Identifying right technology key for business evolution, competitiveness: forum

Wednesday, Jun 12, 2024 19:27

Minsiter of Science and Technology Huỳnh Thành Đạt speaks at the opening of the International Innovative Business Forum in HCM City on June 12. — Photo courtesy of BSA Centre

The future of Vietnamese businesses amid major technology trends, and choosing sustainable technologies to achieve resilience and create tomorrow’s growth engine were among the topics discussed at the International Innovative Business Forum in HCM City on June 12.

It was organised by the High-Quality Vietnamese Goods Business Association, the Business Study and Assistance (BSA) Centre, the Leading Business Club and CIO Vietnam, and was attended by more than 300 delegates.

Opening the event, Minsiter of Science and Technology Huỳnh Thành Đạt highlighted the importance of technologies and innovations to businesses’ productivity and competitiveness, especially in the context of international intergration, the new generation free trade agreements and the impact of the Fourth Industrial Revolution.

Growing protectionism, fierce competition in technology and the requirements of sustainable development have created great pressure on businesses to reform their technologies to become green and sustainable, he said.

Acknowledging the role of the association in gathering Việt Nam's pioneers in technology and innovation, he expected it to further strengthen the links between global technology providers and local businesses to help improve their productivity, quality and competitiveness.

Shashi Jagadiswaran, partner, technology consulting, EY Consulting Vietnam JSC, said: “We have witnessed an explosion in technology innovation. These innovations are shaping the business landscape.”

He cited the example of Q-commerce, a form of eCommerce where the emphasis is on rapid delivery, replacing direct to consumer prevalent during COVID-19.

A panel discussion as part of the International Innovative Business Forum in HCM City on June 12. — Photo courtesy of BSA Centre

Besides, social commerce, dark store – a retail distribution centre or outlet that caters exclusively to online shopping – and online research, offline purchasing are expanding in the consumer market, he said.

“The question is should we just follow the trends?” The answer is to be careful.

“Imaging that I spends money to invest in a technology and apply it in my business. There is a possibility that by the time I have that technology ready, there are already other technologies coming into the market.

“Now not only do I spend money to purchase this new technology but also need to live with this old technology which exposed my business.”

Thus, being “trend focused” could lead to being blindsided, resulting in poor returns on investment or obsolescence, he said.

“Ultimately, identifying the right technology interventions would be key.”

Today innovation cannot be conceived without sustainability, which is something Vietnamese businesses must pay attention to, he added.

Experts also shared insights on innovative business potential under the current climate change situation, and applying technology to promote consumer commerce.

The forum also featured interactive activities seeking to narrow the gap between information technology solution providers and manufacturing enterprises to promote the use of appropriate technologies towards sustainable development.

According to the organisers, the forum is expected to provide the Vietnamese business community with a comprehensive forecast about the impacts of mega technology trends and solutions to help advance their competitiveness. — VNS

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