An overview of IIBF 2024. — Photo courtesy of nhandan.vn

Experts gathered at the International Innovative Business Forum (IIBF) 2024 held in HCM City on June 12 to discuss business promotion through the application of new technologies in the world, and measures to support enterprises to achieve breakthroughs and higher competitiveness.

Shashi Jagadiswaran, Deputy General Director and Technology and Digital Consulting Leader at EY Consulting Vietnam, underlined the need for businesses, regardless their operating areas, to clearly define that their customers are living in a digital world, thereby designing proper business strategies, bringing their products closer to customers to win their confidence as well as market share.

He advised businesses and manufacturers to carefully choose the right technology to best approach customers amid a large number of new technologies by clearly calculating the return on investment.

In Việt Nam where about 72.1 million people are using the Internet, ranking 13th in the world, the Government's digital transformation policy is expected to contribute 30% to GDP and help promote digital economic development.

Macro technology trends are shaping the future of industry, requiring businesses to embrace advanced technology to drive business transformation, gain competitive advantages and become stronger, according to experts.

Bùi Văn Trinh, Deputy General Director of Deloitte Vietnam, cited research by his company showing that there are three key trends that summarise the driving forces shaping the consumer goods industry's journey to digital maturity, including the application of data analytics to digital commerce strategy.

Minister of Science and Technology Huỳnh Thành Đạt highlighted the significant role of technology transfer, application, and innovation in increasing productivity of product quality as well as enhancing business competitiveness.

Particularly, in the context of international integration through new-generation free trade agreements (FTAs) and the influence of the fourth Industrial Revolution, technology capacity is a key factor for businesses to produce products and services with competitive or superior characteristics, meeting the increasing demands of the market, he said.

The minister pointed to pressures on businesses in the field, stressing the need for them to apply systematic measures to absorb and renovate technologies, gradually moving towards technological autonomy, and green and sustainable technology.

Dat pledged that his ministry will continue to accompany the Business Association of High Quality Vietnamese Products, which gathers leading Vietnamese enterprises, in building and expanding the association network to help its members to seek cooperation opportunities with new international partners and approach new technological advances.

He asked the association to strengthen connections between domestic businesses and technology suppliers in the world to enhance the productivity, product quality, and competitiveness of Vietnamese firms. — VNS