Vietnam must be more strategically proactive amid global uncertainty: PM

Vietnam must take a more proactive strategic approach, strengthen domestic capabilities, and expand international cooperation as global economic and geopolitical uncertainties intensify, PM Hung said.

Speaking at a dialogue with World Economic Forum (WEF) CEO Stephan Mergenthaler during the 2026 Autumn Economic Forum in HCMC on Oct. 28, Hung outlined Vietnam's response to global economic shifts and its development ambitions for the next decade.

The 60-minute dialogue was a highlight of the forum. Mergenthaler opened by asking how Vietnam viewed global changes and their implications for the country's development.

Prime Minister Le Minh Hung (R) and World Economic Forum CEO Stephan Mergenthaler at the 2026 Autumn Economic Forum in HCMC on Oct. 28, 2026. Photo by VnExpress/Thanh Tung

The Vietnamese leader said the world was undergoing profound changes, with shifts in the balance of power accelerating the emergence of a more multipolar international order.

Strategic competition among major powers is intensifying and extending into economics, technology, data, energy, and standards governing trade, investment, the environment, and governance.

Globalization is continuing but becoming more fragmented, with greater emphasis on security, self-reliance, and resilience. Meanwhile, rapid advances in science, technology, and artificial intelligence are transforming production, governance, and the distribution of economic advantages and development resources.

These changes pose major challenges, including the need to update international institutions and rules, declining strategic trust amid intensifying competition, and the diminishing effectiveness of traditional growth models, particularly in developing economies.

Vietnam therefore needs to strengthen its resilience, strategic autonomy, and capacity to generate new sources of growth, Hung said.

"The more uncertain the world becomes, the more strategically proactive Vietnam must be, strengthening its internal capabilities and expanding cooperation," he said.

"Vietnam will continue to be a friend, a reliable partner, and a responsible member of the international community, as well as a stable and safe destination for partners and investors."

Five priorities to strengthen economic resilience

Asked how Vietnam would improve its resilience, Hung outlined five priorities.

The first is maintaining political and social stability while strengthening macroeconomic fundamentals, which he described as essential to sustaining confidence among citizens and domestic and foreign businesses.

Vietnam will continue to manage macroeconomic policies flexibly to maintain stability, major economic balances, energy security, and food security.

Public debt currently stands at around 34% of GDP, giving the country fiscal room to support households and businesses during economic shocks while continuing to invest in strategic infrastructure and development priorities, he said.

The second priority is institutional reform, including aligning the legal framework with international standards and practices and removing barriers to business and investment.

Third, Vietnam will accelerate infrastructure development, particularly in transport, ports, energy, and other essential facilities. It will also strengthen technological capabilities and links between domestic companies and foreign-invested enterprises.

"Vietnam will attract investment selectively, with an emphasis on technology transfer and workforce training and development," Hung said.

The remaining priorities are improving the quality and effectiveness of education and training, and strengthening foreign relations while diversifying partnerships to create more development opportunities.

Prime Minister Le Minh Hung speaks at the dialogue during the 2026 Autumn Economic Forum. Photo by VnExpress/Thanh Tung

Maintaining strategic autonomy

Mergenthaler also asked how Vietnam could maintain strategic autonomy amid declining international trust and intensifying competition among major powers.

Hung said strategic autonomy meant building domestic capabilities to preserve the country's ability to make independent decisions and choose partnerships that serve national interests while respecting other countries' legitimate interests.

Vietnam will focus on improving economic competitiveness, supporting domestic businesses, and advancing science, technology, and innovation.

It will also safeguard national sovereignty and security, including energy, food, environmental, and human security, while diversifying essential supply chains to reduce exposure to external shocks.

At the same time, Vietnam will pursue international integration and make effective use of its 18 signed free trade agreements to expand markets, diversify partners, and attract capital, technology, and knowledge.

"Our goal is not only to participate more deeply in global value chains but also to strengthen domestic capabilities, gradually master technologies, and generate greater added value for the Vietnamese economy," Hung said.

Vietnam's role in the global economy

Asked about Vietnam's ambitions in the evolving global economic landscape through 2035, Hung said the country aims to become an emerging hub for digital technology, new and green energy, and green agriculture.

Vietnam also wants to contribute more to regional and global growth.

"Vietnam wants to become an important and reliable link in regional and global supply and value chains, as well as emerging growth centers," he said.

Hung identified three key advantages supporting these ambitions: Vietnam's strategic geographic position, political and macroeconomic stability, and economic growth performance.

He said Vietnam was entering a new development phase with ambitious goals and a strong commitment to implementation as the global economy undergoes significant restructuring.

The country has developed a sufficiently broad domestic economic base to participate in and contribute to emerging growth networks.

"The combination of human resources, manufacturing capabilities, markets, and other resources provides an important foundation for Vietnam not only to receive investment and technology but increasingly to help create value, develop technology, and generate new growth drivers," he said.

From 'investing in Vietnam' to 'investing with Vietnam'

In his message to international investors, Hung said Vietnam was pursuing reforms to improve the quality, efficiency, and competitiveness of its economy.

He encouraged foreign businesses to see Vietnam not simply as an investment destination or a market for expansion but as a long-term partner.

"We want to shift the mindset from 'investing in Vietnam' to 'investing with Vietnam,'" he said.

"We encourage international businesses and investors to strengthen ties with domestic enterprises, research institutes, and universities to develop technology, human resources, and supplier networks."

Stronger Vietnamese businesses would become more capable partners for foreign investors, improving the efficiency, adaptability, and competitiveness of the production and business networks in which they participate, he said.

This would also benefit international investors, he added.