Nguyen Thi Tue Anh, the Central Institute for Economic Management (CIEM) deputy director speaks at a seminar on the fourth industrial revolution and new technology industries in Ha Noi on Wednesday. — Photo bnews.vn

The Fourth Industrial Revolution is expected to create new technology industries which could drive Viet Nam’s economic growth, according to Nguyen Thi Tue Anh, the Central Institute for Economic Management (CIEM) deputy director.

The CIEM held a seminar on the fourth industrial revolution and new technology industries in Ha Noi on Wednesday.

The seminar aimed to discuss how new technology industries impact on enterprises.

Evaluating the development of new business in Viet Nam, Dang Quang Vinh, deputy head of the CIEM’s Department of business environment and competitive capacity, said the country had good enterprise and labour capacity, allowing it to take advantage of the Fourth Industrial Revolution.

Viet Nam currently has some quality products at reasonable prices. However, new management thinking and supporting policies were necessary for new technology industries in Viet Nam, said Vinh.

The CIEM also pointed out challenges for Viet Nam amid the Fourth Industrial Revolution such as lacking of skilled IT labour forces, unclear regulations and a limited domestic capital market.

To ultilise the opportunities of the Industry 4.0, experts recommended State agencies work with enterprises to grasp information and build institutional and legal frameworks.

The experts also recommended quickly amending irrelevant business regulations and enacting new regulations.

Some also said there should be tax policies to attract human resources, increase co-operation between universities and enterprises and develop training programmes within enterprises.

Besides, it was necessary to amend tax regulations to acknowledge costs for e-commerce, free tax for e-payment services to attract users and reduce tax for investment projects on technology upgrade of enterprises. — VNS