Industry leaders say that with government support, Vietnam is capable of becoming a new manufacturing hub for high tech gadgets.
Vo Quang Hue, Deputy CEO of Vingroup, stated that the current state of Vietnam is very conducive to becoming a global manufacturing leader in Internet of Things (IoT) devices. In 2018, discussions in Vietnam’s technology sector revolved around keywords like 5G, IoT, Artificial Intelligence, Big Data and Industrial IoT (IIoT).
Citing a report by Business Insider Intelligence, Hue said the world will have over 40 billion interconnected IoT devices by 2023, adding that Vietnam can play a pivotal role in this technology revolution.
Due to its young population and geographical proximity to major supply chains, Vietnam is attracting the attention of international technology giants looking to developing new production bases.
Business associations and government bodies across the globe are expected to spend $950 billion on IoT solutions in the coming years.
Meanwhile, Vietnam is strengthening its electronics manufacturing base. According to a Brookings Institution report, one out of 10 smartphones across the globe is manufactured in Vietnam.
Hue stated that younger generations of the Vietnamese workforce are more exposed to the global technology revolution, and they are learning from global technology leaders. He believes that cases in which young Vietnamese occupy key positions within global technology giants, such as Le Quoc Viet, who helms its AI projects under Alphabet Inc’s Google, are creating opportunities for the country.
Due to global trade rows, importers are looking for alternative, cost-effective supply sources for manufacturing technology devices. Many are looking to relocate their operations to Vietnam, turning the Southeast Asian nation into a hub of research and development centers and manufacturing plants.
Nguyen Tu Quang, CEO of BKAV Corporation, expressed confidence in Vietnam’s young workforce to support the development of high-end technology products. BKAV Corporation is a domestic smartphone manufacturer, which also provides cybersecurity solutions.
At a conference held by Vietnam’s Ministry of Information and Communication (MIC), Quang spoke about how young technocrats are domestically developing high-end technology products based on good core technologies. Vietnamese enterprises need government and regulatory support to foster growth in the technology product sector and build consumer confidence, if they are to steal market share from Apple or South Korean players like Samsung.
Quang is looking forward to capitalizing on growing expertise in science and technology in Vietnam. According to him, it is important for Vietnam to identify and support the growth of five key technology players. He is a strong supporter of South Korean business models, in which Samsung, LG, and SK are receiving heavy investment and driving revenues of $300 billion for the country.
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