Technology investment: Solutions to help Vietnamese businesses find a foothold in the market

In an integrated economy, productivity and product quality are the key to determining the competitiveness and long-term survival of a business. Therefore, production and business enterprises need to apply, improve, innovate technology and consider technology as a strategic tool to develop quickly and sustainably.

Minister of Science & Technology – Mr. Chu Ngoc Anh has confirmed that: The application of science and technology advanced as one of the shortest path to help businesses increase efficiency of production and business, increase productivity, etc.

According to a survey According to the survey conducted by VINASA with 275 agencies at the end of 2017, 35.2% of agencies and units had prepared and ready for the 4th Industrial Revolution, most of which were enterprises in the banking sector, some IT enterprises and the majority are businesses, application agencies and some IT management agencies. In addition, the Ministry of Science and Technology said that so far, many businesses surveyed responded to investing in the application of new technology and bringing practical efficiency, in which the application of information technology in production. The export has helped increase labor productivity by 1.7-2 times. Here are a few good examples:

Thuong Dinh Electric Wire and Cable Joint Stock Company (CADI-SUN) is oriented towards the current trend of Industry 4.0, as well as the importance of technological innovation in production, thus investing heavily in technology. From 2016-2017, thanks to modern production lines, CADI–SUN’s production activities were stable, output value increased by 43% and attracted many large customers in the market.

Duhal Industrial and Lighting Equipment Joint Stock Company is a strategic partner of Samsung Group boldly investing in technology, considering technology as the core value for growth. Therefore, in 2017, the company’s revenue reached over 1 trillion dong.

Thanks to the investment in modern technology and production machinery, Vinamilk has reduced 70% of the labor force, thereby reducing labor costs and lowering product costs while ensuring export capacity.

The current technological innovation is interested by businesses and has received much support from the State and relevant agencies. However, to be effective and long-term, businesses need to be proactive, have long-term plans and decisions to invest in technological innovation.

Productivity and Quality Office