The 4^thindustrial revolution expects advanced technology to wipe out barriers between physics, digital technology, and biology, between the physical and virtual world. This will affect production, management, and administration globally.

Experts say the 4^th industrial revolution will help enterprises increase their productivity, flexibility, and efficiency, reduce the time needed to bring their products to market, and improve their competitiveness. Customers will enjoy customized goods of higher quality at lower prices.

Nguyen Hung, General Director of TienPhong Bank said the 4^th industrial revolution will change business models and that enterprises will have to adapt to the new situation: “It will create big changes in the banking sector. Technology and the Internet will reduce costs and personnel expenses. Two thirds of banking transactions are now online. Expenses for online transactions are much lower. Customers get better services at lower cost.”

The 4^th industrial revolution will create opportunities as well as challenges in investment, restructuring, and employment. Nguyen QuangVinh, Vice Secretary General of the Vietnam Chamber of Commerce and Industry, said: “Training courses and consultation programs will help improve businesses’ understanding of the 4^th industrial revolution. They will be able to apply advanced information technology or grasp opportunities to strengthen their performance.”

Vietnam has a high rate of people and businesses using the internet and smart phones and a growing IT sector which are opportunities for it to advance toward the 4^th industrial revolution.