Digitization digital transformation

Matthias Rebellius, Member of the Managing Board Siemens AG; CEO of Siemens Smart Infrastructure It is in electric grids that use AI to balance fluctuating input from renewable wind turbines and solar panels. It is also in accelerated vaccine production to protect people from the pandemic, as well as in railway networks that can handle 30 per cent more trains without the need to lay any new tracks. The changes brought by the Fourth Industrial Revolution are nothing short of amazing. Digital technology saves lives, enables teams to collaborate remotely from anywhere, and gives companies a competitive advantage by making everything more efficient. Yet for all its promise, digital transformation can be complex. Deploying digital technologies and integrating them into existing systems can be difficult. And it can be hard to scale them up once you have proof of concept. The investment costs in the hardware and software can be prohibitive, and engineers often spend many months … [Read more...] about Siemens Xcelerator: digital transformation made easy

With proper market understanding and lower prices of products and services, local IT companies are getting more prominent roles in the country's digital transformation. Local tech companies have gained a more significant part in the national digital transformation, and they are the core of the process, according to specialists and executives. Rikkeisoft staff at work. The company has expanded significantly in the last 10 years to become a leading IT firm in Vietnam. Photo: The Hanoi Times Ngo Minh Quan, Head of Digital Transformation and Solution Center at tech firm Rikkeisoft, said that Vietnam does not lag behind in digital transformation worldwide. Viettel's headquarters building in Hanoi. Photo: The Hanoi Times According to experts, local IT businesses can provide digital solutions that are of international standards, suitable for local taste, and much cheaper. … [Read more...] about Tech firms are standard-bearers in national digital transformation

Accelerated digitalization According to a Microsoft study conducted in the Asia-Pacific region, 98 percent of innovative enterprises believe innovation is the key to quick response to market challenges and opportunities, and 56 percent of CEOs of large enterprises confirm that digital transformation helps increase revenues. In general, companies that conducted successful digital transformation yielded 23 percent higher profits than those that did not. The banking industry conducted fast digital transformation to adapt to the pandemic For large-scale enterprises this means a unified management system through mobile applications, helping customers integrate and manage information when using different services, whether paying electricity bills, shopping or buying leisure services. According to Nguyen Hoang Ngan, General Director of the Binh Minh Plastic Joint Stock Company, the only positive outcome of the COVID-19 pandemic was acceleration of the digital … [Read more...] about Vietnam makes digital transformation leap

Prime Minister Pham Minh Chinh addresses the forum (Photo: VNA) The leader underlined the significance of digital transformation as a compulsory task in the national development. Meanwhile, the collective economy is an obvious trend during international economic integration, which is suitable to the socialist-oriented economy, he said. Resolution No.20-NQ/TW released at the fifth session of the 13th Party Central Committee clarified that the collective economy is an important economic sector that needs to be reinforced and developed and, together with the State-owned sector, to become a firm foundation for the national economy, he noted. The Government leader said that over the years, the collective economic sector has seen strong growth in all aspects, including scale, structure, connectivity, and efficiency. Participants at the forum (Photo: VNA) However, it has yet to meet all development targets and requirements, he said, pointing out various difficulties facing … [Read more...] about PM chairs forum on digital transformation role in collective economy,cooperative

Prime Minister Pham Minh Chinh addresses the forum (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh on September 23 chaired a forum on collective economy and cooperatives, which focuses on the role of digital transformation in the development of the sector. The leader underlined the significance of digital transformation as a compulsory task in the national development. Meanwhile, the collective economy is an obvious trend during international economic integration, which is suitable to the socialist-oriented economy, he said. Resolution No.20-NQ/TW released at the fifth session of the 13th Party Central Committee clarified that the collective economy is an important economic sector that needs to be reinforced and developed and, together with the State-owned sector, to become a firm foundation for the national economy, he noted. The Government leader said that over the years, the collective economic sector has seen strong growth in all aspects, including … [Read more...] about PM chairs forum on digital transformation role in collective economy, cooperatives

