Wednesday,  Nov 21, 2018,03:18 (GMT+7) 0 0
ASEAN countries advised to encourage entrepreneurship
By Vu Dung
Wednesday,  Sep 12, 2018,16:04 (GMT+7)

ASEAN countries advised to encourage entrepreneurship

By Vu Dung

Klaus Schwab, founder and executive chairman of the WEF, gestures at the World Economic Forum on ASEAN 2018. He said young people should grab opportunities brought by industry 4.0 – PHOTO: VNA

HANOI - It is essential that ASEAN countries create a liberal environment that boosts entrepreneurship to grasp opportunities presented by the fourth industrial revolution, heard the Open Forum ASEAN in Hanoi on September 11.

At the open forum held on the sidelines of the World Economic Forum on ASEAN 2018 (WEF ASEAN 2018), Klaus Schwab, founder and executive chairman of the WEF, said young people should grab opportunities ushered in by industry 4.0.

According to Schwab, the advent of industry 4.0 will change the traditional business model, producing a change in the economic model.

Successful countries are those that make use of opportunities and advantages offered by the industrial revolution, Schwab remarked. He added that startups will play an important role in changing the economic model as they are the drivers of new technologies.

Rajan Anandan from Google Southeast Asia and India highlighted the roles and positions of small- and medium-sized enterprises (SMEs). He noted that SMEs have contributed to half of the gross domestic product of the ASEAN and generated 80% of jobs in the region. Helping SMEs make full use of the digital economy and master technologies should be the primary focus, he stated.

In Vietnam, the number of startups has surged significantly, from fewer than 400 businesses in 2012 to 3,000 units last year.

Last year saw 92 Vietnamese startups receiving venture capital with a combined value of over US$290 million, up 85% in the number of businesses and 42% in value against the previous year.

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