Businesses prepare for fourth industrial revolution

A conference on innovative business models in the context of the fourth industrial revolution was held in Ho Chi Minh City on May 18, with experts from Vietnam and the RoK attending.

Friday, May 19, 2017 10:50

Businesses prepare for fourth industrial revolution ảnh 1

Illustrative photo (Photo: VNA)

HCM City (VNA) – A conference on innovative business models in the context of thefourth industrial revolution was held in Ho Chi Minh City on May 18, withexperts from Vietnam and the Republic of Korea (RoK) attending.

Topicsdiscussed included the role of innovation in small and medium-sized enterprisesand start-ups, funds for sci-tech development and firms collaborating withresearch institutes and universities.

Kim EungJin, an adviser at Nemo Partners Innovation Consulting Group, said the RoKfirms had focused on technology advancement to welcome the fourth industrialrevolution since 2010.

He said thecountry will have 4,000 smart manufacturing plants this year and 10,000 in2020, adding that the Korean Government has built 18 innovative centres tosupport start-ups.

Nguyen TuanThanh, who oversees the fund for sci-tech development of the SaigonTransportation Mechanical Corporation, noted innovation relies on businesses,but requires State assistance.

Firms discussedcollaboration between their community and research institutes/universities, butstressed that cooperation outcomes fall short of potential.

Theyattributed part of the problem to impractical studies, which are incompatible withreality.

A Nhat TinhCompany representative suggested the Government identify key products, marketsand scientific sectors to fully tap domestic strengths.-VNA

VNA

#fourth industrial revolution #innovative business models #innovation #Republic of Korea #Vietnam #technology advancement #start-ups #SMEs

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