EMERGING DIGITAL TECHNOLOGIES

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The Vietnamese economy is undergoing an industrial revolution (Vietnam News, May 20, 2017, par 1). This presents the country with numerous opportunities for the application of these emerging technologies to help cut on the cost of production. However, it is important for this to be done in the right way so that the economy can reap maximum benefits .First, a study needs to be carried out to establish the areas of the economy that are suitable for each type of technology to be applied in. This will assist in the identification of potential users of technology in the production of good and services (Carol & Finn, 2014, pg. 5). As such the technology companies will be able to come up with the best strategy to use to enter the market.

Subsequently, it is important for technology companies to identify the specific challenges that are associated with doing business in Vietnam such as high unemployment rate and low income levels of citizens (Bao, 2014, pg.1) .Such knowledge is essential since it aids in the identification of the risks that they will face that can be a threat to their business if not handled in a proper manner. In order to overcome these challenges the companies need to in constant contact with their customers so that they can get feedback to help in the solution process.

Given that the technologies discussed in the previous sections were developed at different times in different parts of the world, the Vietnamese need to carry out a proper analysis of each technology to determine the level of development it has attained. Thereafter, the decision making process on the most appropriate time to adopt the technology can be made with ease. For instance, since the 5G technology is not fully developed the country can choose to delay its application in the country and first work on adapting the others.

Countries like Japan and the US are way ahead of Vietnam in the use of modern technologies such robotics and cloud computing. These provide a suitable platform from which technology companies in Vietnam to learn from.by observing the failures and success of modern technology application in these countries, the companies will be able to draw important lessons thereof to improve on their operations. From these countries, the implications of technology in the value addition process can be clearly understood.

Consequentially, companies can choose on the strategies to apply so that they can earn maximum profits from Vietnam. For the areas where the technology is already used in the country such as mobile technology, the best approach to use is substitution. Here the emerging technology will slowly replace the existing one. On the other hand, the country has low levels of innovation (World Bank Publication, 2017, par 3), companies can create an opportunity from this challenge and create new customized ways of applying emerging technologies to the Vietnamese economy.

Crossing the Chasm

As seen in section 7, the country is still in the ²New Innovation” phase and the  ² Technology Enthusiast” stages of technology adoption. At these stages, it is difficult for companies to sell their products to a large number of people. In return, this translates into low revenue for the companies. In order to help them overcome this challenge, the country needs to put a number of measures in place.

To begin with, the country has a wide education gap. The government needs to put the necessary policies in place to close this gap. As a result of weak systems in the education sector (World Bank, par.2), the citizens cannot fully appreciate and use the emerging technology to maximise on production. This negative trend needs to be turned around since countries that have high levels of ignorance cannot establish robust business empires that use technology for day to day operations. Even more, the country needs to identify the specific objectives it needs to achieve using technology (Vietnam News, May 20, 2017, par 9,). It needs to adopt a suitable approach to promote science and technological advancement.

Again, there is need to for the government and private sector to invest in research. This will aid in the improvement of business capacities in the country and increase the application of technology. Further, it will encourage the development of an innovation culture. Thus it will create numerous opportunities for technology companies for more sales leading to increased levels of profit. Also, research will assist in the determination of the social implications of emerging technologies. As such there will be customization of this technology to encourage its acceptance by the Vietnamese population on a greater scale.

One of the biggest problems that Vietnamese face is low income levels. Even though the country is working hard to eliminate poverty, its citizens still have low incomes. In this situation, the population does not have the financial muscle necessary to allow them spend money in buying technological devices (Gates Cambridge, Monday, 10 Dec 2012, par3). The government should strive to improve the state of the economy so that there can be more opportunities for local and international technology companies. On the same note the country needs to improve the level of access to financial services to encourage business growth (World Bank Publication, 2017, par 3).

 

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