(VEN) - Vietnamese businesses need to create their own development strategies based on the foundations of the fourth industrial revolution (Industry 4.0). These strategies must be new, flexible, and able to help businesses adapt to changes. Tran Viet Hoa, director of the Department of Science and Technology under the Ministry of Industry and Trade, said the Ministry of Industry and Trade conducted a survey to assess Vietnamese industrial firms’ level of preparation for Industry 4.0 and the results painted a troubling picture. The survey indicates that the critical disadvantage of domestic businesses is that 70 percent of them have equipment that cannot be controlled by IT or connected with other equipment types, while 75 percent of businesses have no single digital technical model. Vietnam’s ability to approach Industry 4.0 continues to be hampered by a series of basic issues. The first is limited capacity for digitalizing and connecting data within businesses, among … [Read more...] about Domestic firms need development strategies for Industry 4.0
Consumers shop at a Vinmart store in Hung Yen province (Photo: VNA) Hanoi (VNA) - Vietnam’s retail market needs a comprehensive development strategy to boost domestic trade, experts said at a conference in Hanoi on March 20. The retail market has seen significant developments in recent years, but the industry lacked a development strategy which resulted in lack of connections between market participants, said Le Xuan Dinh, Editor-in-Chief of the Economic and Forecast Magazine, which organised the conference. Still, the development is at early stage, opportunities are there for investors, especially those have professionalism and originality, Dinh stressed. He forecast that the next year would see retail competition heat up between local and foreign retailers and between modern and traditional retail channels, largely driven by Industry 4.0. Vietnam’s retail market is a really attractive story, Vo Tri Thanh, Director of the Institute for Brand and … [Read more...] about Vietnam’s retail market needs development strategy: experts
Silk products made in Hanoi’s Van Phuc village (Photo: Lan Anh/VOV5) Most traditional craft villages are hundreds of years old or even thousands of years old. Moreover, Vietnam has 12 intangible cultural heritages of humanity, more than 40,000 national cultural heritages, and about 10,000 festivals, many of which are in craft villages. The Vietnam Craft Village Association has collected opinions of visitors and craftsmen on the actual needs of tourists and the villages’ ability to meet the demand. Luu Duy Dan, Chairman of the Vietnam Craft Village Association, said, “From now until 2023, the Association has set a program of action to link the communities of craft villages, preserve culture, develop tourism, and integrate into the world. A number of villages has been selected to be included in tour itinerary. They include Bat Trang pottery village and Van Phuc silk village in Hanoi, Dong Ho folk painting village in Bac Ninh province, Doi Tam drum village in … [Read more...] about Craft village tourism to be developed
Lưu Bình Nhưỡng. — VNA/VNS Photo Lưu Bình Nhưỡng, deputy head of the National Assembly Committee for People’s Aspiration, speaks to the Tiền Phong (Vanguard) newspaper about efforts to encourage voluntary resignations by officials who behave badly and betray the public trust A highlight at the recent 8th Plenum of the Party Central Committee was a discussion on the need to create the expectation among Party/Government officials that if they have been involved in wrongdoing or mismanagement, they should voluntarily leave their position. What are your thoughts on that kind of expectation, which we could call a culture of resignation? Article 4 of the Constitution of the Socialist Republic of Việt Nam states clearly that all organisations of the Party and party members shall operate in accordance with the Constitution and the country’s laws. In other words, if any party member breaches the laws, … [Read more...] about Will corrupt officials develop a sense of shame?
The coming derivative product for government bonds (known as g-bonds) is expected to help financial institutions hedge risks, but experts have raised concerns about the trading mechanism. According to Do Ngoc Quynh, general secretary of the Vietnam Bond Market Association, the fact that only seven commercial banks having been allowed to operate in the derivatives market would make trading more like a one-way road. When bond yields increase, all banks would like to buy as many g-bond futures contracts as possible as a risk hedging tool for their g-bond portfolios, he told the online newspaper tinnhanhchungkhoan.vn. The total value of g-bond portfolios held by commercial banks is estimated at VND800-900 trillion (US$35.5-40 billion). The number of foreign investors holding g-bonds is modest, so there is little demand among foreign investors to trade g-bond futures contracts for hedging, Quynh said. To lure more investors and traders, such as investment funds and securities and insurance … [Read more...] about New g-bond futures contract needs trading mechanism