry 4.0), which is described in the National Digital Transformation Plan as a huge technological revolution. The fourth industrial revolution is quite different from the previous ones in terms of space, scale, width and depth as it is based on a digital revolution and involves numerous technologies. This may lead to historically unprecedented changes in socio-economic development models and the socio-political systems of countries as well as in trade, investment, and the economic activities of businesses. According to experts, to win the game “Industry 4.0” countries must conduct a digital transformation. In Vietnam, the entire digital revolution is led by the Government. In other words, the Government is responsible for crafting policies, strategies and orientations for the development of digital transformation and digital economy. Photo: qdnd.vn In fact, the Prime Minister has assigned the … [Read more...] about Part I: Why Vietnam needs to carry out digital transformation

The Association of Vietnamese Students in the US and the Hanoi Youth Union organised a ceremony in Hanoi on November 14 to launch the Global Entrepreneurship Competition for Vietnamese – VietChallenge 2019. At the event Addressing the event, Phan Zymaris Mai, President of the Association of Vietnamese Students in the US, said that this is the fourth time the contest has been launched. Along with the experienced examiners of the previous season, this year’s competition will also feature the participation of professional investors and leading startup consultants in the US and Vietnam, promising to bring a contest of the highest quality. After the first three seasons, VietChallenge has created a positive impression and attracted the participation of the Vietnamese start-up teams around the world. In total, more than 500 applications from 21 countries have competed. With a mission to help realize business ideas in solving the challenges of Vietnam and the … [Read more...] about VietChallenge 2019 contest launched

He said Vietnam is exporting garment-textiles to the US, the European Union (EU), Japan and the Republic of Korea. Apart from those traditional markets, Vietnamese firms are pushing exports to new markets such as China and Russia, with export turnover projected to exceed US$2 billion and about US$500 million in 2018 in each of the countries respectively. Most domestic garment-textile businesses have received orders for the second and third quarters of 2018, he added. The garment-textile sector has exported more than US$3 billion worth of yarn, nearly US$1 billion worth of fabric and US$400 million worth of garment accessories. Particularly, the fourth industrial revolution has changed the mindset of businesses in regards to technology investment, Giang said. Garment-textile companies have paid more attention to developing human resources and using technology to create quality products.  The selection of high value production segments helps such as Original Design … [Read more...] about FTAs help garment-textile firms diversify export markets