Promoting digital economy in context of Industry 4.0

Dang Hoang Hai, Director of the Vietnam eCommerce and Digital Economy Agency under the Ministry of Industry and Trade, made the statement during a workshop in Hanoi on January 18.

He said the digital economy could also help countries increase productivity, efficiency and transparency in international trade.

The Ministry of Industry and Trade organised the Asia Europe Meeting (ASEM) workshop on promoting the digital economy in the context of the fourth industrial revolution.

The workshop’s aim was to share experiences and improve understanding of the digital economy and its current role.

It also looked at the impacts, challenges and opportunities management agencies face in order to keep pace in the fast-growing sector.

Hai also said the revolution 4.0 would bring potential and promote creativity. Therefore, the digital economy would be widely applied in other economic sectors. In addition, it would help businesses reach out to the global market, he said.

The digital economy was creating opportunities, as well as challenges, and ASEM leaders recognised the importance of working together.

Jane Treadwell from the World Bank (WB) said they were very interested in the digital economy with two purposes of reducing poverty globally and ensuring common prosperity for all countries.

The global digital economy was worth 1.5 trillion USD in 2016, equivalent to 15.5 percent of the world’s GDP and is expected to rise to 25 percent worldwide in the next decade.

In the labour market, workers need to adapt traditional skills, knowledge and business practices to digital environments. This will bring more opportunities for businesses and workers.

Dao Ngoc Chien, Deputy Director of the Department of High Technology under the Ministry of Science and Technology, said the digital economy was interwoven with the traditional economy.

Economic markets were based on digital technologies to create transactions and exchanges of goods and services through e-commerce, he said.

Chien also revealed the opportunities available to businesses. Enterprises could easily develop trade links with consumers through e-commerce platforms and could also develop digital payment, insurance and banking services, he said.