Domestic firms pick up on Industry 4.0

A slew of domestic businesses have taken over specific solutions to seize imminent opportunities emerging from the Fourth Industrial Revolution (IR 4.0).

Most of Vietnamese enterprises make sense of the significance of applying IR 4.0 technologies into their production and business.

Domestic firms pick up on Industry 4.0

Vu Thi Van Phuong, General Director of VietRAP Investment JSC said that Industry 4.0 gears towards a faster and smarter production process that allows manufacturers to save their time and costs.

“Information technology, the internet, artificial intelligence and other new technologies have helped enterprises enjoy fast growth with their products sold at better quality and competitive prices. Making investment in applying cutting-edge technologies to tap into opportunities from Industry 4.0 is no longer an option but a matter of survival. Firms need to be proactive in training and retraining employees and workers so that they are able to update and benefit from positive changes from Industry 4.0,” said Phuong.

Meanwhile, Hoang Viet Hong, Deputy General Director of Industrial Machinery and Instruments Holding noted that the application of robotics and automation technologies into production has been increasingly intensified around the world.

This brings great effects on the Vietnamese economy, opening up astounding chances for domestic firms to achieve greater penetration into Industry 4.0.

Hong added that the increasing application of robots into production can help manufacturers deal with the disruption of labour or a lack of labour force and increase their productivity.

Tran Dinh Nhan, General Director of the State-owned Vietnam Electricity group (EVN) said that EVN, with the aim of turning itself into the leading corporation in the region, has approved a project on researching, developing and applying IR 4.0 technologies into its production and business activities since 2018. In 2019, EVN adopted 13 out of 40 component projects while some of them has been implemented effectively, with a focus on enhancing the digitalization of grid technical management and developing smart grids.

 

"More attention has been paid to applying new technologies into the group’s operations in order to improve operational reliability and labor productivity. EVN has put into operation 57 control centers and performed remote control for 625 substations of 220-110kV without staff on duty. The rate of issuing electronic documents and digital signatures via the internet in many subsidiaries amounted to over 80 percent, thus shortening time and costs," Nhan stressed.

He added, EVN is deploying its e-cabinet system to digitize more than 90 percent of its operation processes. The digital transformation of EVN has posted over 50 percent, which is due for basic completion by 2025.

Enterprises’ capacity of accessing IR 4.0 technologies in Vietnam remains large, but many still make no sense of the nature of Industry 4.0 and do not know how to utilize it. Though small and medium-sized enterprises acknowledge the Internet of Things (IoT) and related applications, they do not know which applications should be used and where to start.

Hong claimed that many businesses want to promote the application of modern technologies and need more robots to serve their production, but they still face many difficulties in ensuring human resources and investment capital for installing them.

Hence, he underscored the need of building up closer links between foreign and domestic experts to study and launch new and automated technologies into local manufacturing processes. So, the research and investment of such technologies must be strengthened in the near future, he added.

Nguyen Duc Thanh, head of the Vietnam Institute for Economic and Policy Research (VEPR), asserted that in order to reap big successes from Industry 4.0, Vietnam strongly needs to build a solid legal system for the digital transformation as it would be extremely dangerous and chaotic once digital resources are infringed upon.

Do Cao Bao, head of the tech giant FPT's Personnel Committee noted that in order to keep up with Industry 4.0, countries, including Vietnam should keep pace with ever-changing technologies while defining local advantages and understanding its market to create products suitable for tastes, not for manufacturers, thus helping them make deeper penetration into their target markets.

VOV

 
 

Other News

.
Coronavirus outbreak to cost airlines almost $30bn
Coronavirus outbreak to cost airlines almost $30bn
BUSINESSicon  21/02/2020 

Airline industry body IATA predicts global air travel demand will fall for the first time since 2009.

Crackdown on over-charging online sites
Crackdown on over-charging online sites
BUSINESSicon  21/02/2020 

More than 30,000 stores have been closed on online shopping sites including Shopee, Tiki, and Lazada due to overcharging.

Super committee faces difficulties in checking SOE property
Super committee faces difficulties in checking SOE property
BUSINESSicon  21/02/2020 

The increasing amount of property and land under State-owned enterprises (SOEs) was mentioned as a factor in their slow equitisation.

Vietnam to simplify customs checks
Vietnam to simplify customs checks
BUSINESSicon  21/02/2020 

Vietnam plans to hasten the reform of customs checks to save time and costs for businesses and facilitate trade.

