Minh Phu Seafood Company decided to invest in digital transformation by acquiring advanced technologies like artificial intelligence (AI) and using them in raising and processing shrimps.– Photo baodautu.vn “Digital transformation or losses?” was the thorny question for Minh Phu Seafood Company a few years ago. A leading fisheries exporter, it shipped its products to over 50 markets around the world, earning annual revenues of VND12 trillion (US$526,000). As orders grew rapidly, the company was finding it hard to accept all of them. “This … required us to increase our capacity by five-10 times,” CEO Le Van Quang said. However, increasing its 14,000-strong workforce by five to 10 times was impossible and this forced the company to explore alternative solutions. “For five years I went to many countries to study this issue and found that digital transformation was the best way for the company to survive and grow. It helps cut costs and improve … [Read more...] about Digital transformation imperative for industry 4.0
Leading digital business transformation
Vietnam urged to maximize benefits from digital economy
He made the statement to a workshop on the development of Vietnam’s digital economy held by the Ministry of Industry and Trade (MoIT) in Hanoi on June 28. The digital economy has been defined as a vital pillar for economic growth, creating breakthroughs for each country as the world enters the Fourth Industrial Revolution (Industry 4.0), Hung said. Many technology solutions in all sectors have been built, bringing huge new benefits. At the workshop “In Vietnam, the digitalization trend or digital transformation has been seen in all sectors from trade, payment to healthcare, education, tourism and transport. The digital economy based on digital technology foundation and integrating smart technologies to maximize process and production models, especially Internet of Things (IoT), Artificial Intelligence (AI) and blockchain have changed the world’s production,” he added. Developing a digital economy is not a task for Vietnam only, said Dang Hoang … [Read more...] about Vietnam urged to maximize benefits from digital economy
Vietnam urged to maximise benefits from digital economy
A view of the workshop on the development of Vietnam’s digital economy held by the Ministry of Industry and Trade (MoIT) in Hanoi on June 28. (Photo: hanoimoi.com.vn) Hanoi (VNA) – The digital economy has created new trends and demands and Vietnam should take advantage of these while preparing for necessary changes to build the digital economy, said Deputy Minister of Industry and Trade Cao Quoc Hung. He made the statement to a workshop on the development of Vietnam’s digital economy held by the Ministry of Industry and Trade (MoIT) in Hanoi on June 28. The digital economy has been defined as a vital pillar for economic growth, creating breakthroughs for each country as the world enters the Fourth Industrial Revolution (Industry 4.0), Hung said. Many technology solutions in all sectors have been built, bringing huge new benefits. “In Vietnam, the digitalisation trend or digital transformation has been seen in all sectors from trade, payment to healthcare, … [Read more...] about Vietnam urged to maximise benefits from digital economy
Make the most of digital economy
The digital economy which is being seen worldwide has been a challenge but also good opportunity for Viet Nam to resolve big issues in its economic development in general and restructuring the industry and trade in particular, said Cao Quoc Hung, deputy minister of Industry and Trade. Hung told the workshop on orientation for development of Viet Nam’s digital economy held in Ha Noi on Thursday that the digital economy could help the sector catch up with development trends in trade and commerce. This could also help improve production and business models toward maximise input resource, accelerating industrialisation and modernisation process for sustainable development. He said digital economy had been defined as one of vital pillars and playing an important role for economic growth, creating breakthroughs for each country as the world is entering the Fourth Industrial Revolution. Many technology solutions in all sectors were built, bringing huge benefits which were not achieved … [Read more...] about Make the most of digital economy
VNPT targets to be leading digital service provider in Vietnam
Officially established in April 2018, VNPT-IT is a business having dependent accounting and a member of the VNPT. It has the responsibility to research and develop integrated information and communication technology (ICT) solutions to serve VNPT’s customers or independent clients and even foreign ones. This will make VNPT-IT a new pillar in producing software and IT applications of the whole Group, helping it achieving breakthroughs in the period of 2017 – 2025 in order to transform from a conventional telecommunications service provider to a supplier of multi-services, including telecommunications, information technology, and digital services. According to Mr. Ngo Dien Hy, Director of VNPT-IT, the assigned responsibility is truly challenging. To fulfill it, his company will integrate cutting edge technologies like AI, Bigdata, and Cloud into the services to offer more benefits to customers while increasing the competitiveness of VNPT’s products. The company’s … [Read more...] about VNPT targets to be leading digital service provider in Vietnam
