Vietnam should create optimal conditions to encourage technological innovation, President and CEO of Japan’s NTT DATA Corporation Toshio Iwamoto said at a workshop in Hanoi on March 1.

Industy 4.0 presents a big opportunity for Vietnam to take a shortcut towards modernisation and prosperity. 

He said the Fourth Industrial Revolution (Industry 4.0) presents a big opportunity for Vietnam to take a shortcut towards modernisation and prosperity.

The implementation of the national Industry 4.0 strategy is key to economic restructuring, growth reform, and socio-economic development, he suggested.

Director of the Central Institute for Economic Management (CIEM) Nguyen Dinh Cung said the new industrial sectors of Industry 4.0 such as the Internet of Things, media and the digital economy will be Vietnam’s main driving forces to support other sectors and increase competitiveness and revenues, alongside developing new services.

He said Industry 4.0 could promote Vietnam’s gross domestic product (GDP) growth of 7-16 percent by 2030 according to different economic reform scenarios.

The average per capita GDP could increase from 315 USD to 640 USD in 2030. It is estimated that 1.3-3.1 million jobs could also be generated.–VNA