Vietnamese firms should embrace fourth industrial revolution: commerce chamber

Industry 4.0 is nearing and should provide a platform for Vietnamese businesses to increase productivity to meet consumer demands, the Vietnam Chamber of Commerce and Industry (VCCI) said at a conference in Hanoi on Thursday.

Themed, Internet of Things – Robotics – Artificial Intelligence, the event was co-organized by the VCCI and Taiwanese tech corporation Solomon with the aim of pointing out what the fourth industrial revolution offers Vietnamese companies.

“This new wave of technology will help firms raise production, innovate their products and services, and reduce costs,” said Nguyen Quang Vinh, general secretary of the VCCI.

Vinh said the VCCI is planning to start working with local businesses to provide them with consultancy and connect them with foreign firms.

The VCCI is trying to increase local awareness of Industry 4.0 so that domestic firms can take advantage of automation and data exchange in manufacturing technologies.

The event aimed to provide technological solutions for Vietnamese firms. Photo by VCCI

A VCCI working group has already conducted initial studies on the impacts of technological advancements on productivity across various sectors.

It found that production and automation, transportation, finance and banking, education, healthcare and agriculture are major domains influenced by new technologies.

The conference offered high-tech solutions for businesses, including a smart pick and drop system based on artificial intelligence and 3D imaging from Solomon.

Solomon's technical director, Nguyen Xuan Loc, stated that 4.0 solutions would allow his company to cut production costs.

The company said that the event would open up cooperation opportunities in the Vietnamese market as it expands into Southeast Asia from its traditional Taiwanese and Chinese strongholds.

At the event, Dao Ngoc Chien, deputy director general of Advanced Technology at the Ministry of Science and Technology, also asserted that the ministry’s policies would help local businesses benefit from the revolution and apply 4.0 innovations in practice.