(VOVworld) – The 4^th industrial revolution has a profound impact on Vietnam’s socio-economy and Vietnam should no longer rely on cheap labor or abundant natural resources, but to restructure the economic growth model for development, according to a forum hosted by the Ministry of Industry and Trade in Hanoi on Tuesday.

Deputy Minister of Industry and Trade Ho Thi Kim Thoa addressed the forum on April 11

Tran Dinh Thien, Director of the Vietnam Economics Institute, said Vietnam should build an appropriate strategy for restructuring the growth model, fine tune the institution, and develop the digital infrastructure, and human resources for smart industry and agriculture production.

Tran Thanh Hai, Deputy Director of the Import and Export Department, said the government should map out industrial development programs, focusing on heavy and support industry.

“The 4^th industrial revolution has made profound changes. We should prepare to avoid being shocked and lagged behind. We need creativity in production, appropriate policies, and business' response,” Hai elaborated.