ASEAN is a bright spot for economic growth globally. Amid the 4^th industrial revolution and a rapidly changing geopolitical environment, ASEAN countries and Vietnam in particular have devised their own response programs.

Ready to enter the digital era

With a population of 640 million and an economic scale of more than 2.7 trillion USD last year, ASEAN is now Asia’s 3^rd largest economy. Regional countries have achieved impressive growth and made success stories. With their developing digital economy, growing number of internet and smart phone users, large youthful population, and rising education and income levels, ASEAN countries have successfully taken advantage of the 4^th industrial revolution to boost their growth. Singapore Prime Minister Lee Hsien Loong said: “The global economy is fundamentally transformed by new and far-reaching breakthroughs and technologies, changing the way they operate. Workers are using technologies to become more productive. Customers are changing how they make purchases and markets are growing bigger and becoming increasingly integrated. Here is ASEAN, member states are in good position to take advantage of the new opportunities that this 4IR can bring.”

ASEAN countries have worked out national and regional programs that use technology to boost their development including a Master Plan for ASEAN IT until 2020, the 2017-2025 ASEAN Working Program on E-Commerce, the 2016-2025 ASEAN Action Plan on Science, Technology, and Innovation, and the 2025 Master Plan on ASEAN Connectivity.

At the national level, ASEAN countries have strengthened their capacity to respond to the industrial revolution 4.0 and promoted e-government, a national one-stop-shop, initiatives on connectivity, a smart city network, and uniform internet fees within ASEAN.

Vietnam active in the 4^th Industrial Revolution

Vietnam is among 11 economies with fast growth rates, 5% annually from 1996 to 2016. Vietnam is likely to make a success story in taking advantage of the Industrial Revolution 4.0, said Ms Anu Madgavkar, Deputy Director General for International Business Strategies of the McKinsey International Business Strategy Consultancy Group:  “Vietnam is actually one of the few countries along with few others that over the last 10 to 15 years when we did have a lot of technology innovation. The 4^th Industrial Revolution is not necessarily a bid to create new things. It’s the continuation of change we’ve seen. In the last 10 years, Vietnam in the manufacturing sector, for example, has managed to create manufacturing productivity, manufacturing share of GDP and manufacturing job.”

WEF ASEAN 2018 draws attention to the 4^th Industrial Revolution and creates opportunities for Vietnam to boost its cooperation. Mac Quoc Anh, President of Hanoi Small and Medium Sized Enterprises, said: “The forum focuses on the digital revolution and connectivity within ASEAN. Policy makers will develop policies to build an e-government and a digitized ASEAN community based on technology and human resources. The success of ASEAN startups will attract investment in technological innovation.”

ASEAN is developing appropriate policies to adapt to the 4^th Industrial Revolution. It plans to empower enterprises, especially in the private sector, the backbone of the regional economy. ASEAN is upholding its solidarity flag, Lao Prime Minister Thongloun Sisoulith said at the forum, to achieve more success in the new period of competition.