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Industry 4.0 a threat to Vietnam’s textiles sector

The Fourth Industrial Revolution is one of the kind where digitalization plays an important role ,unlike in the previous revolution like coal , electricity and electronics. 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing are some of the features of the Fourth Industrial Revolution.

As Le Tien Truong, CEO of the Vietnam National Textile and Garment Group (Vinatex) says this may cause a problem to developing countries like Vietnam where digitalization is at a grassroot level. Vinatex which deals with fashion magazines, fashion design institutes. In 2017-2020 period, Vinatex must pay more attention to research and apply technological achievements of Industry 4.0, improving workplace productivity. The only positive signs in the first quarter of 2017 were the recovery of main markets such as the US, the EU and Japan and growth of 12 per cent year-on-year. Vietnam’s textile and garment exports failed to reach its target of $29 billion in 2016. And the total revenue reached $1.78 million, up 3 per cent, and pre-tax profit stood at $62.9 million, up 9 per cent.

 
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