WEF to propose policies for Vietnam to seize 4IR opportunities

Hanoi (VNA) – The World Economic Forum (WEF) will build a report proposing policies for Vietnam to improve competitiveness and prepare all necessary conditions to optimise opportunities and benefits from the Fourth Industrial Revolution (4IR).

Deputy Minister of Foreign Affairs Bui Thanh Son revealed the information at a workshop held by his ministry and the WEF in Hanoi on November 17.

He underlined the growing relations between Vietnam and the WEF over the past time and said the report will be built as part of the bilateral cooperation agreement on future-proofing economy in Vietnam signed in 2017.

Justin Wood, head of the Asia Pacific region of WEF, said Vietnam has seen remarkable strides since 1980s from a low-income country to middle-income one. 

Vietnam is striving to become a high-income nation in the future, he added.

Addressing the event, Deputy Prime Minister Vuong Dinh Hue highlighted opportunities from the internet of things, which enable all individuals to start business and help promote inclusiveness. 

Vietnam has obtained significant achievements in the field of telecommunication infrastructure, he said, adding that the country has over 130 million mobile phone subscribers and the 4G network has covered up to 99 percent of Vietnamese districts. Fifty-five percent of the population has been frequently connected with the internet, he noted.

Besides opportunities, the 4IR also poses numerous challenges in increasing competitiveness and promoting inclusiveness in Vietnam such as changing business models and shifting labour forces – which have been occurring in some taxi firms and manufacturing and processing industries, Hue said.

He affirmed that the Government will hold regular dialogues with the business community as well as domestic and foreign experts to remove barriers and tackle any arising issues stemmed from the fourth industrial revolution.

The Government will also create a legal corridor and essential action programmes to support businesses as well as encourage the formation of start-up ecosystems based on science and technology and promote corporate social responsibility.-VNA