The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
Challenges facing insurance industry
The two industries are forecasted to have the opportunity for market expansion to the EU and the US. According to the Ministry of Industry and Trade (MoIT), the garment and textile industry enjoyed the largest proportion of growth amongst other industries during the first ten months of 2018. During the reviewed period, garment and textile export turnover hit roughly US$25.15 billion, up 17.1% from last year’s same period, with a major focus on the key markets such as the US, the EU, the Republic of Korea, China, and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member nations. Textile and garment companies’ production activities have showed positive signs due to an abundance of orders with many companies having even filled orders that will run until the end of the third quarter or the end of 2018. Most notably, the US has retained its place as a potential import market for Vietnamese garment and textile products with many large orders … [Read more...] about Textile and footwear industries remain bright spots for Vietnam’s economy
At the workshop (Source: qdnd.vn) Hanoi (VNA) – The fourth Industrial Revolution will create new industries, which are expected to give new momentum to Vietnam’s economic growth, said an economic expert. Speaking at a workshop in Hanoi on November 21, Nguyen Thi Tue Anh, Deputy Director of the Central Institute for Economic Management (CIEM), explained that the revolution will change the structure of sectors as well as growth resources. The government has assigned the Ministry of Planning and Investment, and the CIEM to draft a national strategy on the fourth Industrial Revolution, build an innovation and creation centre, and develop a network of talents, she said. Dang Quang Vinh, deputy head of the CIEM’s Business Environment and Competitive Ability Department, held that with huge economic potential and ability of businesses and labourers, Vietnam can capitalise on the revolution. Vinh cited services launched by FastGo, the first ride-hailing app to offer … [Read more...] about Fourth Industrial Revolution to create new industries in Vietnam
Revising production methods is among measures helping textile enterprises to deal with current difficulties According to experts, previously apparel orders constantly poured into Vietnam thanks to its cheap labour competitiveness, however, it is no longer an advantage as labour costs have increased. Inevitably, orders have moved to the lower-cost countries, such as Laos, Cambodia and Myanmar. One of the major bottlenecks that Vietnam's garment sector is always seeking measures to address is how to get rid of the current situation of out-sourcing with low added value, while avoiding a dependence on imported raw materials (the country still has to import more than 80% of raw materials) in order to control prices and increase competitiveness. Although the Vietnam National Textile and Garment Group and several major enterprises have invested in spinning, weaving, dyeing and finishing chains, it does not seem enough to meet the needs of thousands of companies specialising in garment … [Read more...] about Challenges face textile sector as cheap labour no longer an advantage
Viet Nam News Analyst’s Pick By Võ Trí Thành* The Fourth Industrial Revolution has not only had deep impact on all aspects of life but also rapidly changed the way businesses create and distribute products and services as well as the interaction between the market and the State. Võ Trí Thành In a hyper-connected world, advanced technologies like Internet of Things, blockchain and Artificial Intelligence have been transforming the traditional market, thus challenging policymakers to keep up with the pace. In order to ensure the digital economy truly promotes efficiency, innovation and development, it is necessary to develop policies and regulations to adapt to the market. We may agree in principle of regulatory policies and regulations. That ensures the spirit of innovation on the basis of healthy and fair competition, the overall socio-economic benefits, especially those of consumers, and the State’s interests. However, … [Read more...] about Keeping pace in the Fourth Industrial Revolution