Vietnam can inevitably be affected by the results of this revolution, according to a report by a Working Group on Investment and Trade of the Vietnam Business Forum (VBF) 2017.
Automation and the emerging digital economy
There have been many discussions about how the 4th Industrial Revolution will promote restructuring in the global supply chain.
Among other issues, cheap labor will gradually lose its importance as a competitive advantage in the hands of automated manufacturing processes, starting from the design stage through to the testing, delivery, after-sales service and warranty phases.
Every stage in the supply chain will be affected. The jobs of millions of people today may be lost in the next one or two decades, replaced by new jobs requiring new and advanced skills.
Vietnam has been experiencing these effects, which can totally reshape the supply chain. The following survey conducted by JETRO shows that 22.1% of Japanese enterprises operating in Vietnam has been coping with the rising wage costs by enhancing automation in their plants. This is an ongoing trend and must be addressed.
The importance of training and education
Well - educated workers play a key role in applying new technology to production process.
Vietnam's education platform will offer a comparative advantage, but only if this platform can meet the rapidly changing needs of the new digitized industries.
There are many reasons to stay positive; Vietnam has become one of the major exporters of software in just a few years after implementing regulations and policies that eliminate the surtax on high-income earners in the digital economy.
Energy and electricity
Electricity is the core of the digital economy and one of the urgent tasks for Vietnam is to ensure a stable supply of electricity at competitive prices.
In addition, in an age that the effects of climate change are increasingly becoming apparent, consumers around the world are considering environmental issues when choosing goods and services. They want the product to be made with green energy.
In the Vietnam Business Forum, the Working Group on Energy has also talked about the special importance of using renewable energies replacing fossil fuels as major sources of energy in the coming years.
Many members of the group seethis as one of the most important issues of our generation, inwhich human beings are able to protect the planet or threaten it.