Speaking at ‘Smart IoT Vietnam 2018’, an event organized by the Communist Party’s Central Committee and the Ministry of Information and Communication (MIC) in October 2018, Hung said that advanced technologies will come, the labor force will be ready, and new industries will take shape, which will allow Vietnam to create new products for export. 

However, Hung stressed that Vietnam needs to accept new things sooner than others.

“If Vietnam follows others or goes together with others, it won’t have the opportunity to change its position on the world’s manufacturing map,” Hung said.

“When accepting new things, we will lose some things. But we don’t have many things to lose. This is our great opportunity,” Hung said.

Nguyen Van Binh, head of the Party’s Central Committee, said Vietnam needs to create favorable institutional conditions for digital economy activities and the establishment of new business models.

Binh, who is also a member of the Politburo and the Party’s Secretariat, stressed that IoT would help upgrade the manufacturing sector, accelerate national growth and build a smart society.

More than 40 countries have built up strategies and action plans for the 4.0 era. For Vietnam, joining the 4.0 industry revolution is a must. However, it is a great challenge.

Hung said it is necessary to develop the industry in a comprehensive way to change Vietnam’s ICT ranking around the globe.

Vietnam missed the civil electronics and terminal device (such as mobile phone) manufacturing period. So, it needs to go straight to IoT device manufacturing.

“Vietnam needs to start doing this by designing and integrating technology into finished products and master core technologies,” Hung said.

IoT, as understood by many scientists, is an industry. Manufacturing sensors is the first and most common part of the industry. 

IoT will be much larger than the smartphone market as demand will be for trillions of devices.

According to Hung, IoT includes fundamental technology, platform and apps. Vietnam just needs 5 percent of businesses to develop fundamental technologies. These could be large corporations such as Viettel, Vingroup, VNPT, FPT and CMC.

Software firms can create platforms, while small and medium sized enterprises, or anyone, could develop apps.

Regarding human resources, investment is needed first, and once jobs are created, workers will appear, Hung said.

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