Vietnam needs policy changes to adapt in industrial revolution
Vietnam needs a “revolution in its policy-making mind-set” before it can take advantage of the fourth industrial revolution, said Pham Xuan Hoe from the Banking Strategy Institute, at a forum in Hanoi on January 7.
If Vietnam can catch up with the revolution in time, the digital economy can help the country close the gap with other nations around the world, an expert has said (Photo: VNA)Hanoi (VNS/VNA) - Vietnam needs a “revolution in its policy-making mind-set” before it can take advantage of the fourth industrial revolution, said Pham Xuan Hoe from the Banking Strategy Institute, at a forum in Hanoi on January 7.
Attending the forum held by the Vietnam Institute for Economic and Policy Research (VEPR), Hoe said: “If Vietnam can catch up with the revolution in time, the digital economy can help the country close the gap with other nations around the world.”
However, he was concerned about policies to help boost digital transformation, saying: “Vietnam still applies outdated policies in a new economic context.”
Economist Nguyen Tri Hieu told the forum: “Since 2016, the country has talked a lot about the advantages from the fourth industrial revolution but, after four years, I don’t see where it is in such a revolution.”
Responding to both comments, Ho Tu Bao from the Japan Advanced Institute of Science and Technology, said: “Vietnam is in the initial stages of the revolution,” adding that each revolution takes between 50 to hundreds of years.
Bao said the fourth industrial revolution is one of digital transformation, which helps close the gaps in social relationships, ease the burden on labour and remove the role of intermediaries to develop the economy.
He is working with the Ministry of Health on a plan to connect the medical records of more than 50 million people with their health insurance details and another plan with the Ministry of Transport to connect transport records of 1.2 million vehicles.
“Some ministries go fast and some go slower in digital transformation, however, the awareness of many leaders has been improved. Digital transformation is a long term project, and should take at least 10 years,” Bao said.
Hosting the forum, VEPR director Nguyen Duc Thanh agreed that the economy is changing.
Recognising the Government’s efforts, the VERP’s director said Vietnam is spending on building an e-Government but the process is slow. Half of the country’s ministries are not yet digitalised.
Thanh told the forum: “The transformation will take time as the people (who make decisions) are still the same. There is no other way than to wait for them to change their minds.”
According to the Central Institute for Economic Management (CIEM), the implementation of the fourth industrial revolution can help boost economic growth by 28.5 - 62.1 billion USD, equivalent to 7-16 percent of GDP over the next ten years./.
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