Digitalization will drive inclusive growth

At the discussion session on "Building a shared digital future, promoting inclusive growth", all present speakers shared that Asian consumers were particularly active when integrating technology into life compared to other regions.

At the discussion, participants said that capital flows from investors into the region showed that online commerce in Asia has been growing very quickly. Vietnam is one of the countries with many advantages to develop the digital market.

However, Asia's rapid digital growth also posts to new challenges to policy makers and businesses to harness the benefits of digitalization while minimizing arising risks. Apart from network security, unclear policies and regulations are major barriers to the future digital development, including e-commerce transactions...

Michael Walsh, General Secretary of Pacific - Hong Kong Economic Cooperation Council, said that to build a digital future and sustainable sharing, it is necessary to consider all relevant aspects, such as those who have used digital, age, gender, small and medium-sized companies are investing in this field.

Ideas and opinions at this session believed that Asia's managers and policymakers were focusing on protecting data of consumers, while businesses are promoting the exploitation of data to create advantages in business operations.

The most difficult is that data protection issues in Asia vary widely from country to country. Basic concepts of personal data and sensitive data are still inconsistent, leading to difficulties in handling them. Therefore, regional policymakers need to devise data management practices that persuade people through transparency, selection and control, confidentiality, fair and responsible use.

The digital economy is multidisciplinary, so it relates to many different fields such as finance, manufacturing, health, education, transportation, logistics, tourism, hotels, food... Therefore, in order to improve competitiveness, Asian countries need to create a regulatory environment that encourages innovation and competition, while protecting consumers through more effective regulations and cooperation among key agencies.

Reported by Minh Duy - Translated by Ngoc Huynh