Open AccessThe Vietnamese Economy in the Industrial Revolution 4.0
Author(s) -
Le Van Thong,
Vu Trinh The Quan
Publication year - 2020
Publication title -
khoa học và công nghệ: kinh tế - luật - quản lý
Language(s) - English
Resource type - Journals
ISSN - 2588-1051
DOI - 10.32508/stdjelm.v3i4.577
Subject(s) - industrial revolution , vietnamese , digital revolution , globalization , big data , productivity , information revolution , technological revolution , china , cloud computing , digital economy , state (computer science) , political science , economy , engineering , business , economic growth , economics , computer science , telecommunications , philosophy , linguistics , algorithm , law , operating system
Mankind has undergone three scientific and technical revolutions and is now embarking on the fourth (also known as the Industrial Revolution 4.0). Globalization forces companies to review and innovate their production processes in the direction of the Industrial Revolution 4.0 – the integration of tools such as artificial intelligence, big data, cloud computing, etc. which are connected globally through digital data transmission. In spite of being in the new revolution, Vietnam is yet to utilize the achievements of the second and especially the third revolution. At the same time, it is expected that Vietnam is among the hardest hit countries due to its unreadiness in all aspects. This paper aims to (1) provide an overview of the Industrial Revolution 4.0, (ii) evaluate the influence of the revolution on Vietnam, and (iii) analyze opportunities and challenges for Vietnam's economy. A number of recommendations to develop Vietnam's economy in the near future is also provided, including: (1) Changing education and training strategies to be in line with the Industrial Revolution 4.0, especially the undergraduate education; (2) Having appropriate science and technology development strategy to increase labor productivity and build a foundation for advanced science and technology; and (3) strengthening the role of the State.