Digital transformation has become a key item on the agenda of every organisation and even government. At the ASEAN World Economic Forum this year, Viet Nam is joining nine other countries to not only celebrate the 50th anniversary of ASEAN, but also to discuss the challenges of the 4th industrial revolution, the technological revolution. Technology offers great solutions to various persistent problems, thus pointing to the need for digital transformation globally as well as in Viet Nam. A recent report by Microsoft and IDC titled “Unlocking the Economic Impact of Digital Transformation in Asia Pacific” pointed out that 84 per cent of business leaders in Southeast Asia acknowledge that every organisation needs to transform into a “digital business” to sustain growth. However, uncertainties remain when it comes to digital transformation. Asia-Pacific organisations consider shortage of skilled human resource their biggest challenge. Asian digital transformation … [Read more...] about Digital transformation, key to corporate success
Leading digital business transformation
BUSINESS NEWS IN BRIEF 2/9
Agro-forestry-fishery exports generate 25.7 billion USD in 8 months The agro-forestry-fishery sector raked in 3.13 billion USD from exports in August, raising the total value in the first eight months of this year to 25.7 billion USD, up 7.3 percent year-on-year. According to the Ministry of Agriculture and Rural Development, the best performers in the period included rice, fruit and vegetables, key forestry products and seafood. Exports to major markets like the Association of Southeast Asian Nations (ASEAN), the Republic of Korea (RoK), China, the US and Japan increased significantly over the past eight months. The country exported about 4.4 million tonnes of rice worth 2.2 million USD between January-August, up 6.8 percent in volume and 22.1 percent in value from the same period last year. In August alone, 441,000 tonnes valued at 209 million USD was shipped abroad. China remained Vietnam’s largest rice importer, making up 24.7 percent of the market … [Read more...] about BUSINESS NEWS IN BRIEF 2/9
Citi Vietnam wins Best Corporate Digital Bank
Citi has been named by Global Finance as Best Corporate/Institutional Digital Bank in 16 markets where it operates, including Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, Philippines, South Korea, Sri Lanka, Taiwan, Thailand and Vietnam. Recognised for excellence in digital banking and innovation, Citi swept a total of 36 wins across the magazine’s Corporate/Institutional and Consumer Digital Bank Awards, reaffirming the bank’s commitment to innovation and excellence in digital banking across its Corporate/Institutional as well as Consumer Banking business. Citi Vietnam wins Best Corporate Digital Bank The bank also won five sub-category awards, including Best Online Cash Management, Best Online Treasury Services, Best in Mobile Banking, Best Mobile Banking App and Most Innovative Digital Bank. Citi was the first global transaction bank to launch Application Programming Interfaces (APIs) for … [Read more...] about Citi Vietnam wins Best Corporate Digital Bank
Digital transformation imperative for industry 4.0
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
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