At the forum. (Photo: tapchitaichinh.vn)

The aforementioned information was released in a report delivered by the Central Institute for Economic Management (CIEM) at a forum, entitled “Industry 4.0: International experience and Vietnam’s policy”, in Hanoi on November 27.

The event aimed to collect ideas for a draft national strategy on Industry 4.0, as well as to share experience in building strategies in response to Industry 4.0.

In his remarks, CIEM Director Nguyen Dinh Cung stated that Vietnam is a low middle-income country and is striving to implement industrialisation and shift the growth model. Science and technology has always been considered as an important factor for economic growth, he said, stressing the need to promptly access and design policies to promote Vietnam’s participation in Industry 4.0.

According to Cung, a growth scenario with Industry 4.0 could help raise Vietnam’s average annual GDP per capita by US$315-640 in 2030 thanks to increased productivity and employment.

Dang Quang Vinh, deputy head of CIEM’s business climate and competitiveness department, said that the new industries of Industry 4.0 will be the major growth engines for Vietnam, and will help other industries to enhance their competitiveness, increase revenues and develop new services.

In order to utilise the opportunities brought about by Industry 4.0, Vinh suggested reviewing and revising the business management institutions, simplifying administrative procedures and business conditions on the digital platform, creating institutional space for technological tests, and improving the quality of laws and law enforcement on intellectual property protection to encourage innovation.