Decisive approach needed for Industry 4.0 to succeed

Nguyen Chi Dung, Minister of Planning and Investment.

In his remarks at a meeting to share a vision for 2019 hosted by the Ministry of Planing and Investment in Hanoi on January 30, Dung stated that a great number of challenges are facing the Vietnamese economy in the years ahead. The openness of the economy will remain at a high level whilst its reliance on foreign investment persists.

In order to overcome risks of being stuck in a middle income gap, Vietnam needs to spur economic growth and make further breakthroughs to keep pace with regional and global development. Additionally, greater efforts must be made to ensure macro-economic stability and maintain high economic growth rates.

“If we manage to get on the Industry 4.0 train, it is highly possible that the country will keep up with regional and global development,” Minister Dung said.

The Ministry of Planning and Investment, a governmental agency providing advice on national socio- economic development strategies, will always pursue citizen–based policies with a view of leaving no one behind, the minister affirmed.

Citizen-based approaches should be implemented to foster national development, he stressed, adding that all policies have to appreciate the rights, benefits, and satisfaction of citizens. To ensure a thriving Vietnam, attempts must be made to grasp imminent opportunities, maximize all available resources, and try to turn challenges into opportunities.

Reviewing the results of 30 years since the implementation of Doi Moi (Renewal), Dung highlighted the country’s robust growth with its strong improvements in infrastructure and facilities while being named among middle income countries.

National gross domestic product (GDP) growth has risen annually by 6.8 per cent on average during the reviewed period. The scale of the Vietnamese economy has seen a 39 fold increase to US$245 billion, with GDP per capita amounting to US$2,587.

However, Dung said that the nation is still ranked among the list of lower middle income countries as its GDP per capita makes it 138^th among 188 countries and territories.

The GDP per capita is equivalent to figures seen in Malaysia 20 years ago, Thailand 15 years ago, and Indonesia 10 years ago.