Vietnam puts forward initiatives to brave global headwinds
VOV.VN - Vietnamese Prime Minister Pham Minh Chinh, while addressing the 14th annual meeting of the New Champions of the World Economic Forum in Tianjin, China, on July 27, called on countries and organisations to strengthen solidarity and uphold multilateralism to cope with global crisis and geoeconomic instability.
Speaking at the first session, Chinh highlighted major headwinds that bar global economic growth, including global economic decline, rising inflation, lingering COVID-19 impact, geostrategic competition, trade protectionism, military conflicts, and climate change, among others.
As a consequence, he said those headwinds threaten global food and energy security and deal a heavy blow to underdeveloped and developing economies that have limited capacity to adapt and withstand external shocks, while natural disasters and epidemics are becoming more complicated and unpredictable.
As these are global issues that affect people, so a global, all-people approach is needed, the Prime Minister stressed.
He stressed the need to strengthen international solidarity, uphold multilateralism, and put people at the centre of change, development, resources and drivers for all measures to be taken to tackle issues.
Efforts are needed to soon recover business and production, generate employment, and facilitate trade and investment, to create capital flows, markets and products, said the PM.
He called on international organizations, financial institutions, and major powers to introduce policies to unlock resources and activate new growth drivers for digital transformation, green growth, and circular economy, while diversifying markets and fighting protectionism, with priority to especially be given to poor and developing countries.
He called for appropriate solutions to be adopted to fuel aggregate supply and demand through monetary and fiscal policies, facilitate trade and investment liberalization, and reduce energy and food prices.
According to the Vietnamese PM, it’s important to minimize factors that hinder global development and not to politicize economic relations, while soon seeking to settle disputes and bring into full play the public-private partnership model to support businesses, especially small and medium-sized enterprises.
He shared some lessons and experiences Vietnam has acquired from combating the pandemic, stimulating post-pandemic recovery and promoting economic growth.
Vietnam continues to focus on implementing three strategic breakthroughs, namely infrastructure, institutions, and human resources, and its consistent stance is not to sacrifice justice, social security, and environmental protection for mere growth, affirmed the PM.
He assured that Vietnam will continue to create the most favorable conditions for international and domestic businesses, along with further improving its the business investment environment.
He suggested that countries and international organizations, including WEF and its members, continue to cooperate and support Vietnam in technology, finance, human resource training and managerial expertise to help the country realize its socio-economic development goals.
The session titled Braving the Headwinds: Rewiring Growth Amid Fragility highlighted the importance of global collaboration amid crises and geoeconomic instability.
Along with the Vietnamese Prime Minister, other keynote speakers were World Economic Forum President Børge Brende, New Zealand Prime Minister Chris Hipkins, Barbados Prime Minister Mia Amor Mottley, WTO Director-General Ngozi Okonjo-Iweala, and Chairman of the State-owned Assets Supervision and Administration Commission Zhang Yuzhuo.
During the discussion, the speakers dove into the critical topic of fostering economic growth in the face of various challenges and navigating the forces fueling economic decoupling.
The session is part of the 14th meeting of the New Champions of the World Economic Forum, known as the Summer Davos Forum which is getting underway in Tianjin, China, from June 27-29.