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Vietnam Today

WEF on ASEAN discusses Industry 4.0

Released at: 14:28, 12/09/2018

WEF on ASEAN discusses Industry 4.0

PM Nguyen Xuan Phuc is speaking at the opening session of the WEF ASEAN 2018 (Photo: VGP)

Opening session on September 12 in Hanoi focusing on concerns and options at a time of many technological breakthroughs.

by Minh Do

Prime Minister Nguyen Xuan Phuc and high-ranking ASEAN leaders attended the opening session of the 2018 World Economic Forum on ASEAN (WEF ASEAN) on September 12 in Hanoi.

With the theme “ASEAN’s Priorities in the Fourth Industrial Revolution Era”, the session was the most important within the event and where leaders of ASEAN countries discussed concerns and options at a time when there are many technological breakthroughs.

ASEAN leaders in attendance were General Secretary of the Communist Party of Vietnam Nguyen Phu Trong, Prime Minister Nguyen Xuan Phuc, Singaporean Prime Minister Lee Hsien Loong, Indonesian President Joko Widodo, Cambodian Prime Minister Hun Sen, Laotian Prime Minister Thongloun Sisoulith, Myanmar State Counsellor Aung San Suu Kyi, and Thai Deputy Prime Minister Prajin Juntong.

“When thinking of ASEAN, people think of the rich natural resources and Vietnam is the world’s manufacturing hub,” Prime Minister Phuc told the opening session. “However, in Industry 4.0, with great advances in technology, ASEAN is now known as one of the most innovative regions. High technology and the digital economy are potential sectors for the ASEAN economy, which is forecast to quadruple to over $200 billion by 2025.”

The opportunities for ASEAN in Industry 4.0 are great, he went, such as creating breakthroughs in productivity in large industries, including chemicals, electronics, petroleum, consumer goods, food and pharmaceuticals, promoting sustainable growth on the basis of Industry 4.0, promoting small and medium-sized enterprises as the backbone of the ASEAN economy, and initiating new ideas.

Prime Minister Phuc also proposed development directions, with a priority on the digital economy and data sharing. He urged countries to exchange digital connections and improve the efficiency of connection forms, e-commerce support, and e-government.

The session’s agenda has five main topics: determining a new vision for ASEAN and regional integration; seeking new economic models and management in the digital era; seeking motivations and new business models for ASEAN countries during Industry 4.0; business and the new approach to global and regional management; and developing smart infrastructure, skills and jobs training, and innovative startups during the Industry 4.0 era.

Over 1,000 representatives from 43 countries and territories are set to take part in 53 sessions and 35 discussions over the two days of the event. Six presidents or prime ministers will also be in attendance.

The event is a platform for government leaders and Asian entrepreneurs to discuss and share their vision for the future, especially on the cusp of Industry 4.0.

As host and co-chair of WEF ASEAN, Vietnam has included many issues it believes are key to ASEAN, such as innovative startups, infrastructure and smart cities, employment in Industry 4.0, human resources development, and high-tech agriculture.

This is the third time the WEF has chosen Vietnam as the venue for a regional WEF, expressing the strong development of the partnership between Vietnam and the WEF as well as between the country and the international business community.

Vietnam hosted the WEF on East Asia in 2010 and the WEF on the Mekong Region in 2016. This year’s event is also a chance for the country to foster cooperation with partners and attract attention and investment from the world’s leading enterprises.

It will help the country access novel ideas and grasp development trends in the region and the world, especially amid Industry 4.0, and will serve the building and implementation of socioeconomic development plans and the business strategies of local companies.

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