Accelerating Digital Transformation: Imperative for Business Survival

Panel Discussion on Digital Transformation in HCM City

A panel discussion on digital transformation during the Industry 4.0 era was held in HCM City on September 20 by the Association of Vietnam Scientists and Experts, the HCM City Institute for Development Studies, and Quang Trung Software City. — VNS Photo

Importance of Digital Transformation

Digital transformation is a vital step for businesses to stay afloat in the Industry 4.0 era, a seminar heard in HCM City on Thursday. Studies show that while 90 per cent of CEOs believe the digital economy would have a major impact on their industry, less than 15 per cent are funding and executing digital transformation plans.

Driving Forces of Digital Transformation

Digital transformation is being driven by a set of technology mega trends like mobility, hyperconnectivity, super-computing, real-time big data analytics, and cloud computing. According to Đào Trung Thành, chief technology officer of Media Ventures Vietnam Group, companies must transform to ensure their survival in the coming years.

Challenges and Priorities

Prof Hồ Tú Bảo, director of the John von Neumann Institute, emphasized the importance of raising awareness about digital infrastructure and focusing on its development. He highlighted the components of digital infrastructure and stressed the need for a legal framework for a digital society and economy.

Opportunities for Small and Medium-sized Enterprises (SMEs)

Delegates noted that the fourth industrial revolution offers opportunities for small- and medium-sized enterprises in Vietnam to compete with larger ones and become the next generation of large companies. It also provides a chance for Vietnam to catch up with other developed countries.

Vietnam Digital Economy Forum (VDEF) 2018

The seminar was a preliminary event of the 2018 Vietnam Digital Economy Forum (VDEF 2018) to be held in HCM City from October 31 to November 1. Nguyễn Ngọc Tú, chief innovation officer at SmartLog/Entropy JVN, highlighted the aims of VDEF 2018 and the topics to be discussed, including the path to Industry 4.0 for Vietnam, the impact of digital technology on the business strategies of SMEs, and digitized services in supporting SMEs.

Reference: Vietnam News