Profit figures mark significant impact of digital transformation
Companies that embrace digital transformation are up to 26 per cent more profitable than their competitors and enjoy up to 12 per cent higher market valuation, according to a recent survey by ManpowerGroup—the leading global workforce solutions company. In the “From C-Suite to Digital Suite” research, ManpowerGroup shares that by 2020, 30 per cent of industry revenue will come from new business models and transforming quickly can make the difference between success and failure. However, C-Suite is not enough to lead through businesses digital transformation. It requires the Digital Suite: a community of digital-ready, analytically-minded, and connected leaders dedicated to creating the necessary culture and capabilities within the organisation to unlock opportunities and drive successful digital transformation. The good news is digital leadership is not a total replacement of the fundamental attributes underlying leadership effectiveness. Instead, 80 per cent of the … [Read more...] about Profit figures mark significant impact of digital transformation
TH true milk drives digital HR transformation
A cow farm of TH True milk. The group is enhancing its human resource (HR) capabilities and leverage real-time analytics for better business decisions. — Photo thmilk.vn TH true milk, one of Viet Nam’s largest fresh milk producers, has gone live with SAP SuccessFactors solutions for human capital management. The move is aimed at helping the company enhance its human resource (HR) capabilities and leverage real-time analytics for better business decisions. The SAP SuccessFactors solutions have been implemented in four companies within the TH Group including TH Food Chain JSC, TH true milk Food and TH true milk, encompassing 5,500 employees within Viet Nam, Russia and the US. The TH Group accounts for some 40 per cent of the market share for fresh milk in Viet Nam. The group’s key products are UHT sterilised milk, pasteurised fresh milk, yogurt and drinking yogurt. The TH Group’s farm is used by researchers and experts working in the dairy sector due to the new … [Read more...] about TH true milk drives digital HR transformation
BUSINESS IN BRIEF 17/12
Customs signs agreement with banks for e-tax payment The General Department of Customs (GDC) on Tuesday signed a co-operation agreement with six commercial banks to implement a 24/7 e-tax payment scheme.The five local banks are Sacombank, VPBank, HDBank, LienvietpostBank, SCB and the foreign bank is Mizuho Bank Ltd. The e-tax payment through the six banks will be implemented from December 15.Speaking at the signing ceremony, GDC’s Deputy General Director Nguyen Duong Thai said the customs sector was required to upgrade its e-payment portal for the purpose of administrative reform.The e-tax payment would facilitate tax payment anywhere, anytime, reduce time and ensure immediate goods clearance. The customs authority will directly support enterprises to make payment documents from the original data and minimise errors in money transfer procedures.This could help shorten time to complete customs procedures for import-export activities to the average level of ASEAN-4 countries … [Read more...] about BUSINESS IN BRIEF 17/12
Digital banking grows to support new customers
‘Live’ banks, ‘live’ services For Hanoi-based Tien Phong Bank, launching their new digital banking kiosk called LiveBank in 2016 had only one alternative: taking the lead in making use of disruptive technology and offering customers a channel of digital banking services.Available around the clock, endowed with user-friendly functions, and located in residential areas and shopping malls, LiveBank gives its customers easy access to make transactions anytime they want. Dinh Van Chien, deputy general director of Tien Phong Bank (TPBank), said that 80 per cent of customers rate LiveBank as easy to use, with 86 per cent of them willing to employ LiveBank as a channel equivalent to entering a bank branch.“We aim to have at least 100 LiveBank kiosks deployed across the nation next year, on top of the current 40. Digital transactions already account for up to 80 per cent of our total transactions,” said Chien on the sidelines of last … [Read more...] about Digital banking grows to support new customers
Transform or get left behind
Sundara Raj, chief executive officer, PwC's South East Asian Consulting Services, outlines the way forward. Ripe for transformationTechnological disruptions, changing demographics of consumers and growing affluence in the ASEAN region are amongst the key factors driving the need for transformation. As a growing business in ASEAN, you cannot rest on your laurels and say, “Let’s wait for a while.” Because information flows so quickly via multiple channels, consumers in the region now don’t have to wait for new trends from other markets to physically arrive on their shores before reacting.Another driver for business transformation in ASEAN is premised on the fact that the ‘experiences’ of consumers are not always dictated by the specific industry that they interact with – they are often even agnostic to industry. So if as a consumer, you have a good experience dealing with a telco’s call centre, you expect a similar favourable experience … [Read more...] about Transform or get left behind