Due to the severe effects of the Covid-19 pandemic, the global economy has been undergoing a difficult and challenging period. Furthermore, industrial revolution 4.0, with its rapid and unpredictable changes, is forcing businesses to compete fiercely. Cloud computing, the Internet of Things, mobile technology, and virtual world technology such as VR and AR are redefining industries and creating new business models. To maintain viability and development, all businesses must change their operational structure, apply technology, and transform digitally. Businesses will be eliminated and fail on their own home ground if the potential is not strong enough or flexible enough for digital transformation.
Vietnam’s energy industry faces not only these common challenges but also challenges from within the industry in both the global and domestic contexts. The Russia-Ukraine conflict has caused an energy crisis around the world, disrupted the balance of supply and demand in the energy industry, and is causing difficulties and threatening the survival of most energy industry enterprises. Many global corporations have been forced to go bankrupt or change their operations. As domestic energy demand grows, Vietnam has transitioned from an energy exporter to an energy importer. Electricity demand is expected to grow at an annual rate of 8.5% over the next five years, according to projections. The energy industry in Vietnam is facing numerous challenges in terms of ensuring energy supply, ensuring socioeconomic development, and implementing green transformation.
Difficulties overlap with difficulties; thus, the global energy industry is currently promoting a green, clean transition and reducing emissions, with the goal of reaching carbon neutrality. The energy industry in Vietnam is no exception to this trend.
DIGITAL TRANSFORMATION is the key to eliminating barriers and ensuring long-term survival and development in the global energy industry in general and Vietnam in particular. 56% of the CEOs of large enterprises acknowledge that digital transformation increases revenue and profits by 23% when compared to traditional business models. In the Asia-Pacific region, 74% of leaders believe digital transformation is now essential for improving performance, recovering from Covid-19, and responding quickly to market challenges and opportunities.
Domestically, Vietnam’s energy industry is concerned and facilitated in its DIGITAL TRANSFORMATION orientation.
On February 25, 2022, in the presence of Vietnam’s President Nguyen Xuan Phuc, VietStar Consulting and Training JSC (VIETSTAR) and Singapore Management University (SMU) signed a cooperation agreement on training DIGITAL TRANSFORMATION for Vietnamese energy industry leaders in Singapore. Two months after signing. Power Generation Corporation 2 – GENCO2 – received the first training programme.
Figure 1: Prof. TIMOTHY CLARK, Provost of Singapore Management University, and Ms. Pham Thu Hang, CEO of VietStar.
Power Generation Corporation 2 (EVNGENCO2) has pioneered the deployment of Digital Transformation training for senior managers in Singapore from April 18 to 21, 2022, with the vision of becoming the leading Power Generation Corporation of Vietnam and the region, playing a key role in ensuring national energy security.
Figure 2 – Mr. Tran Phu Thai – Chairman of the Board of Directors of GENCO2; Mr. Truong Hoang Vu CEO of GENCO2; Mr. Eddie Tritton – Executive Program Manager – SMU Executive Development and Ms. Pham Thu Hang – CEO of VietStar
The DIGITAL TRANSFORMATION training programme focuses on practical energy industry issues such as: the impact of digital transformation on Vietnam’s energy industry, as well as the challenges and difficulties that the energy industry is facing in order to achieve this goal; the top priorities in the digital transformation process, and the roadmap and implementation methods for successful digital transformation.
Figure 3: GENCO2 Leaders studying at Singapore Management University (SMU)
Along with training at Singapore Management University, GENCO2 leaders will have the opportunity to visit and learn about digital transformation experiences at leading Singapore corporations such as Sembcorp Industries. Practical experiences and practical sharing during field visits will help energy industry leaders build a step-by-step roadmap for successful digital transformation that is appropriate to their specific circumstances.
Figure 4: GENCO2 leaders visit and share practical experiences at Sembcorp Industries
The energy industry is critical as a development lever for other economic sectors. DIGITAL TRANSFORMATION is the key to assisting the energy industry in achieving the goal of green, clean, and emission reduction, leading to carbon neutrality.
With over a dozen of training courses for the Vietnamese energy industry, VIETSTAR is proud to be a pioneer in digital transformation training for leaders in the Vietnamese energy industry.