Great chance for Vietnam to enter next production revolution

Hanoi (VNA) – Vietnam is holding a big opportunity to enter the next production revolution, which is happening around the world, Deputy Foreign Minister Bui Thanh Son has said.

At a workshop in Hanoi on June 16, he elaborated that a new space for development has been opened thanks to intensive international integration and a young and industrious population able to quickly adapt to new technologies.

The next production revolution, or the fourth industrial revolution, began at the same time with the breakthrough development of smart technology. It has been strongly developing in recent years amid a growing need for a new, more effective, and more sustainable production mode to efficiently cope with financial crises, climate change and aging populations, he noted.

Son stressed after finishing negotiations on or signing new-generation free trade agreements (FTAs) like the Trans-Pacific Partnership or the bilateral FTAs with the EU and the Eurasian Economic Union, Vietnam has advanced to a very important stage of development that requires strong mindset reforms and high resolve to accelerate national industrialisation and modernisation.

Alessandro Goglio, head of the Southeast Asia Division of the Organisation for Economic Cooperation and Development (OECD), said the next production revolution is just in the initial phase at present but critical to all countries, especially developing nations like Vietnam.

The OECD is enhancing cooperation with Southeast Asian countries to boost bilateral dialogue, support the region’s connectivity and integration, and assist their policy priorities. Therefore, thorough studies and sharing information to identify the nature and impacts of the next production revolution are necessary, he added.

At the workshop, participants mulled over the revolution’s features and its challenges to development, mindset and policy changes in the world, how to optimise opportunities and minimise the revolution’s reverse influence, and what Vietnam should do to tap into its potential amidst the revolution.-VNA