In the international integration process, revitalisation and innovation are the quickest way for countries and businesses to embrace digital transformation.

That was the message from Deputy Prime Minister Vuong Dinh Hue speaking at an event in Ha Noi on Friday.

Hue made the statement at the CEO Forum 2019 organised by Thoi Bao Kinh Te Viet Nam (Viet Nam Economic Times) newspaper, entitled “Business Revitalisation and Innovation: Breakthroughs From Mind to Action”.

“The fourth industrial revolution has a strong impact on the economy and society around the world and all the sectors and fields with unprecedented speed,” Hue said.

"Viet Nam is deeply integrated into the world economy. In this revolution, Viet Nam faces many challenges but also has multiple opportunities. To shorten the development gap with other countries, digital transformation is a vital step for businesses to stay afloat in the Industry 4.0 era,” Hue said.

The Deputy Prime Minister said that in recent years, the Party and State advocated the promotion of the growth model transformation based on the application of science, technology and innovation to improve productivity, quality and the competitiveness of the economy.

“The Government has been continuously improving the business investment environment, strengthening macro-economic foundation, promoting entrepreneurship and creating the most favourable conditions to support business development.”

The Prime Minister and the Government had adopted drastic measures to develop an e-Government, building a digital economy, embracing digital transformation and applying 5G technology, building an institutional framework to pilot new business models such as non-cash payment, e-payment, peer-to-peer lending and shared economic models, he said.

In 2019, the Government directs the Ministry of Science and Technology to coordinate with concerned agencies to develop the countrys first project of National Innovation Centre (NIC) in Ha Nois Hoa Lac Hi-Tech Park.

"The demand for innovation is very urgent, from mind to action, enterprises need to act immediately, promptly, decisively, urgently to achieve concrete results on innovation in each industry,” Hue said.

“Every business must be a centre of innovation, to be successful. They cannot go alone but have to go together. The Government, ministries and localities are committed accompany with enterprises in the future,” Hue said.

Innovation and creativity must be generated from creative thinking, new ideas, the dare to accept failure and the real escape from the “thinking inside the box”, said Minister of Information and Communications Nguyen Manh Hung.

“When it comes to innovation, developed countries regard it as the smart way to operate. A revolution will not happen by the old way but new ways, new models, new methods of doing business," Minister Hung said.

"Enterprises need to find ways to escape from the normal rules to make differences. If they are wrong, they must choose to be wrong faster to get the right thing sooner. We used to study first, do later, but now we have to apply knowledge in reality constantly, Hung said. — VNS