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.