Vietnam's Age of Intelligence and Opportunity
On the morning of October 6, during his visit and work in Ho Chi Minh City, Mr. Klaus Schwab had a talk with young businesses, creative startups, university students and outstanding young citizens of Ho Chi Minh City with the topic "Knowledge economy - The foundation for a prosperous future and actions of young people".
Opening the exchange, Mr. Klaus Schwab shared a lot of information about the Intellectual Age and Vietnam's role in the global economy.
According to him, this is a period when “digital technology, artificial intelligence (AI) and advanced automation are transforming industries, reshaping commerce and impacting social structures in unprecedented ways.”
According to the head of the World Economic Forum (WEF), Vietnam has embraced the trends of technological innovation, digitalization and modernization with visionary policies of the Government to turn Vietnam into a digital powerhouse in Southeast Asia.
He shared that as we enter the Age of Intelligence, Vietnam needs to continue to change and take advantage of digital technology to maintain its competitive advantage.
“Let’s look at the current context: Vietnam with more than 100 million people, GDP in 2024 expected to reach 430 billion USD, GDP growth rate ranging from 6 to 7%, median age of the population just over 30 years old, is a young country with great potential to become a 2 trillion USD economy by 2050,” said Klaus Schwab.
Technology is reshaping Vietnam's landscape
Sharing with the leaders of Ho Chi Minh City, as well as hundreds of students and businessmen at the event, the head of WEF said that Vietnam has proactively prepared for the digital future.
The Vietnamese Government's National Digital Transformation Program, with the goal of bringing Vietnam into the top 50 countries in digital government and digital economy by 2025, is an important foundation in the transition to the "Intelligence Era".
He also pointed out four main areas of technology that are reshaping Vietnam's landscape: AI and Automation in Manufacturing; E-commerce and Digital Services; Digital Infrastructure and Smart Cities; Sustainable Development and Green Technology.
According to Mr. Klaus Schwab, technological advances bring many opportunities to Vietnam but also bring many challenges to society.
For example, as AI and automation reshape industries, some jobs will be at risk of disappearing. For a country like Vietnam with a large workforce dependent on manufacturing and agriculture, this is a serious challenge.
He pointed out that Vietnam’s rapid digital transformation also raises important ethical and cultural questions. How can Vietnam ensure data privacy, cybersecurity and the ethical use of AI while still promoting innovation?
According to Mr. Klaus Schwab, Vietnam’s journey into the Age of Intelligence cannot be undertaken alone. Cooperation, both within ASEAN and globally, will be essential for Vietnam to fully develop its potential.
As an active member of ASEAN, Vietnam plays a key role in promoting regional cooperation on digital transformation.
The ASEAN Digital Masterplan 2025 provides a roadmap for regional cooperation on issues such as digital trade, cybersecurity and digital infrastructure, all of which are topics under discussion in the ASEAN Framework Agreement on the Digital Economy negotiations.
Vietnam’s leadership in these areas will be important, particularly in promoting policies to harmonize regulations related to digitalization and facilitate cross-border e-commerce.
“On the global stage, Vietnam is increasingly positioning itself as a leader in multilateral cooperation. By participating in international organizations such as the World Trade Organization (WTO) and the United Nations, Vietnam can contribute to shaping global standards on data governance, digital trade, and AI ethics,” said Klaus Schwab.
