Digital transformation is considered an opportunity for Vietnamese enterprises to avoid falling behind their competitors, but many firms, especially small- and medium-sized enterprises, remain unaware of the Fourth Industrial Revolution. — Photo nhandan.com.vn

Digital transformation is considered an opportunity for Vietnamese enterprises to avoid falling behind their competitors, but many firms, especially small- and medium-sized enterprises, remain unaware of the Fourth Industrial Revolution, experts have said.

At a workshop in Ha Noi on Friday, participants said the digital transformation had occurred around the world as governments and large businesses use new technologies to promote development. The trend was already increasing customer satisfaction and opening new markets.

According to Lui Sieh, a digital transformation consultant from Hong Kong, digital transformation is understood as efforts of businesses to employ new technologies to ensure strong development and improve competitiveness.

Lui said rapid changes in both customer demand and technologies had made digital transformation crucial. Businesses in all sectors should embrace these changes.

It is difficult for firms to complete the transition rapidly because each one must meet different financial, technological and human resource requirements, according to the consultant.

Nevertheless, countries in Southeast Asia have made rapid changes and attracted investments as a result. Viet Nam has been part of this breakthrough and has great potential to develop a strong digital economy.

He said Viet Nam had advantages that would help attract investments.

"Only around 27 per cent of the country’s population has knowledge of digital transformation, but the Government has taken drastic measures to improve people’s awareness."

He said local businesses should promote digital transformation by gaining and sharing the necessary knowledge. — VNS