Opinion | Why Asean holds the edge in a digital future: it’s the youth factor

Today, Malaysia celebrates its 62nd anniversary of independence, led by the country’s 94-year-old but digitally savvy Prime Minister Mahathir Mohamad. Singapore also celebrated its 54th National Day earlier this month, with Prime Minister Lee Hsien Loong speaking about how to prepare the city state for climate change. And, in marking the 74th anniversary of its independence, Indonesia’s President Joko Widodo announced an ambitious plan to move the capital from Jakarta to Borneo.

The reason is straightforward. With 600 million people and more than US$2.5 trillion in GDP, Asean economies make up one of the youngest and fastest-growing regions in the world. The success of the Association of Southeast Asian Nations since the 1960s has been built on trade, peace and stability, and dedication to economic growth rather than politics. Its future success hinges on its political neutrality, despite attempts by the Great Powers asking the region to choose sides.

In Hanoi for a Young Scholars Initiative meeting, I was struck by how Vietnam was already planning for a digital economy by 2030 and 2045. Vietnam has been a major beneficiary of China shedding low-cost industries and the diversification of the Asian global supply chain. In 2010, Vietnam achieved the World Bank’s middle-income status and, at the current trajectory, could surpass Singapore’s economy by 2029, according to a DBS study.