Vietnam has launched a ‘Made in Vietnam 4.0 Program’ as part of the country’s efforts and preparation for the fourth industrial revolution, or Industry 4.0. The programme would facilitate development of new industries and encourage new policies, mindset and technology towards Industry 4.0 and its digital economy ambitions. According to Prime Minister Nguyen Xuan Phuc during the World Economic Forum (WEF) 2019 in Davos, the Vietnam government fully supports new business models and ideas based on Industry 4.0. He expresses Vietnam’s desire to be at the forefront of the revolution as it would be important for the country’s sustainable economic development and digital economy.
According to the PM, Vietnam would be experimenting on the fifth-generation network, or 5G, in 2019 which would be brought to commercial use in 2020. This would make Vietnam one of the first countries in the world to implement 5G. Furthermore, Vietnam and the WEF have signed an agreement to establish a Fourth Industrial Revolution centre in Vietnam which would be connected to similar WEF centres in US and the European Union (EU). This would hopefully encourage international companies to make Industry 4.0 products in the country. Moreover, the government would focus on reforming its policies which would be receptive to new technologies, business models and to pursue environmentally friendly services and products.
Vietnam has had a strong and steady economic growth momentum. The country’s GDP per capita in 2018 was US$2,600, reaching a 10-year high of 7.08 percent. The PM stated that Vietnam is the world’s manufacturing hub in electronic products, smart phones, textile and footwear. Furthermore, Vietnam currently has 26,000 running FDI projects with registered capital of US$350 billion, including projects from Siemen, Novatis, Carlsberg, Mitsubishi, Toyota, Samsung, LG, Exxon Mobil, Ford, GE, among others.
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