Hanoi (VNA) –Deputy Prime Minister Vuong Dinh Hue has urged domestic firmsꦡ to embracedigital transformaꦓtion at a recent business forum.

Addressing the CEOForum 2019 in Hanoi on April 5, the Deputy PM said the fourth industrialrevolution has a strong impact on the economy and society around the world andall sectors and fields with unprecedented speed. As Vietnam is deeplyintegrated into the world economy, the country faces many challenges but alsohas multiple opportunities, he told the forum, stressing that to shorten thedevelopment gap with other countries, digital transformation is a vital stepfor businesses to stay afloat in the Industry 4.0 era. Deputy PM Hue said inrecent years, the Party and State have advocated the transformation of thegrowth model based on the application of science, technology and innovation toimprove productivity, quality and the competitiveness of the economy. “The Government hasbeen continuously improving the business and investment environment ,strengthening macro-economic foundation, promoting entrepreneurship andcreating the most favourable conditions to support business development,” hesaid. He noted that thePrime Minister and the Government have adopted drastic measures to develop ane-Government, building a digital economy, embracing digital transformation andapplying 5G technology, building an institutional framework to pilot new businessmodels such as non-cash payment, e-payment, peer-to-peer lending and sharedeconomy. Deputy PM Huestressed that every business must be a centre of innovation to be successful, addingthat they cannot go alone, and the Government, ministries and localities arecommitted to accompanying enterprises in the future. Minister of Informationand Communications Nguyen Manh Hung said innovation and creativity should comefrom the dare to accept failure and the real escape from “thinking inside thebox.” “A revolution willnot happen by the old way but by new ways, new models, and new methods of doingbusiness,” the minister said.-VNA