Vietnam needs to be proactive about Industry 4.0 policies: WEF president

Vietnam will have to proactively pursue technologies related to artificial intelligence and the Internet of Things as it prepare for the fourth industrial revolution, Industry 4.0, says Borge Brende, President of the World Economic Forum.

Speaking to VnExpress shortly after a press conference about the upcoming Word Economic Forum ASEAN (WEF ASEAN 2018) that Vietnam will host in September, Brende said: “With the upcoming forum focusing on the Fourth Industrial Revolution, Vietnam shows enthusiasm and readiness for this field”.

The World Economic Forum ASEAN (WEF ASEAN) 2018 will take place from September 11 to September 13 with the theme “ASEAN 4.0: Entrepreneurship and the Fourth Industrial Revolution”.

Brende noted that Vietnam was one of the most rapidly developing economies in the world with a 7 percent increase in GDP last year. Nevertheless, the requisite condition to retain this rise is the implementation of proactive policies in the 4.0 Era, and application of technologies related to artificial intelligence, self-driving cars, Internet of Things and blockchain, he said.

“If you want to visualize everything in the 21st century, you need all these technologies, which means adequate research and development resources have to be provided. Please invest in students, universities and technology.”

He said Vietnam’s economic improvement has been highly regarded by international organizations, citing a September 2017 report that said the country’s competitiveness and productivity were on the increase. He stated that current reforms by the government had played an important role in this progress, and Vietnam now had several “grand opportunities.”

"Foreign Direct Investment (FDI) in Vietnam is increasing, which reveals the global community’s interest. The government’s willingness to reform will bring positive results in the future”, he said, “However, one challenge for Vietnam is to continue the reforms concerning competitiveness, bureaucracy and open market”.

Brende also encouraged Vietnamese enterprises to look for foreign investment opportunities.

Concerning recent trading tensions among economic giants like the United States, China and European Union (EU), the President stated “it is too soon to jump to conclusions about its effects on Vietnam. If flaring tensions can be avoided, the effect will be mitigated," he said.

He said the goal of WEF was to enhance cooperation among global economies, by fostering connections and supporting negotiations. He said he hoped that the countries can reach a common stance and stop retaliation via import taxes.

“Trading is essential to maintain global growth. However, this needs to be conducted based on fairness”, he said.

WEF ASEAN 2018 will include 55 discussion sessions, focusing on start-ups and new economic models in the digital era. Different follow-up events will also take place, including an entrepreneur forum on September 13 with participation of WEF members and 23,000 Vietnamese companies.