Vietnam calls for new global paradigm for development

G20 economies and global institutions like the United Nations, World Bank and World Trade Organization should create such foundations by transitioning to digital and circular economies and focusing on green growth, where economic growth is fueled by natural resources obtained in a sustainable manner, he said while speaking at the G20 summit hosted online on Saturday and Sunday, according to a press release by the Ministry of Foreign Affairs.

The Covid-19 pandemic has pushed back the world’s development by decades and tens of millions of people into poverty, he said.

Global challenges like diseases, natural disasters, inequality, and environmental pollution could not be overcome by any single country, he said.

To overcome such challenges, nations need to cooperate, build trust and share responsibilities to move towards sustainable development when "no country or person would be left behind," he said.

He urged the G20 to help developing countries achieve sustainable development through effective integration into the global supply chain, market access and soft credit.

Enhanced cooperation is required in climate change response and reducing pollution, especially for soil sustainability, protecting coral reefs, reducing plastic waste, and managing water sources, he said.

He underlined Vietnam’s commitment to keeping its pledge under the Paris Agreement to reduce its greenhouse gas emissions by 2030 by 9 percent with its own resources and 27 percent with international aid.

Peace, stability and cooperation for mutual development are prerequisites for sustainable development, and could only be achieved when international relations are maintained through a multilateral system based on rules, under which countries respect, communicate and cooperate with and trust each other, he pointed out.

It would be important for the G20, the U.N. and other multilateral institutions to play their part in resolving global issues, he said.

On Saturday he had asked the grouping to reach agreement to enable large-scale Covid-19 vaccine production and distribution.

The summit gathered bloc members and leaders of global institutions like the U.N. and the World Bank.

Vietnam has been invited to G20 summits since 2010.