Monday , June 17 2024

Cooperation needed against global headwinds, Vietnamese PM tells world leaders

Major headwinds are stalling the global economy and increasing international cooperation and multilateralism are key solutions, Vietnam’s Prime Minister Pham Minh Chinh told world leaders.

Global economic downturn and rising inflation are among the challenges the world is facing, PM Chinh said Tuesday at the opening session of the World Economic Forum (WEF) Conference of Pioneers 2023 in Tianjin, China.

The aftermath of Covid-19, geopolitical tensions and protectionism are also affecting the global economy, he told 300 delegates who are leaders of countries, international organizations and representatives of large corporations.

International conflicts, such as what is happening in Ukraine, threaten global food and energy security. As a result, developing countries are most affected even though they have limited adaptability and resilience to external shocks, Chinh said.

Climate change, natural disasters, and complicated and unpredictable epidemics also plague the global economy, he added. “These are global problems affecting global citizens, and they require a global approach.”

Increasing international solidarity and promoting multilateralism with a focus on the people should be the driving forces of development, the PM said.

Financial institutions need to issue open policies, activate growth drivers and restore production and business to create jobs, promote trade and investment, he argued.

Spurring new growth in terms of digital transformation would also be important, he added.

Promoting supply and demand through monetary, fiscal and trade liberalization policies are also solutions to be implemented soon to help reduce energy and food prices.

Chinh also called on countries to resolve conflicts, not politicize economic relations and increase public-private cooperation to create favorable conditions for businesses, especially small and medium enterprises.

The PM also shared Vietnam’s experiences and lessons in the process of fighting the pandemic and recovering economic growth.

Vietnam continues to focus on the strategic sectors of infrastructure, institutions and human resources. “Vietnam does not sacrifice equality, social security, and environmental protection to pursue growth alone,” he said.

The Prime Minister pledged that Vietnam would continue to improve its business investment environment to create the most favorable conditions for international and domestic businesses.

He asked countries and international organizations, including the WEF and its members, to support Vietnam in technology, finance, human resource training and modern management.

WEF President Borge Brende said Vietnam has been home to some of the highest economic growth in its region.

Vietnam also has a lot of potential to contribute more to regional and global economic growth.

At the forum, country leaders also promoted strengthening linkages, avoiding fragmentation, limiting protectionism, and looking inward as solutions for countries to restart growth.

Speaking at the opening of the WEF event, Chinese Premier Li Qiang said he believed that his country would achieve this year’s growth target and move towards stable and sustainable development in the long term.

He pledged to continue to expand markets, increase cooperation and create opportunities for investors to revive the world economy.

The Chinese premier said that the world should cherish openness and cooperation after experiencing problems in the globalization process.

Sincere and effective communication is necessary to enhance understanding and reduce conflicts. Countries also need to increase cooperation to address global challenges, including public health governance, climate change, rising debt and slow growth, he added.

The Tianjin WEF Conference is the WEF’s second largest flagship event after is Annual Meeting in Davos. This year’s conference attracted the participation of more than 1,400 delegates who are Prime Ministers/Ministers of 21 countries and leaders from 850 global corporations, agencies and organizations.

Vietnam was one of five countries selected to attend at the Prime Minister level, along with the Prime Ministers of China, New Zealand, Mongolia and Barbados.

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