If Vietnam can catch up with the revolution in time, the digital economy can help the country close the gap with other nations around the world, an expert has said (Photo: VNA) Hanoi (VNS/VNA) - Vietnam needs a “revolution inits policy-making mind-set” before it can take advantage of the fourthindustrial revolution, said Pham Xuan Hoe from the Banking Strategy Institute,at a forum in Hanoi on January 7.
Attending the forum held by the Vietnam Institute forEconomic and Policy Research (VEPR), Hoe said: “If Vietnam can catch up withthe revolution in time, the digital economy can help the country close the gapwith other nations around the world.”
However, he was concerned about policies to help boostdigital transformation, saying: “Vietnam still applies outdated policies in anew economic context.”
Economist Nguyen Tri Hieu told the forum: “Since 2016, thecountry has talked a lot about the advantages from the fourth industrialrevolution but, after four years, I don’t see where it is in such a revolution.”
Responding to both comments, Ho Tu Bao from the JapanAdvanced Institute of Science and Technology, said: “Vietnam is in the initialstages of the revolution,” adding that each revolution takes between 50 tohundreds of years.
Bao said the fourth industrial revolution is one of digitaltransformation, which helps close the gaps in social relationships, ease theburden on labour and remove the role of intermediaries to develop the economy.
He is working with the Ministry of Health on a plan toconnect the medical records of more than 50 million people with their healthinsurance details and another plan with the Ministry of Transport to connecttransport records of 1.2 million vehicles.
“Some ministries go fast and some go slower in digitaltransformation, however, the awareness of many leaders has been improved.Digital transformation is a long term project, and should take at least 10years,” Bao said.
Hosting the forum, VEPR director Nguyen Duc Thanh agreed thatthe economy is changing.
Recognising the Government’s efforts, the VERP’s directorsaid Vietnam is spending on building an e-Government but the process is slow.Half of the country’s ministries are not yet digitalised.
Thanh told the forum: “The transformation will take time asthe people (who make decisions) are still the same. There is no other way thanto wait for them to change their minds.”
According to the Central Institute for Economic Management(CIEM), the implementation of the fourth industrial revolution can help boosteconomic growth by 28.5 - 62.1 billion USD, equivalent to 7-16percent of GDP over the next ten years./.
VNA
