An Analysis of the Effects of the Fourth Industrial Revolution on Vietnamese Enterprises
Abstract
The objective of this empirical study is to analyze the role of the industrial revolution 4.0 (IR4.0) on Vietnamese enterprises. The IR4.0, which relates to the breakthrough of the Internet of Things and artificial intelligence, has brought about changes in the manufacturing industry and had a significant impact on Vietnamese enterprises. A review of previous studies combined with secondary data has been applied for analyzing and supporting the evidence of the impact of IR4.0 on Vietnamese enterprises. The analysis has provided evidence that aside from its beneficial opportunities, the IR4.0 will create many challenges for Vietnamese enterprises, impacting management, operations, and the manufacturing sector. The concept of IR4.0 and its impact on enterprises and economies should be considered and the IR4.0 will accelerate the process of technological innovation. This is derived from the nature of the IR4.0, which is based on digital technology and integrates all intelligent technologies. It is evident from the data analysis and the synthesized information that Vietnamese enterprises in IR4.0 have advantages and opportunities to access the new technologies. In adapting to the requirements stemming from this revolution, enterprises should increase their investment in applying new technologies to take opportunities into the current market. Due to this issue, Vietnamese enterprises need to change and be innovative in their overall strategy, adapt and make good use of the benefits and opportunities, provide solutions to the new challenges, and achieve the competitive advantages within the IR4.0. Based on the outcomes of this study, management practitioners and researchers can refer to and apply these findings for future in-depth studies of how IR4.0 is affecting Vietnamese enterprises and make relevant recommendations.References
Cameron, A., Pham, T. H., Atherton J., Nguyen D. H., Nguyen T. P., Tran S. T., Nguyen T. N., Trinh H. Y., & Hajkowicz, S (2019). Vietnam’s future digital economy – Towards 2030 and 2045. CSIRO, Brisbane.
Dinh, Q. (2018). Industry 4.0: Challenges and Opportunities for young people. https://tuoitrethudo.com.vn/cach-mang-cong-nghiep-40-co-hoi-va-thach-thuc-voi-nguoi-tre-d2042435.html
Gilchrist, A. (2016). Industry 4.0: The industrial internet of things (1st Ed.). Apress.
Guzikova, L., Van, L.T.H., Nechitaylo, I., & Dedyukhina, N. (2019). Impact of the fourth industrial revolution on the sustainability of Vietnam's economic development. In IOP Conference Series: Materials Science and Engineering. http://dxdoi:10.1088/1757-899X/940/1/012031
Jovanovski, B., Seykova, D., Boshnyaku, A., & Fischer, C. (2019). The impact of industry 4.0 on the competitiveness of SMEs. In IV International Scientific Conference - Industry 4.0, Summer Session, Burgas, Bulgaria
Laureti, T., Piccarozzi, M., & Aquilani, B. (2018). The effects of historical satisfaction, provided services characteristics and website dimensions on encounter overall satisfaction: A travel industry case study. TQM Journal, 30(3), 197-216. https://doi.org/10.1108/TQM-07-2017-0080
Liang, Y. C., Lu, X., Li, W. D., & Wang, S. (2018). Cyber Physical System and Big Data enabled energy efficient machining optimisation. Journal of Cleaner Production, 187, 46-62. https://doi.org/10.1016/j.jclepro.2018.03.149
Maresova, P., Soukal, I., Svobodova, L., Hedvicakova, M., Javanmardi, E., Selamat, A., & Krejcar, O. (2018). Consequences of Industry 4.0 in business and economics. Economies, 6(3). 1-14, http://dx.doi.org/10.3390/economies6030046
Nguyen, H. C. (2020). A Vietnamese perspective on the evolution of Industry 4.0. https://vir.com.vn/a-vietnamese-perspective-on-the-evolution-of-industry-40-77078.html
Nguyen, X.T., & Luu, Q.K. (2020). Factors Affecting Adoption of Industry 4.0 by Small- and Medium-Sized Enterprises: A Case in Ho Chi Minh City, Vietnam. The Journal of Asian Finance, Economics and Business, 7(6), 255-264. https://doi.org/10.13106/jafeb.2020.vol7.no6.255
Özüdoğru, A. G., Ergün, E., & Ammari, D. (2018). How industry 4.0 changes business: a commercial perspective. International Journal of Commerce and Finance, 4(1), 84-95
Qin, J., Liu, Y., & Grosvenor, R. (2016). A Categorical Framework of Manufacturing for Industry 4.0 and beyond. Procedia CIRP, 52, 173-178.
Sima, V., Gheorghe, I.G., Subi´c, J., & Nancu. (2020). Influences of the Industry 4.0 Revolution on the Human Capital Development and Consumer Behavior: A Systematic Review. Sustainability, 12, 4035. https://doi.org/10.3390/su12104035
Stasiak-Betlejewska, R., Parv, L., & Gliń, W. (2018). The influence of industry 4.0 on the enterprise competitiveness. Multidisciplinary Aspects of Production Engineering, 1(1), 41-648.
Tran, A. S. (2016). The impact of the fourth industrial revolution to Vietnam. http://ncif.gov.vn/en/Pages/NewsDetail.aspx?newid=19311
Ulewicz, R., & Nový, F. (2017). Fatigue Resistance and Influence of Cutting Technology on the Mechanical Properties of Modern Steels Used in the Automotive Industry. Procedia Engineering, 192, 899-904.
Vrchota, J., Volek, T., & Novotná, M. (2019). Factors Introducing Industry 4.0 to SMEs. Social Sciences, 8, 130. https://doi.org/10.3390/socsci8050130
Witkowski, K. (2017). Internet of Things, Big Data, Industry 4.0–Innovative Solutions in Logistics and Supply Chains Management. Procedia Engineering, 182, 763-769.
Downloads
Published
How to Cite
Issue
Section
License
Under the Creative Commons Attribution-NonCommercial-NoDerivs license, the users are free to share (copy, distribute and transmit the contribution) with the condition to attribute the contribution in the manner specified by the author or licensor. They may not alter, transform, or build upon this work.
