Vietnamese Prime Minister Urges Global Support for Developing Countries at WEF Meeting

Liaoning Province, The Gulf Observer: Vietnamese Prime Minister Phạm Minh Chính on Tuesday called on developed nations to support and collaborate with poor and developing countries in enhancing a market economy, infrastructure development, and human capital. His remarks were part of a keynote speech at the World Economic Forum’s Annual Meeting of the Champions, themed ‘Next Frontiers for Growth’, in Liaoning Province, China.

PM Chính emphasized the need for effective mobilization and utilization of resources and strengthening national governance institutions to enhance market economies. He also highlighted the critical support required for developing strategic infrastructure, including transportation, digital infrastructure, climate change adaptation, and social, healthcare, and education facilities.

In terms of human capital, PM Chính urged advanced economies to increase technology transfers and prioritize the development of high-quality human resources in developing countries. He stressed the importance of fostering trust, promoting dialogue, and enhancing solidarity, unity, cooperation, and development. “To embark on the ‘Next Frontiers for Growth,’ let us unite to foster trust, promote dialogue, bolster the spirit of solidarity, unity, cooperation, and development,” he said.

PM Chính also called for the World Economic Forum, its partners, and the business community to play a greater role in guiding, supporting, and advocating for public-private partnerships, as well as leading development efforts. He proposed enhancing international cooperation in policy-making at the global level, particularly in monetary and fiscal policy.

Furthermore, PM Chính advocated for the liberalization of trade and investment to stimulate short-term demand and positively impact supply in the long term. He identified three primary factors shaping the future global landscape: rapid advancements in science and technology, innovation—particularly in digitalization and artificial intelligence (AI); the profound impacts of climate change, natural disasters, resource depletion, and an aging population; and the growing fragmentation and polarization driven by conflicts, wars, and global geopolitical competition.

The PM outlined three trailblazing areas essential for future growth: the development of the digital economy, green economy, and circular economy; the advancement of high-quality human resources, AI, and the Fourth Industrial Revolution. These transformative areas are expected to usher in the “next frontiers for growth,” with profound impacts across all sectors globally.

PM Chính further highlighted five notable features of the global economy:

1. Transformation Driven by Technology: The global economy is undergoing unprecedented transformation, propelled by rapid advancements in science, technology, and the Fourth Industrial Revolution.
2. Sustainable Development: Sustainable development, inclusivity, and green growth have become urgent priorities for all nations.
3. Polarized Globalization: Globalization trends present opportunities for cooperation and integration but also pose risks to supply chains and competition.
4. Increased Role of Developing Countries: Developing nations are gaining recognition and contributing significantly to shaping new global cooperation frameworks.
5. Emergence of Asia: Asia, particularly China and ASEAN, is becoming a key driver of global economic growth.

Regarding Vietnam-China relations, PM Chính reiterated the strong bond between the two nations, highlighting their collaborative efforts in building a “Community with a Shared Future.” He commended China’s development and emphasized Vietnam’s encouragement for China to continue championing multilateralism and international solidarity, fostering a stable and cooperative environment for global development.

Reflecting on Vietnam’s achievements, PM Chính shared the nation’s transformation from a war-torn, embargoed state to a dynamic middle-income economy, ranking among the world’s top 40 economies. He attributed this success to Reform, Innovation, and Integration, highlighting Vietnam’s economic growth to US$430 billion in 2023, with a GDP per capita of $4,300 and record foreign investments of $36.6 billion.

In the first quarter of 2024, Vietnam’s economy grew by 5.66%, with expectations for further growth in the second quarter. PM Chính underscored Vietnam’s model for post-war healing, achieving all United Nations Millennium Development Goals, and maintaining political stability with a people-centered approach.

He outlined six core policies guiding Vietnam’s development: an independent foreign policy, a defense policy defined by the Four No’s, economic development as a central task, ensuring social progress and equality, promoting advanced culture, and establishing a transparent political system with vigorous anti-corruption efforts.

PM Chính pledged that Vietnam, alongside ASEAN, would deepen collaboration with China, the World Economic Forum, and other partners to champion new growth drivers, maintaining peace, stability, cooperation, and development globally.

“Simultaneously, we will make every effort to maintain and strengthen an environment of peace, stability, cooperation, and development in the region and the world,” PM Chính concluded.