The World Economic Forum ASEAN has begun in Hanoi, Vietnam. The event takes place against the backdrop of heightened global trade tensions, and sliding regional currencies. But on day one, the focus has been the long-term transformation of society and economies due the "4th Industrial Revolution". Klaus Schwab is the father of that concept and the founder of the forum. Schwab focused on the positives of radical change, while warning not to overlook the inevitable challenges and disruptions. Rian Maelzer reports from Hanoi.

Klaus Schwab is the man credited with coining the term "the fourth industrial revolution" – a world driven by the use of technologies such as artificial intelligence, robotics, nanotechnology and quantum computing. He has come to Hanoi with a Vietnamese translation of his book on the topic and with a clear purpose.

KLAUS SCHWAB FOUNDER, WORLD ECONOMIC FORUM "To draw attention to the importance of this revolution, to understand this revolution and to make sure the necessary policies and entrepreneurial forces are developed to see this revolution not as a threat, but as a great opportunity, not only for Vietnam but for the whole region."

Vietnam, like much of ASEAN, has seen strong economic growth and rapid development mostly built on labor-intensive manufacturing. The government is acutely aware that has to change.

BUI THANH SON VIETNAMESE DEPUTY FOREIGN MINISTER "It is an opportunity to take advantage of the Fourth Industrial Revolution to accelerate its process of industrialization and modernization, but also we think that we would face a lot of challenges not only economic, but social, cultural and environmental aspects as well."

A thousand students attended an open forum on the fourth industrial revolution, with panelists including Malaysia's 25-year-old Minister of Youth and Sports.

SYED SADDIQ RAHMAN MALAYSIAN MINISTER OF YOUTH AND SPORT "Always think 10 steps ahead. Always think what your generation, our generation will demand for the next 20 years. Because if you start up and you follow the convention, there will always be tens of thousands of people ahead of you who started earlier."

RIAN MAELZER HANOI "The leaders of half a dozen ASEAN countries as well as Sri Lanka are set to take part in this three-day forum, along with 1000 delegates. And no doubt a recurring theme will be how to make sure that people, countries and regions don't get left behind as technology transforms society and industry. Rian Maelzer, CGTN, Hanoi."