Industry 4.0 paving the way for Vietnam’s startups

Industry 4.0, short for emerging technologies like cloud, artificial intelligence and machine learning, is considered the fourth industrial revolution, and is rapidly changing the world.

Vietnam had missed three industrial revolutions before so it’s high time for the country to catch up with this global trend, said Truong Gia Binh, Chairman of technology giant FPT Corporation. “Don’t grow old before you get rich.”

Industry 4.0 will pave the way for businesses in Vietnam, including the startup community, given the country’s young demographic and high internet penetration rate, Binh commented. The revolution will also create more jobs.

Unlike the last three industrial revolutions, Industry 4.0 focuses on automation and data exchange in manufacturing technologies. Small startups with limited capital can still be very competitive, he added.

Asanzo Vietnam CEO Phan Van Tam (left) and FPT Corporation Chairman Truong Gia Binh (middle) at the talkshow. Photo by VnExpress/Quy Nguyen

However, launching a new enterprise also means taking a risk, Pham Van Tam, CEO of Asanzo Vietnam, warned.

"Opportunities and risks go hand in hand, but with government support for the startup community, they should begin to change their minds and the way they run their businesses, depending on their needs and financial capabilities," Tam said.