EVN contributes to realising national digital transformation goals. (Photo: EVN) Hanoi (VNA) – Electricity Vietnam (EVN) plans to nominate three of its self-developed automated products as “Make in Vietnam” ones as part of its efforts to contribute to the Government’s national digital transformation programme by 2025, with a vision to 2030. The three are among the six selected “Make by EVN” products developed by its affiliates, including three-phase electricity gauge, EVN electric vehicle charger, and smart remote fault indicator (SRFI) and fault diagnosis scheme (FDS) by the Central Power Corporation (CPC); outage management system (OMS) by the Ho Chi Minh City Power Corporation (EVNHCMC); remote data collection software EVNHES by the EVN Information and Communications Technology Company (EVNICT); and the load dispatch digitalisation project by the Hanoi Power Corporation (EVNHANOI). The corporation has accelerated digital transformation over the past several years, … [Read more...] about EVN contributes to realising national digital transformation goals

Hanoi - The local banking sector, currently undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from UK partners after the UK-Vietnam Free Trade Agreement (UKEVFTA) takes effect, according to banking insiders. Clients make transaction at a HSBC Vietnam transaction office in HCM City. (Photo courtersy of HSBC) UK banks may set up representative offices, branches, 100% foreign-owned banks and joint ventures with capital contributions not exceeding 50% in Vietnam. Until 1 August 2025, UK financial institutions may solicitate the approval of Vietnam’s competent authority (State Bank of Vietnam) to buy shares in one joint-stock commercial bank of Vietnam, up to 49% of that enterprise’s chartered capital, except for four commercial banks of which the Government of Vietnam currently holds the majority of equity. UK investors are also permitted to transfer cross-border … [Read more...] about Banks race to implement digital transformation ecosystem

A customer sees insurance products on a mobile device. The insurance revenue through digitised channels of the life insurance segment accounts for less than 5 per cent of the total premium revenue of the market. — Photo tinnhanhchungkhoan.vn Insurers should promote digital transformation rapidly as, compared to other financial industries, the insurance industry is considered to have slow digital transformation with limited economic efficiency. Despite efforts being made, the digital transformation of insurance companies is lagging, as most life insurance buyers still want to hold paper contracts instead of keeping them online and seeing them on mobile devices. Pham Thu Phuong, deputy director of the Ministry of Finance’s Insurance Supervision Authority (ISA), said the biggest challenge for insurance companies is an effective digital transformation strategy, as many companies, even foreign-invested ones, have not performed digitisation synchronously but only in some stages. … [Read more...] about Insurance companies urged to go digital soon

Nguyen Duc Hien, Deputy Head of the Central Economic Commission, delivers his speech in the event (Photo: SGGP). Statistics from the Authority of Information Security reveal that in the first half of 2022, on average there are 44.7 cyber-attacks a day in Vietnam (a rise of 1.6 times compared to this time last year), leading to tough challenges in maintaining cyber security, especially during the national digital transformation process. Experts and business leaders are exchanging experience and new trends, strategies in cyber security (Photo: SGGP) Head of the Institute for Information and Communications Strategies Nguyen Thanh Phuc shared that the trend of uploading data onto cloud servers becomes a lucrative chance for cyber criminals. The risk of information leak or loss has never been this high, yet most businesses and organization still exercise no practical method to lower this risk and protect themselves. According to Robert Trong Tran, Deputy General Director of … [Read more...] about Vietnam striving to ensure information security in digital era

The conference was chaired by Deputy Defense Minister cum head of the project drafting board Senior Lieutenant General Le Huy Vinh. The workshop aimed to clarify awareness, viewpoints, scientific and practical basis; review achievements and shortcomings in the implementation of digital transformation in the field of military and defense so as to make recommendations to the Central Military Commission (CMC) and MND on making of policies, solutions and orientations for digital transformation in the ministry. Via the event, delegates also supplemented and adjusted the draft project to submit to the CMC’s Standing Committee and MND, contributing to promoting digital transformation in military units, meeting all requirements in military construction in the current context. Concluding the conference, General Vinh hailed Command 86 and the members of the project drafting board for actively making good preparation for the project with high quality. He underscored that the building of … [Read more...] about MND works out draft project on digital transformation