Experts warns of job losses through technology
Major technological innovation promises huge advances but also high unemployment.
During a recent conference about the fourth industrial revolution held by the FSB Institute of Business Administration, Can Van Luc, director of BIDV Training School, said the employees in the banking sector were the most likely to lose jobs because of rapid technological advances.
"Automation and artificial intelligence will replace the workforce," he said.
He went on to say that some 47% of customers in Vietnam use online banking.
"In a short time, all vehicles may be automated," he said.
Local enterprises were warned to be prepared so not to be left behind. Binh also said the changes were happening at roughly the same time so if Vietnamese firms were fast and good enough in their investments, Vietnam's position in the world may be different after the so-called revolution.
According to a survey conducted with 2,000 businesses by the Hanoi Small and Medium Enterprises Association, 85% expressed interests and concern. 55% thought Vietnam would be hugely affected, 23% said it would have a moderate impact, 11% a small impact and 10% no impact.
79% of firms said they had no idea what to do about the challenges. 55% were researching developments, 19% were making plans and 12% were implementing their plans.
Can Van Luc, director of the BIDV Training School, said firms should analyse the potential impact of the changes and start developing plans.
During a recent conference about the fourth industrial revolution held by the FSB Institute of Business Administration, Can Van Luc, director of BIDV Training School, said the employees in the banking sector were the most likely to lose jobs because of rapid technological advances.
"Automation and artificial intelligence will replace the workforce," he said.
He went on to say that some 47% of customers in Vietnam use online banking.
Experts warns of job losses through technology
"In a short time, all vehicles may be automated," he said.
Local enterprises were warned to be prepared so not to be left behind. Binh also said the changes were happening at roughly the same time so if Vietnamese firms were fast and good enough in their investments, Vietnam's position in the world may be different after the so-called revolution.
According to a survey conducted with 2,000 businesses by the Hanoi Small and Medium Enterprises Association, 85% expressed interests and concern. 55% thought Vietnam would be hugely affected, 23% said it would have a moderate impact, 11% a small impact and 10% no impact.
79% of firms said they had no idea what to do about the challenges. 55% were researching developments, 19% were making plans and 12% were implementing their plans.
Can Van Luc, director of the BIDV Training School, said firms should analyse the potential impact of the changes and start developing plans.
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