Vietnamese firms brace for Industry 4.0Updating technology and revamping administration are crucial for the existence and development of Vietnamese businesses amidst the fourth industrial revolution, experts said at a workshop in Ho Chi Minh City on April 12. The experts agreed that the industrial revolution has directly impacted Vietnam’s economy, especially enterprises. Le Hoai Quoc, head of the management board of the Saigon High-teach Park (SHTP), said the revolution generates both opportunities and challenges for local firms. Highlighting the efficiency of new technology in production, Nhon said after revamping production technology, ICC needs only 50 workers compared with 150 in the past, with output up three-fold. They suggested employing more labourers with high skills, encouraging foreign firms to participate in the local supply chain and promoting innovation.-VNA

Source: VietNamNet News April 13, 2018 08:15 UTC