Digital transformation review

To stay competitive, factories and warehouses must leverage the Industrial Internet of Things (IIoT) and digitalisation to become much more efficient. While industries have automated many processes, secure wireless connectivity empowers factory automation, making industrial automation possible on a much larger scale. By creating a digital foundation, industrial automation will increase productivity and performance. For instance, Ericsson’s factory in Estonia has demonstrated that with AR troubleshooting, the average fault detection time reduction combined with better ergonomics and faster information sharing, can boost productivity by up to 50 per cent. … [Read more...] about Smart manufacturing for accelerated digitalisation

The Central Economic Committee, when reviewing economic development in the last five years, said the economy continued growing rapidly, 6 percent per annum. The economy has a scale of $340 billion, which has increased by 1.4 times, ranking fourth in ASEAN.  … [Read more...] about Researchers warn of risks for Vietnam in 2021

Hanoi (VNA) - Vietnam’s 2021 GDP growth is projected at 5.49 percent in the normal scenario, 6.9 percent if the current situation gets better, and 3.48 percent in the worst-case scenario, according to the Vietnam Institute of Economics under the Vietnam Academy of Social Sciences (VASS). The real growth rate will depend on the world economic situation and the capacity to absorb FDI, the “Vietnam Economic Overview 2020: Promoting innovation-based economic growth” conference held by the institute on January 19 heard. VASS President Bui Nhat Quang said the COVID-19 pandemic strongly affected economic growth around the world in 2020, with most major economies posting contractions. Vietnam, however, achieved the twin targets of disease prevention and socio-economic recovery and development. It posted economic growth of 2.91 percent, the lowest since 1986, when its “renewal” process began, but higher than the figure posted in many other countries in the … [Read more...] about GDP growth to reach 5.49 pct. in normal scenario in 2021: Economics Institute

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc asked experts to study to seek a new driving force for development during a working session with the National Advisory Council on Financial and Monetary Policies and the economic advisory group on January 19. … [Read more...] about PM asks experts to study new driving force for development

The government has adopted many important and effective support packages. If new stimulus packages continue to be launched, it will lead to overlapping in policy implementation. What needs to be done now is to observe market developments, catch up with consumer habits and trends, and devise appropriate solutions and strategies. … [Read more...] about Additional stimulus packages may be needed to support the economy