Investment funds make more stock purchase despite decling prices
Investment funds make more stock purchase despite decling prices
BUSINESSicon  21/02/2020 

Although the novel coronavirus epidemic COVID-19 has been continuously slamming the stock market, sending stock prices down, many investment funds are still actively buying.

Hanoi leader pledges best conditions for Japan’s Uniqlo
Hanoi leader pledges best conditions for Japan’s Uniqlo
BUSINESSicon  21/02/2020 

Chairman of the People’s Committee of Hanoi Nguyen Duc Chung pledged to create the best possible conditions for Japan’s Uniqlo company to do business in the city, during a reception on February 20 for Uniqlo Vice President Koyama Noriaki.

VN banks still living on credit
VN banks still living on credit
BUSINESSicon  21/02/2020 

Most banks made fat profits in 2019 and some of them had profit of over tens of trillion of dong. But their profits mostly came from lending.

Foreign brands shake up Vietnamese fashion market
Foreign brands shake up Vietnamese fashion market
BUSINESSicon  24/02/2020 

Vietnamese fashion brands are feeling the heat as more and more foreign brands have arrived.

Qantas warns coronavirus impact could hit $99m
Qantas warns coronavirus impact could hit $99m
BUSINESSicon  20/02/2020 

The warning comes as concerns grow over the impact of the outbreak on airlines and the global economy.

VN Industry Ministry no longer keen on bidding mechanism for solar power price
VN Industry Ministry no longer keen on bidding mechanism for solar power price
BUSINESSicon  20/02/2020 

The Ministry of Industry and Trade (MoIT) has had a change of heart on the bidding mechanism for solar power tariffs in Vietnam.

Vietnam braces for economic effects of COVID-19
Vietnam braces for economic effects of COVID-19
BUSINESSicon  20/02/2020 

Vietnam will optimise external resources to spur national economy as the impact of the outbreak of coronavirus on foreign investment flows into the country is visible, according to the Ministry of Planning and Investment (MPI).

The sun still shines in Vietnam: World Bank
The sun still shines in Vietnam: World Bank
FEATUREicon  19/02/2020 

Saying that ‘the sun is still shining above the Vietnamese sky’, the World Bank has also noted that the country should not ignore risks that could occur during bad times.

Some service businesses are thriving amid Covid-19 crisis
Some service businesses are thriving amid Covid-19 crisis
BUSINESSicon  20/02/2020 

While many industries have suffered from Covid-19 epidemic, taxi drivers and shippers are earning more money.

VN catfish sellers try to conquer home market
VN catfish sellers try to conquer home market
BUSINESSicon  21/02/2020 

Seafood companies have vowed to bring catfish to Vietnamese dining tables after their success in the world market.

Farm produce stuck at border, but farmers don't want to sell
Farm produce stuck at border, but farmers don't want to sell
BUSINESSicon  20/02/2020 

Thousands of trucks are still heading for the Vietnam-China border gates, though the exports are getting stuck because of the Covid-19 epidemic.

How much is needed to be listed among the top stock billionaires in Vietnam?
How much is needed to be listed among the top stock billionaires in Vietnam?
BUSINESSicon  22/02/2020 

In 2009, when the VN Index soared from 324 points to the year's peak of 630 points, the richest stock billionaire had total assets worth over VND9 trillion. 

Mekong Delta considers VND67-trillion expy projects
Mekong Delta considers VND67-trillion expy projects
BUSINESSicon  20/02/2020 

The Mekong Delta is expected to introduce two more major expressways, whose total investment exceeds VND67.4 trillion, in the years to come to bolster the region’s socioeconomic growth, according to the Ministry of Transport.

Govt’s new decree removes barriers to automobile imports
Govt’s new decree removes barriers to automobile imports
BUSINESSicon  19/02/2020 

Automobile importers in Vietnam will no longer have to obtain a Vehicle Type Approval (VTA) certificate from authorities in exporting countries, making it easier for them to import cars into the country.

VN investment inflow below expectations after CPTPP
VN investment inflow below expectations after CPTPP
BUSINESSicon  19/02/2020 

A year since the CPTPP came into force, trade between Viet Nam and other members of the trade deal had posted significant gains, but the potential to expand remained large, according to the Ministry of Industry and Trade.

VN central bank makes net cash withdrawal amidst high inflation pressure
VN central bank makes net cash withdrawal amidst high inflation pressure
BUSINESSicon  19/02/2020 

The State Bank of Vietnam made a net cash withdrawal worth VND86 trillion out of the economy through open market operations (OMO) from January 20 to February 14.

 
 
 
Leave your comment on an article

OR QUICK LOGIN