(VEN) - Vietnamese businesses need to create their own development strategies based on the foundations of the fourth industrial revolution (Industry 4.0). These strategies must be new, flexible, and able to help businesses adapt to changes. Tran Viet Hoa, director of the Department of Science and Technology under the Ministry of Industry and Trade, said the Ministry of Industry and Trade conducted a survey to assess Vietnamese industrial firms’ level of preparation for Industry 4.0 and the results painted a troubling picture. The survey indicates that the critical disadvantage of domestic businesses is that 70 percent of them have equipment that cannot be controlled by IT or connected with other equipment types, while 75 percent of businesses have no single digital technical model. Vietnam’s ability to approach Industry 4.0 continues to be hampered by a series of basic issues. The first is limited capacity for digitalizing and connecting data within businesses, among … [Read more...] about Domestic firms need development strategies for Industry 4.0
Additional support needs
Việt Nam needs sustainable e-commerce development
Việt Nam's internet economy has developed strongly in the past, including growth of e-commerce in all fields of the socio-economy. Trần Văn Trọng, Chief of the Việt Nam E-Commerce Association’s Office, told to Vietnam News Agency about this issue. Trần Văn Trọng, Chief of the Việt Nam E-Commerce Association’s Office A recent joint study on Southeast Asia’s internet economy by 2025 of Google and Temasek Holdings, said value will reach US$33 billion by 2025. What are your thoughts about this figure and the potential of Việt Nam’s internet economic development? In Việt Nam, the internet economy and e-commerce are similar. Việt Nam’s e-commerce includes online retail, online travel, social media and motorbike and car booking services including fast food delivery. Many other fields are gradually participating in e-commerce market such as education and health care services. … [Read more...] about Việt Nam needs sustainable e-commerce development
SME success dependent on right market access support
The role of small- and medium-sized enterprises (SMEs) in today’s business landscape cannot be ignored. In the Asia Pacific region, SMEs not only account for the majority of employment and job creation, they make significant contributions to GDP in many related markets. By Hardy Diec - Managing director, FedEx Express Indochina Recent research commissioned by FedEx shows that in Vietnam, eight out of 10 SMEs that engage in imports and exports are exporting to markets outside of the Asia-Pacific, higher than the regional average of 71 per cent. Around 57 per cent of those are optimistic and believe they will see a further increase in exports beyond the region in the year ahead. At the same time, SMEs in Vietnam are even more bullish about exports within the Asia-Pacific, with almost two-thirds anticipating increased revenue growth. Clearly, there is significant opportunity for trade within these markets. SMEs are increasingly looking for opportunities to grow their … [Read more...] about SME success dependent on right market access support
Auto support industry needs to take development initiative
The domestic automobile parts industry has failed to reach the set target despite support from the Government, said Nguyen Thi Tue Anh, deputy director of the Central Institute for Economic Management (CIEM).— VNA/VNS Photo Tran Viet The domestic automobile parts industry has failed to reach the set target despite support from the Government, said Nguyen Thi Tue Anh, deputy director of the Central Institute for Economic Management (CIEM). Speaking at a seminar on policies, barriers and solutions to developing the industry in Ha Noi on Tuesday, Anh said the industry still had a low localisation rate, or rate of local part supply. She said Viet Nam needed to promote the development of support industries to compete with other countries in the region. "It is important to have policy research related to the automotive and automotive support industries to promote the use of domestic automobile parts," said Anh. Viet Nam has 358 automobile-related manufacturing enterprises, including … [Read more...] about Auto support industry needs to take development initiative
Hungry SMEs need banks to change their ‘risk appetite’
Nguyen Thi Mui, Associate Professor and former director of the Vietinbank Human Resource Training and Development School, is senior consultant for a project being implemented by the Vietnam Chamber of Commerce and Industry (VCCI).The project is titled, "Supporting Vietnamese enterprises better access credit through enhancing management competence and transparency of financial activities.” She spoke to VnExpress International about the project and issues involved. VnExpress International: At the end of the year, businesses scramble to raise capital, but find it difficult to get loans from the banks. Why is this always the case? Nguyen Thi Mui: The difficulties faced by small and medium-sized enterprises (SMEs) in accessing credit have been discussed for many years. There are many causes. For SMEs, management competence and financial transparency are two common weaknesses. These companies are unable to build trust with the banks, request funding for risky projects, … [Read more...] about Hungry SMEs need banks to change their ‘risk appetite’