The report on the "Industrial Revolution 4.0: Impact, Opportunities, Challenges and Issues"

The Tien Giang provincial People's Committee (PPC) has just held a special report on the industrial revolution 4.0: Impact, Opportunities, Challenges and Issues" on November 24. Deputy Secretary of the Tien Giang provincial Party Committee, Chairman of the PPC Le Van Huong and leaders of towns, cities and communes in the province attended this event.

At the conference. Photo: thtg.vn

Assoc. Prof. Tran Dinh Thien, Vietnam Institute of Economics, member of economic advisory group of the Government reported the issues related to industrial revolution 4.0. Accordingly, the industry 4.0 will open opportunities for each individual, organization and ethnic group. The industrial revolution 4.0 has had tremendous economic, social and environmental impacts; all levels globally, regionally and in each country.

Associate Professor Tran Dinh Thien reports issues related to industrial revolution 4.0. Photo: thtg.vn

In the face of globalization, the 4.0 revolution will have a significant impact on Vietnam, to create many opportunities and challenges, especially in the medium and long term. This is an opportunity to positively impact on long-term growth, to reduce the cost pressures on inflation, the potential for positive impacts on the environment.

However, the industrial revolution of 4.0 will undermine the cheap labor advantage, as well as the geo-economic advantage of bringing the manufacturing industry back to developed countries near the market consumption. Facing this opportunity and challenge, Vietnam needs to develop a digital conversion strategy; smart management; building digital connectivity infrastructure and network security; create human resources; to build the digital technology industry; intelligent agriculture, smart travel; to build innovative ecosystems and smart city.

(According to thtg.vn-Translated by NGUYEN HUU)