WEF: Vietnam PM calls on developed nations to support developing ones in infrastructure, human resources

It was part of his keynote speech at the ongoing World Economic Forum Annual Meeting of the Champions held with the theme of 'Next Frontiers for Growth' in Liaoning Province, China.

In strengthening and refining the institutions of a market economy, PM Chinh highlighted the aspect of efficiently mobilising and utilising all resources and raising the effectiveness of national governance.

In terms of infrastructure, the Vietnamese leader stressed the support and assistance in resources for the development of strategic infrastructure systems, with a focus on transportation, digital infrastructure and climate change adaptation and social, healthcare and education infrastructure.

With regards to human capital, he urged the advanced economies to do more technology transfers and prioritise the development of high-quality human resources for developing countries.

"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," PM Chinh said.

"We must effectively address regional and global issues based on principles of laws and ensure the harmonious interests of all parties involved, not politicalising and discriminating global science, technology and innovation."

The Vietnamese Government leader suggested that the WEF, its partners and the business community enhance their roles in offering guidance, providing support and advocating public-private partnerships while also taking the lead in development.

Vietnam suggested that international cooperation in making, planning and implementing policies at the global level be enhanced, especially in terms of monetary and fiscal policy.

PM Chinh also seeks to bolster trade and investment liberalisation to stimulate short term total demand, while also impacting positively on total supply over the longer term.

The future of the globe hinges on three primary factors and is shaped and propelled by three key areas, according to PM Chinh.

The three include the rapid advancement of science and technology, innovation, particularly in digitalisation and artificial intelligence (AI); the profound impacts of climate change, natural disasters, resource depletion and an aging population; and the growing fragmentation and polarisation fuelled by conflicts, wars and global-scale geostrategic, geopolitical and geoeconomic competition.

The three trailblazing areas include: the development of digital economy; the development of green economy and circular economy; and the development of high-quality human resources and AI and the fourth industrial revolution.

The evolution of these transformative areas will usher in the "next frontiers for growth" with profound and far-reaching impacts on every person and sector all over the world, PM Chinh said.

"This calls for the adoption of a new mindset and approach, which should be people-centered, comprehensive and result-oriented with a global perspective, delivering overall benefits to all, both in the immediate and over the long term."

Global economy

While "the world today is largely at peace, local wars persist, overall rapprochement is marred by regional tensions and the predominant stability is occasionally disrupted by local conflicts. The global economy is also marked by intertwined opportunities, risks and challenges," PM Chinh said.

In his address, PM Chinh outlined the five prominent features of the global economy.

First, the global economy is undergoing an unprecedented, extensive and all-round transformation driven by the rapid advancement of science and technology, innovation, the Fourth Industrial Revolution.

Second, sustainable development, inclusivity, and green growth have become more urgent than ever for all countries and the globe.

Third, the trend of polarised globalisation unfolds opportunities for economic cooperation and integration, while also contains underlying risks of disrupted supply and production chains and fierce competition.

Fourth, developing countries' roles and voices are increasingly recognised, contributing actively and positively to shaping new global cooperation frameworks and development trends.

Finally, Asia, in particular China and ASEAN, are emerging as key drivers, dynamic development hubs and engines of global economic growth.

Cooperation with China

"As close neighbours bound by shared mountains and rivers, Vietnam and China are currently working together to build a 'Community with a Shared Future'" PM Chinh said, adding that "Vietnam is pleased to witness China's strong development and rise amidst a difficult and challenging regional and world situation".

China's development strides created opportunities for the advancement of and inspired many developing countries, he said.

He said Vietnam "strongly encourages China's continued commitment to working with the international community to vigorously champion multilateralism, bolster international solidarity and cooperation and safeguard a peaceful, stable, and cooperative environment for prosperous development in the region and the entire world."

Vietnam's experience

In the WEF address, PM Chinh also relayed the "profound and historic achievements" of Vietnam over the past four decades, which he attributed to the three key terms: Reform, Innovation and Integration.

Vietnam had undergone a remarkable transformation, emerging from a position of a 30 year war-torn, embargoed country to a dynamic middle-income nation, he said.

"Today, we proudly stand among the world's top 40 economies and rank as one of the top 20 trade and investment partners globally. With 16 free trade agreements (FTAs) and diplomatic relations with 193 countries, Vietnam's economy surged to US$430 billion in 2023, with GDP per capita reaching $4,300 and foreign investments registering a record $36.6 billion."

In 2024, the first quarter saw a growth of 5.66 per cent, with the second quarter expected to surpass this and maintain a more positive trend in the latter half of the year.

"Vietnam is also lauded as a model for healing the wounds of war. We have closed the past, respected differences, looked to the future to forge friendships with former adversaries. All United Nations Millennium Development Goals were achieved," he said.

He pledged that Vietnam, alongside ASEAN, would deepen collaboration with China, the World Economic Forum, and other partners to champion new drivers of growth.

"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 Chinh said.