Dr. Nguyen Duc Kien, Head of the Prime Minister’s Economic Advisory Team, is delivering his speech
Chairman Le Tien Truong of Vinatex’s Board of Directors commented that even though digital transformation is a must due to exceptionally high pressure from clients, it is wise to do that section to section using a suitable pathway. The textile section of Vinatex has favorable conditions to carry out this process first, yet it still devises a plan calculating in decades.
“Illogical selections of a business in this industry for digital transformation obviously lead to huge costs for this process. That might create financial crises once the business is no longer able to complete the process”, said Chairman Truong. The reason is machinery of this industry normally has different life expectancy and technologies for different periods, while the digital transformation must be done along side with production.
Prof. Dr. Tran Tho Dat, former Rector of the National Economic University, proposed a development of a set of indicators showing the digital maturity level for each industry, so that businesses in such industries clearly understand what to do.
Agreeing with that, Dr. Tran Van, Director of the Institute for Digital Economy Development Strategy shared that most laws need adjusting to better suit the digital economy, society, and government. For instance, the Traffic Law must include new vehicle forms of self-propelled cars associated with smart urban areas, and a regulation on whether techno-taxi platforms belong to the technology field or the transportation one. The Securities Law needs more regulations on startup and innovative technology startup listing.
Dr. Nguyen Duc Kien, Head of the Prime Minister’s Economic Advisory Team, stressed that it is necessary to be aware that digital transformation is not an easy or cheap process to do. The digital values are considered an asset to be clearly calculated. The digital transformation ways must be flexible for each individual, unit, and industry.
Besides careful preparation of human resources, the selection of a proper institution, especially financial regulations, must be reviewed. Depreciation time, for example, cannot be calculated in the same way as it used to be since digital technologies changes exceptionally quickly.